Celtic Bank Receives SBA Status to Provide Working Capital Lines of Credit Up to $5 Million for Small Businesses

SALT LAKE CITY, Oct. 27, 2011 /PRNewswire/ -- Celtic Bank is now able to process working capital lines of credit up to $5 million for SBA Working Capital CAPLines (fka Standard Asset-Based CAPLines) under the Preferred Lender Program (PLP). Asset-Based CAPLines are particularly helpful for early stage, high growth, turnaround, or seasonal businesses.

As part of the PLP, SBA Working Capital CAPLines improve the SBA's effort to streamline the procedures necessary to provide financial assistance to the small business community.

"Celtic Bank's ability to process CAPLines in as little as 10 days allow us to react quickly within the local business community versus traditional lending organizations," said Reese S. Howell Jr., Chief Executive Officer. "For Celtic Bank, it's important to be flexible, secure and have the tools necessary to help businesses with a variety of needs. Being a part of this program allows us to do just that."

Typical industries served by asset-based working capital lines include manufacturing, wholesale distribution (such as consumer goods), and commercial services (such as staffing).

The SBA Working Capital CAPLines Program is a revolving credit facility for businesses involved in extending credit and carrying accounts receivable and inventory. Financing is intended solely for working capital purposes, or to refinance an eligible working capital line of credit. The lines are self-liquidating and are paid through the collection of receivables and sale of inventory.

Lenders are considered for PLP status based on their record with SBA, and must have demonstrated a proficiency in processing and servicing SBA-guaranteed loans. Celtic Bank received its CAPLines PLP lender status October 1, 2011.

About Celtic Bank:

Celtic Bank is a leading provider of small business loans, real estate and construction loans for customers throughout the country. Headquartered in Salt Lake City, Utah, Celtic Bank serves small businesses across the country. Celtic Bank is a member of the FDIC and is an Equal Housing, Preferred SBA, and FHA lender.

Celtic Bank is the premier provider of Working Capital CAPLines in the country and is a national preferred SBA 7(a), CAPLines, and Express lender. As an industrial bank, Celtic is unable to accept demand deposit relationships.

For more information, visit www.celticbank.com, Facebook or at our Blog.

Media Contact: Alfred Quinn
(801) 320-6569
[email protected]

SOURCE Celtic Bank