Celtic Bank Small Business Loans Review

Pros

• Good for SBA loans
• Suited for small to large businesses
• Large variety of funding options
• Valid in all 50 states

Cons

• Opaque terms & fees

Celtic Bank Small Business Loans Overview

Celtic Bank is a Salt Lake City-based industrial bank chartered by Utah that has a substantial online presence.

Celtic Bank has developed a reputation for writing and issuing SBA loans. In fact, it’s one of the most prolific SBA lenders in the country. If you’re not in the market for an SBA loan, Celtic can still offer you direct loans or lines of credit.

Not sure if Celtic Bank is the right lender for you? Read on.

Business Lending Products

Here are some of the various financing products offered by Celtic Bank. Most of these loans are structured as secured loans or SBA loans:

• Business term loans
• Lines of credit
• Business acquisition loans
• Commercial real estate loans
• Equipment financing
• Working capital loans

Borrower Qualifications

Here are the borrower qualifications for getting a loan from Celtic Bank:

Additional qualifications apply to specific products. For example, you’ll need to be owner-operated and for-profit to qualify for a Celtic Advantage Loan.

Terms & Fees

Celtic Bank offers various financial products to small businesses. Here are the terms and fees for some of their most popular lending programs:

Celtic Advantage Loans

These are the terms for Celtic Advantage Loans:

Celtic Advantage Loans are traditional secured business term loans. That means you’ll put up collateral–typically commercial real estate, inventory, or equipment–to lower the risk to the bank. Compared to unsecured loans, this usually means better interest rates.

Compared to many banks, Celtic offers a (potentially) very long-term length for its business loans.

Celtic Express Loans

These are the terms and fees for Celtic Express Loans:

Businesses seeking smaller amounts of working capital may want to instead consider a Celtic Express Loan—Celtic’s version of an SBA Express Loan. These loans have an expedited approval process. Be aware, however, that these are still secured loans, meaning you’ll have to put up collateral in the form of your business assets.

Asset-based Lines of Credit

Here are the terms for Celtic’s Asset-Based Lines of Credit:

Businesses that have commercial accounts-receivable infrastructure can apply for a line of credit through Celtic. Unlike a loan, which delivers a lump sum to you, a line of credit can be drawn upon in bits and pieces over the course of your term. You only pay interest on the amount of credit you’ve used. This grants you a lot more flexibility than you’d have with a loan, though often with more fees. The amount of financing you’re eligible for depends on the value of your accounts receivable or inventory.

Traditional SBA Loans

These are the terms and fees for Celtic Bank’s traditional SBA loans, specifically their SBA 7(a) and SBA 504 loans:

Celtic Bank is one of the biggest originators of SBA 7(a) loans and SBA 504 loans. These loans are still made through private lending institutions like Celtic, but they’re partially guaranteed by the Small Business Administration. This allows businesses to access terms for which they would otherwise be unable to qualify.

Be prepared to make a down payment of around 10 percent for a 7(a) loan, as well as provide assets or real estate for collateral. The length of the SBA loan will vary depending on the purpose of the loan.

Another originator of SBA loans is Smartbiz.

Application Process

You can apply for term loans online, at which point you’ll be presented with a form that asks you to record the purpose of your request, your name, contact info, business info, credit rating, and annual revenue.

If you’re applying for a line of credit, or just prefer to speak to a representative, you can start your application by phone.

Sales & Advertising Transparency

Celtic Bank’s website is fairly typical for banks, offering some general information about its products but almost nothing about its rates and fees. It’s fairly easy to navigate, at least. Express loans are usually processed within 24 hours. Expect a longer process with other products.

For certain products, such as Celtic Express loans and  SBA 7(a) loans, Celtic does offer a loan calculator on its website with estimated fees and monthly payments; however, this calculator is not available for all of Celtic’s loans.

Customer Service & Technical Support

You can contact Celtic Bank by phone, email, fax, or live chat. Generally, customers seem to have a positive customer support experience with Celtic Bank, but when dealing with such a large bank like Celtic, you may not experience the same level of personalized support you’d receive with a small, local bank.

User Reviews

As is typical for banks, customer reviews run the gamut from satisfaction to deep displeasure. Many of the complaints appear to be credit card-related. Celtic Bank has a D- rating with the BBB, with 150 complaints over the last three years. Many of these reviews are heavily influenced by Celtic Bank’s participation in the Paycheck Protection Program as an underwriting bank. Celtic Bank reviews on other review websites like Consumer Affairs and Trustpilot are more balanced.

Negative Reviews & Complaints

Here are some common issues customers have had with Celtic Bank:

• PPP Loan Denials: Celtic is an underwriting bank for some major fintech lenders who participated in PPP, including BlueVine and Kabbage. Several Celtic Bank reviews complained they were unfairly denied for a PPP loan by Celtic even though their business qualified.
• Payment Processing Issues: These are mostly related to credit cards, but several customers have reported problems and delays with making payments online.
• Slow Response Times: The number of complaints unaddressed by the bank suggests that it does not consistently and quickly respond to customer issues.
• Limited Unsecured Products: This may not be much of a problem for most businesses, but Celtic requires some form of collateral for most of its products.

Positive Reviews & Testimonials

Celtic Bank offers a number of perks for potential borrowers that have been mentioned in Celtic Bank loans reviews:

• Fast PPP Loans: While some reviewers complained about PPP loan denials, others praised Celtic for its speedy approval and time-to-funding for PPP loans.
• Lengthy Terms: Celtic Bank gives you a lot of time to pay off your loans.
• Prolific SBA Lender: If you’re looking for an SBA loan, Celtic writes a lot of them.
• Online Applications: You can apply remotely for most of Celtic’s products, which isn’t always possible with banks.

Final Verdict

Celtic Bank is one of the more accessible bank lenders out there when it comes to business loans, with less stringent requirements than most of its competitors. This company will be of particular interest to businesses looking for SBA loans. The bank, however, does not disclose its interest rates or fee structure upfront, so make sure to ask for those details before you sign any papers.

Need alternatives? Compare small business loans or check out our comprehensive reviews of business credit cards.

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