Celtic Bank is a nationwide small business lender specializing in SBA loans. It’s a preferred lender of the Small Business Administration and ranks as the sixth largest provider of SBA loan products in the United States. We compiled Celtic Bank reviews from around the web and found that Celtic Bank has a mix of positive and negative ratings. We also compared the most popular pricing options for small business owners.
Celtic Bank Customer Reviews
Summary of User Reviews
What Celtic Bank does well:
Users who recommend Celtic Bank liked its responsive and helpful customer support. They also love that it offers large loan amounts at reasonable interest rates.
What Celtic Bank does not do well:
Users who gave Celtic Bank negative feedback reported that it’s hard to qualify for a loan and that it takes a long time to get approved.
Most Helpful Positive User Review
A user who gave Celtic Bank a positive review on Consumer Affairs liked the company’s customer support because the reps are pleasant and courteous. He said they thoroughly explained the rates, terms, and all conditions. He also mentioned that he was happy with the rates that he received with his loan and that the bank provided him with online tools to track his payments.
Most Helpful Negative User Review
One user who gave Celtic Bank a critical review on Consumer Affairs said that while the application process was very easy to understand, it took quite a while for his loan to be approved. He also mentioned that the things he had to go through were a bit tedious and repetitive.
How to Qualify
Businesses must be US-based and have operated for at least 3 years. Startups can be eligible if the owners have prior experience in the industry. Celtic Bank requires business collateral and a personal guarantee from every person who owns 20% or more of the business. Both the business and personal credit history of all borrowers will also be reviewed. It requires a personal credit score of at least 640.
You can download loan application forms and apply online through their website. Application and funding for the SBA 7(a) loan can take several weeks.
Celtic Bank Pricing
Celtic Bank does not advertise its interest rate range, but rates will depend on the type of loan for which you apply. SBA loans can have fixed or variable rates. You can borrow between $350,001 to $5,000,000 for the SBA 7(a) loan.
|SBA 7(a) Loan|
|Loan Amounts||$350,001 to $5,000,000|
|Collateral||Commercial real estate, inventory, FF&E (furniture, fixtures, and equipment)|
|Term||Varies, up to 25 years|
|Rate||Fixed or variable rate|
|LTV||Varies, up to 90%|
Here are some of the fees associated with a loan from Celtic Bank:
- Packaging fee (typically $2,500)
- SBA Guarantee fees paid to the SBA (one-time fee of 3% or higher and is based on the amount of the loan)
- Third party fees (includes the cost of appraisals, environmental reports, title insurance, credit reports, flood search, etc.)
- Annual interest rate charged by Celtic Bank
Other than SBA 7(a) loans, Celtic Bank offers other types of SBA loans like SBA Express Loans and SBA 504 Loans. They also offer USDA Business & Industry Loans (loans for rural businesses), Celtic Advantage loans of $150,000 to $350,000, and small business lines of credit from $250,000 to $5 million.