Securing funding is often one of the most significant hurdles for small business owners. Whether you’re looking to stabilize cash flow, purchase equipment, refinance debt, or finance ground-up construction, choosing the right lender can make a world of difference.
Traditional banks often impose strict borrower requirements and lengthy application processes, while alternative lenders may charge higher interest rates or lack transparency. That’s where specialized lenders like Celtic Bank come into play.
Celtic Bank is one of the nation’s most active SBA lenders, offering a wide range of small business loans. While its lending services and flexible loan options can benefit many small businesses, it may not be the right fit for everyone. Some businesses may find the loan process demanding, or they might not meet the minimum credit score or annual revenue criteria.
In this review, we’ll explore how Celtic Bank works, including its available financing options, qualifications, benefits, drawbacks, and the application process. Specifically, we’ll answer these questions and more:
Celtic Bank is a privately owned industrial bank headquartered in Salt Lake City, Utah. Founded in 2001, the bank has established a reputation for providing specialized lending services to small businesses across the United States. Celtic Bank offers a diverse suite of loan products and is particularly recognized as a top SBA preferred lender. Celtic Bank has financed businesses in hundreds of industries nationwide.
As part of its mission, Celtic Bank focuses on delivering financing solutions to small businesses that traditional banks may underserve. Celtic Bank supports businesses by providing financing solutions, including government-backed loans with competitive interest rates.
The company is also recognized for its robust partnership network, working with third-party originators, strategic lenders, and referral partners to expand access to its small business loans. Celtic Bank offers specialty financing options for business acquisition and renewable energy.
Celtic Bank’s operational history is crucial in its loan decision-making process. Celtic Bank provides customer support through various channels, including phone and email.
Celtic Bank offers both government-backed and private business loans, tailored to the unique needs of business owners. Celtic Bank’s loan offerings include startup capital and expansion financing. The bank handles the underwriting, approval, and servicing processes internally, which helps keep the application process streamlined. Here’s a closer look at the loan options available:
Celtic Bank is a preferred Small Business Administration lender, allowing it to approve SBA loans in-house. Celtic Bank’s SBA loans typically come with long repayment terms, making them affordable options for borrowers. Their SBA loan offerings include:
Celtic Bank offers a variety of specialty financing options:
Beyond SBA and specialty financing, Celtic Bank offers conventional business loan options:
Celtic Bank’s borrower requirements vary based on the type of loan, but in general, small business owners should be prepared to meet these criteria:
When applying for a loan through Celtic Bank, it’s essential to be aware of the impact on your credit score. Most of the bank’s financing products require a hard credit inquiry, which will appear on your credit report and can result in a temporary dip in your credit score. Because many of Celtic Bank’s small business loans, especially SBA loans, are underwritten with careful risk assessment, applicants with strong credit profiles (typically with a credit score of 700 or above) are more likely to qualify.
Funding speed depends on the loan type and the completeness of your application. For straightforward loans, such as Celtic Express, applicants can receive decisions within a few business days, with funding often completed within two weeks.
More complex loans, such as SBA 7(a), 504, or construction financing, may take 30 to 90 days to close due to the additional documentation and approval steps required. Celtic Bank’s structured approach allows businesses to select the most appropriate financing solution based on their specific cash flow needs and growth plans.
Celtic Bank also provides personal and business financial services beyond lending. For example, the Indigo Credit Card is a personal, unsecured credit card primarily designed for individuals with less-than-perfect credit. On the business side, the bank offers credit card products with various rewards programs, which can help business owners manage expenses and build business credit history over time.
Regarding repayment flexibility, Celtic Bank loans typically have fixed monthly payments. However, the bank may offer seasonal repayment plans for businesses with seasonal cash flow patterns, which allow for lower payments during slower months and higher payments during peak periods.
This can be particularly beneficial for retail, agriculture, or tourism businesses. Loan origination fees typically range from 1% to 3% of the total loan amount and should be factored into your overall financing costs.
Additionally, Celtic Bank offers access to business banking products, including savings accounts and certificates of deposit (CDs). For example, the bank’s Zen Savings Account features no monthly maintenance fees, making it a practical solution for saving tax funds or planning for future expansion.
Celtic Bank also offers supply chain financing, its version of trade credit. All account services can be managed online, allowing businesses to view their balances and transaction histories without needing to visit a branch.
Interest rates for Celtic Bank’s loan products can vary significantly depending on the type of loan and the borrower’s creditworthiness. Celtic Bank does not fully disclose its interest rates or fee structures upfront, which could lead to mistrust among potential borrowers. Celtic Bank offers competitive interest rates that may change based on the Fed Prime Rate.
For SBA loans, interest rates typically range from 6% to 9%, depending on factors such as loan amount and term length. Some customers have reported concerns about high interest rates from Celtic Bank, with one review claiming an APR as high as 54% for an 18-month loan.
Another key aspect of Celtic Bank’s operations is its partnership infrastructure. It offers a robust business loan affiliate program. ISOs and business loan brokers can partner with Celtic Bank to provide its financing options.
The bank works with Strategic Lending Partners, which include fintech platforms, local banks, and lending marketplaces. These partners originate loans under Celtic Bank’s lending programs, extending the bank’s reach to businesses nationwide.
Referral Partners—typically financial professionals, consultants, or brokers—can also introduce their clients to Celtic Bank’s loan products in exchange for compensation. These programs help expand access to small business financing while providing more tailored loan options and faster processing through collaborative underwriting and servicing.
Expect a detailed and document-heavy application process, especially for SBA loans and larger funding amounts. Being prepared with the proper documentation and a clear understanding of your financials can help streamline the loan process, which involves a straightforward set of steps to keep applicants informed about their status.
Here’s a step-by-step breakdown of what to expect:
The first step involves completing a brief prequalification form directly on Celtic Bank’s website or through one of their referral partners. This form typically asks for basic business information such as your industry, time in business, annual revenue, and estimated credit score.
At this stage, a soft credit pull may be conducted to give the bank a preliminary view of your creditworthiness without affecting your credit score. Based on your responses, Celtic Bank will determine whether you will likely meet their initial borrower requirements.
If you pass the prequalification stage, you’ll be asked to provide detailed financial and business documentation. This includes at least two years of personal and business tax returns, year-to-date financial statements (such as a profit and loss statement and balance sheet), recent bank statements, and a detailed business plan, especially if applying for an SBA loan or a large commercial loan.
You may also need to provide personal financial statements and legal documents such as business licenses or articles of incorporation. Submitting organized and up-to-date documents can significantly reduce delays during the underwriting process.
During this stage, Celtic Bank’s underwriting team will thoroughly evaluate your credit history, financial health, business viability, and repayment capacity. The underwriters will also assess whether the request meets Small Business Administration guidelines for SBA loans.
They may request additional documentation or clarification during this process. Underwriting timeframes can vary based on the complexity of your application and the loan product. A simpler working capital loan may be processed quickly, while a construction or SBA 504 loan may take longer due to the involvement of third parties or appraisals.
If your application is approved, Celtic Bank will issue a formal commitment letter outlining your loan amount, repayment terms, interest rate, origination fees, and any specific closing conditions. You will be asked to review and sign this agreement before proceeding.
At this stage, you may also need to submit additional documentation or complete final due diligence steps, such as providing collateral verification or completing site visits. It’s crucial to carefully review the terms to ensure they align with your business needs and financial capabilities.
Once all conditions are satisfied and final documents are signed, the loan is cleared for funding. Funds are typically deposited directly into your designated business bank account. Depending on the loan type, you may receive the full amount as a lump sum or in disbursements, which is common with construction financing.
Celtic Bank will also set up your loan servicing portal, where you can view your balance, track payment schedules, and make repayments. During this final stage, timely communication can help avoid delays and ensure smooth disbursement.
After disbursement, repayment begins according to the agreed-upon terms. Celtic Bank provides detailed loan servicing, including repayment schedules and options like ACH auto-payments.
Many of Celtic Bank’s loans do not have a prepayment penalty, which is a plus for borrowers. Renewals and future funding depend on your payment history and credit profile.
Celtic Bank’s main strengths lie in its versatility and depth of offerings. The bank provides a wide variety of small business loans, including SBA loans, construction loans, and renewable energy financing. Being an SBA preferred lender means faster approvals and a smoother loan process.
Their specialty financing products, strong underwriting, and strategic partnerships make them a valuable resource for established businesses looking to grow. The option for business acquisition loans, refinancing, and real estate purchases under one roof is a significant convenience.
Despite its strengths, Celtic Bank is not for everyone. Startups and businesses with poor credit may not qualify. The application process can be lengthy and requires a substantial amount of documentation. Funding speed is slower compared to alternative lenders.
Additionally, reviews often cite issues with customer service and a lack of transparency in some dealings. Those expecting instant approval or minimal paperwork may be disappointed.
Pros:
Cons:
Yes, Celtic Bank is a legitimate business lender. It is a chartered industrial bank regulated by the FDIC and based in Salt Lake City. The SBA recognizes Celtic Bank as a top-tier lender.
Customer reviews of Celtic Bank present insights into the lender’s strengths and weaknesses. Many reviewers appreciate the bank’s role in supporting small business financing, especially when traditional lenders are not an option. However, it has generally unfavorable reviews overall. Celtic Bank has a low rating of 1.67 out of 5 stars on the Better Business Bureau. Trustpilot reviews indicate some customer dissatisfaction with loan specialists.
Positive feedback frequently highlights competitive loan terms, a broad range of financing products, and a lending team that takes a personalized approach. Celtic Bank is noted for looking beyond credit scores by considering a business’s overall financial health, including cash flow and management practices. While the standard requirement is often a credit score of 700 or higher, many borrowers report that banks evaluate the complete financial picture before making a decision. Some customers praise Celtic Bank for their business loan options and efficient application process.
Customers also value the variety of loan programs offered, such as SBA 7(a), SBA 504, and other specialty products. These loans can feature extended terms of up to 25 years, with rates starting at Prime + 2.75%. Some borrowers have received funding in as little as 48 hours, particularly when submitting organized documentation. Flexible repayment options, such as monthly plans and lower payments during slower business periods, are especially beneficial for seasonal businesses or those with fluctuating cash flow. Some customers had good experiences with Celtic Bank for Paycheck Protection Program loans.
On the other hand, several reviews point to challenges in the application and funding process. Celtic Bank’s negative reviews often relate to their business credit card habits. Common complaints include a cumbersome application process, delays once additional documentation is required, and inconsistent customer service experiences. Celtic Bank has received complaints regarding slow responses and poor customer service.
Some borrowers report that loan origination fees can be as high as 3%, and that loan servicing terms are not always clearly communicated. Interest rates are typically not advertised upfront, and some borrowers note receiving higher rates than anticipated. Customers have reported being misled about loan terms and receiving insufficient explanations for denials.
Additionally, the bank’s emphasis on collateral, such as inventory or receivables, can be a barrier for newer businesses with limited assets. These factors have led to mixed ratings, generally in the 3 to 4-star range, reflecting the lender’s strengths and areas where it may fall short. Some customers have complained of a low credit limit on their business credit cards.
Celtic Bank may deny a loan application for several reasons. Possible reasons include a poor credit score, insufficient cash flow, or applying for the wrong financing product. Some borrowers report challenges with Celtic Bank regarding loan application denials and poor communication.
If you were declined, the denial letter should explain why, provide information on how to improve your application, and tell you when you can reapply. If not, or if you need more information, contact Celtic Bank directly.
Fortunately, many lenders are available if Celtic Bank doesn’t meet your needs. Most SBA loans require good to excellent credit, several years in business, and substantial revenue. If you struggle to meet these qualifications, you may be interested in one of these small business loans:
Celtic Bank is a solid option for established businesses needing flexible and well-structured small business loans. With extensive loan offerings, strong partnerships, and experience in SBA-guaranteed loans, it’s a good bank for growing businesses.
However, other lenders might be a better fit if you’re a startup or need fast cash without the paperwork. We recommend comparing loan terms, reviewing your credit score and cash flow, and preparing all necessary documents before beginning the business loan application.
Based on the available information, we rate Celtic Bank 4.5 out of 5. It’s one of the top SBA lenders, but other lenders offer less stringent qualifications for other small business loans.
Disclaimer: The Celtic Bank trademark is owned by Celtic Bank Corporation, and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from Celtic Bank Corporation.
Fraud Disclosure:
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