Wednesday, 08 August 2012 22:36
FOR IMMEDIATE RELEASE
Media Contact: Alfred Quinn
Celtic Bank Provides Funding to an American Work Glove Manufacturer
SALT LAKE CITY (July 26, 2012) – Celtic Bank announced today that it has closed an SBA 7(a) loan for Summit Glove out of Minerva, Ohio. Summit Glove is a family owned and operated glove manufacturer of over 30 years. Since 1998 they have been a leading supplier of high quality gloves for America's workforce. Their family staff offers over 100 years of combined experience in the glove production industry.
“We deeply appreciate the efforts of Celtic Bank on behalf of Summit Glove and AJJ Properties. I look forward to working with them on additional financing projects in the future as our business continues to grow,” says Summit Glove CFO Jeff Kapron.
The funding Celtic Bank provided substantially reduces Summit Glove’s long-term debt by eliminating their previous balloon loan and replacing it with straight term lending. They also extended an Asset Based Loan (ABL) that provides a line of credit against accounts receivable and inventory.
About Celtic Bank:
Headquartered in Salt Lake City, UT, Celtic Bank supports customers throughout the country and is a leading provider of small business loans, 7(a) SBA loans, real estate financing and construction loans. Celtic Bank is an Equal Housing, SBA Preferred, and FHA lender. Member FDIC.