Celtic Bank Corporation Small Business Loan Review
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The Celtic Bank Express Loan was specifically designed with small business owners in mind. They have streamlined and automated their loan program, which offers working capital loans from $20,000 to $150,000 with lower interest rates and extended repayment terms. They also offer a range of SBA backed loans, with the traditional 7(a) and 504 loans, as well as USDA’s Business & Industry program. To participate in USDA loans, the business must be located in the United States or its possessions/territories and must be in a rural area with a population of less than 50,000. There is no penalty for early repayment after the initial 10 years of the loan’s life.
Understanding Your Loan Options
Generally, Celtic bank offers a range of small business loans with terms that are as long as 25 years, they offer fixed and variable rates, and usually only require a loan to value ratio of up to 90%, meaning borrowers only have to own 10% equity in their business. The business must be owner operated and be a for profit endeavor. Learn more about how to obtain a small business loan.
Celtic Bank does offer working capital loans for general operating expenses from $20,000 to $150,000. The terms are generous and flexible, with a 10-year fully amortized loan with no prepayment penalty. Low interest rates based on Wall Street Journal Prime, adjusted quarterly. The collateral agreement is based in a lien on business assets for loans over $25,000. To be eligible, applicants must run for-profit businesses only in an SBA eligible industry. Start-up businesses are allowed but must be able to begin operations at funding.
USDA Business & Industry loans must be to businesses located in the United States and must be in a rural area with a population of less than 50,000. There is no penalty for early repayment after the initial 10 years of the loan’s life. Their website is explanatory as to the process of application and the conditions for the loan, and you can find more guidelines checking out the USDA’s website that describe the program.
Speed of Implementation and Loan Duration
One great time saver that Celtic offers its potential clients is the online loan application. The point of these particular loans is their efficiency given they are for working capital. The Celtic bank claims to achieve fast processing – initial credit approval within 24 hours. It may take some extra time for your funds to be disbursed, but the information we got indicated that it was frequently the same day as initial approval or within the next 24 hours.
Fine Print and Final Thoughts
On the whole, the flexibility and speed of Celtic Bank makes them an appealing option for many small business borrowers. You can get short-term working capital loans in a timely fashion, or get a low cost SBA loan if you have time to wait for approval.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.