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Celtic Bank SBA 7(a) loans review

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Government-backed loans from $350K to $5M with this SBA Preferred Lender.

finder.com’s rating: 4.42 / 5.0

★★★★★

  • Best for government-backed loans with a competitive rate.
  • Pick something else if you want fast, unsecured funding.

$350,001

Min. Amount

$5,000,000

Max. Amount

Details

Product NameCeltic Bank SBA 7(a) loans
Min. Amount$350,001
Max. Amount$5,000,000
Loan TermUp to 300 months
APRVaries
RequirementsOwner-operated, for-profit, meet other SBA loan requirements.

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Celtic Bank could be a good choice if you’re looking for a large SBA 7(a) loan. It’s an SBA Preferred Lender, meaning it has the authority to underwrite your application itself, speeding up what could be a months-long process. It’s also one of the top 10 most active SBA lenders in the country.

But it’s not for everyone. You might want to consider working with another lender if you want to borrow less than $350,000. And even though it might have a faster turnaround than non-preferred lenders, online lenders can likely get you funding quicker.

Not sure Celtic Bank is right for you? Compare other business loan options below.

First, do I qualify?

You must meet the following requirements to qualify for an SBA loan from Celtic Bank:

  • Owner-operated business
  • For-profit business

You’ll also need to meet the SBA requirements for its 7(a) loans, including meeting its size requirements for small businesses.

What makes Celtic Bank SBA loans unique?

Celtic Bank’s main strength is its experience with SBA lending. It’s one of the most active SBA lenders in the country — even for a Preferred Lender. This means it’s an expert navigating the process of providing government-backed business funding, which can get complicated and extremely time-consuming with other lenders.

Pros

  • Fast turnaround for an SBA lender
  • Expert guidance on your application
  • Easy to get in touch through live-chat or phone

Cons

  • Few online customer reviews
  • Doesn’t disclose rates and fees online
  • Limited information on its website

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Data indicated here is updated regularly

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Kickpay e-commerce business loans
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$5,000 – $500,000
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Monevo business loans
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Use this connection service to get paired with a loan you can use for business.
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How do I apply?

You can get started on your application through the Celtic Bank website, over the phone or by visiting a branch near you.

Here’s how to apply online:

  1. Go to the Celtic Bank website.
  2. Scroll down and click Get Started under Borrow Money.
  3. Answer questions about the loan you want to apply for, yourself and your business.
  4. Click Submit.

Wait for a representative to contact you to discuss your options. If you’d rather not wait, reach out by calling 877-251-2873.

What documents do I need to apply?

Celtic Bank doesn’t disclose which documents it requires for its SBA 7(a) loans. However, the SBA has a long list of document and form requirements, which you can read about with our guide to SBA 7(a) loans.

How do repayments work?

You repay your SBA 7(a) loan directly to Celtic Bank each month until the loan term is up. Terms can extend up to 25 years, depending on your loan amount. If you have any questions or concerns, reach out to customer service by calling 877-251-2873.

Learn how Celtic Bank compares to other providers by reading our guide to business loans.

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