Celtic Capital entered into a client relationship with an Arizona- based company that designs and manufactures a complete range of archery equipment for all segments of the sport. The company had broken covenants with its bank and was seeking replacement financing. A trusted intermediary brought Celtic Capital in to do the equipment loan piece of the financing while another lender will handle the accounts receivable and inventory. After valuing the equipment, Celtic Capital was able to provide a $1 million equipment-only loan.