Celtic Bank is a privately-owned state-chartered bank based in Salt Lake City, Utah. It was founded in 2001, has 133 employees and nearly $283 million invested in a variety of loan-types. In 2014, it was Utah's number one SBA lender, the eighth largest SBA lender in the nation and the most active medium-size lender. It is also the bank that issues personal loans for Karrot.com and business for Kabbage: the number one online provider of business loans.
How Does Celtic Bank Work?
Celtic Bank has all the bases covered when it comes to lending. It offers SBA 7(a) loans, Celtic Advantage business loans, asset-based lines of credit, Celtic Express term loans, USDA B&I loans, SBA 504 loans, traditional business and personal loans, mortgages and construction loans. Terms, conditions and application processes vary widely depending on the type of loan you purchase.
Funds can be used for practically any business need. The loan amount and daily payment of merchant cash advances is calculated as a percentage of the business' daily income. Approval is based on business performance not just credit and current net worth.
What Are The Interest Rates?
The range of interest rates again depends on the type of loan for which you apply. SBA loans vary from 4.416% to 4.546 depending on whether you apply for a 20-year or 10-year loan. Kabbage charges monthly fees of 1% to 13.5% and Karrot charges from 6.44% to 27.22%. Celtic Bank does not advertise its interest rate range for construction loans or non-SBA business loans.
How Much Money Can I Borrow?
SBA loans have a maximum of $10 million but Celtic Bank doesn't specify a maximum loan amount for its business loans and construction loans. Maximum loan amounts vary depending on credit and the collateral assets available. Kabbage offers business loans of up to $100,000 and Karrot has a maximum loan amount of $35,000.
Which States Does Celtic Bank Operate In?
Celtic Bank operates in all 50 states.
What Is the Application Process Like?
Due to wide variety of business and consumer loans Celtic Bank offers, it's hard to provide specifics that apply to all loan-types. To illustrate, Celtic Express term loans and Celtic Advantage loans require businesses to be owner-operated and doesn't allow loans to be used for construction or tenant improvements. SBA 504 loans, however, can only be used for real estate, construction, and purchasing long-term machinery or equipment.
Products with smaller loan amounts, like those Celtic Bank provides through Kabbage and Karrot, have more flexible eligibility requirements and a simpler application process.
How Is Celtic Bank Better than Other Lenders?
Celtic Bank provides loans for all kinds of businesses and consumers. It is a preferred SBA lender that specializes in SBA 7(a), SBA 504 and USDA B&I loans. In 2014, it was named the largest SBA lender by volume in Utah and the eighth in the nation. As well as issuing conventional business loans it also provides the financing for household names in online lenders, such as Karrot and Kabbage.