SALT LAKE CITY, Jan. 31, 2017 /PRNewswire/ -- Celtic Bank is pleased to announce that Michael Fosmark is heading its new Specialty Commercial Finance Division. This new department brings together several established lines of business within the bank, including Leasing & Equipment Finance, Construction Financing, Asset-Based Lending and Renewable Energy.
Fosmark, with over 30 years of banking and finance experience, joined Celtic Bank in 2015. He spent the previous 12 years building a local Utah bank from the ground up and sought out yet another "ground floor" challenge at Celtic in building its new equipment finance division, leveraging the bank's national reach as a top-ten SBA lender. He now has a solid Leasing and Equipment Finance team in place, which includes long-time colleague Trevor Rawlings.
"In today's world, one-size-fits all lending doesn't meet the need of many companies. Our goal at Celtic Bank is to provide tailored financing solutions, along with our SBA products, to meet the specific needs of our clients and help their business grow," says Fosmark. This new synergy creates an effective path to grow these individual units and the bank's commercial specialty finance portfolio as a whole. Fosmark is looking forward to working with additional specialty finance leaders at Celtic – Daniel Godfrey in Asset-Based Lending, Justin Fuller in Renewable Energy and Steve Howell in Construction.
This new initiative will also raise awareness among existing and past Celtic Bank clients, who may not know the bank's credit appetite extends into these specialty offerings. Overall, the aim is to continue filling what a recent Harvard Business School "State of Small Business Lending" study calls a "persistent" small business credit gap, giving small business owners a single, trusted source for all their financing needs.
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SOURCE Celtic Bank