Celtic Bank is a nationwide small business lender specializing in SBA loans. It’s part of the SBA’s preferred lender program 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.
Summary of Celtic Bank User Reviews
What Celtic Bank does well:
Users who gave Celtic Bank positive feedback were impressed with the company’s customer support. Customers reported that the customer reps were patient, helpful, and courteous.
What Celtic Bank does not do well:
Users who gave Celtic Bank negative feedback complained about wasting their time trying to get their loans approved. Some customers said that the rates were not as the company advertised.
Most Helpful Positive User Review
“A sincere (and unsolicited) THANK YOU to Celtic Bank and Amy Penman & Colton Thompson who were instrumental in helping me obtain a small business loan for backyardbatterpro.com and sandlotsportsacademy.com. They both worked diligently and guided me every step of the way. This is my second SBA guaranteed loan with Celtic Bank and I cannot be more pleased with their process. Anyone who owns a small business knows how difficult it can be at times, to obtain a business loan in your hometown, even with excellent credit. I would highly recommend Celtic Bank to any small business looking for funding. I plan to continue to do business with them in the future when my businesses expand. Donna, Sandlot Sports Academy & Backyard Batter Pro (Corning, NY)”
— Donna Ayers
Most Helpful Negative User Review
One user who gave Celtic Bank a negative review on Consumer Affairs reported that they have received an email from the company stating that their business qualifies for the VIP Business Program for up to $250,000 of unsecured funding at 3.59%. She said that she had a brief conversation with a customer service representative and learned that only 1 in 100 applicants gets anywhere near 6%, let alone the 3.59% as advertised. She felt that it was a complete waste of her time and that the company knowingly send out false advertisements.
Celtic Bank Pricing
Celtic Bank does not advertise their interest rate range as their rates and terms will depend on the type of loan you’ll apply for. SBA loans can have fixed or variable rates. You can borrow between $350,001 to $5,000,000 for the SBA 7(a) loan. Collateral is also required.
|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 (loan-to-value) ratio||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.
Useful Celtic Bank Resources
Best SBA Lenders 2018 – See who the top SBA lenders are. From local banks to national lenders, we’ll show who is making the most SBA loans so you can find the right lender for you.
How to Apply for an SBA Loan – In this article, we walk you through the steps to apply for an SBA loan. See qualifications, timelines, and download our free document checklist.
Small Business Debt Consolidation Loan: When to Consolidate Business Debt – Know when it’s the right time to consolidate business debt. Read here to learn about SBA financing.
Fast Business Loans: Where to Get a Quick Business Loan in 2017 – In this article, we’re going to review the three best providers of fast business loans: OnDeck, Kabbage, and Fundbox.
Easy Business Loans: What Are the Best Easy Financing Options for 2017 – In this article, we review the three best places to get easy business loans in terms of funding amounts, application process, qualifications for approval, and funding times.