Founded in 2001 and headquartered in Salt Lake City, Utah, Celtic Bank is a privately owned industrial bank chartered by the State of Utah. Kabbage, the fintech startup that outperformed many large lenders during the Paycheck Protection Program, is weighing a sale, two people familiar with the situation said. The bank line of credit that it now offers in addition to cash advances is being done through a partnership with Celtic Bank. Many of its borrowers went out of business and it had to stop originating loans. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. (ticker: JPM), the biggest PPP lender, as of July 24. All Rights Reserved. On Deck (ONDK), the once-highflying small-business lender, also paused loan originations in April but continued to serve its existing customers with term loans and lines of credit. Celtic Bank has a proven track record in a range of industries, including renewable energy finance, healthcare, gas station / C-store, car wash, hotel and others. Celtic Bank has ranked as one of the top ten SBA lenders nationally since 2013. The company bought Orchard in 2018, and, in 2019, scooped up Radius Intelligence to enhance its data capabilities. All Rights Reserved. Approved to offer SBA loan products under SBA’s Preferred Lender Program, Copyright © 2017 Celtic Bank. We help you grow! It took part in the PPP, partnering with Celtic Bank, Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. NOTICE OF MOTION AND MOTION to Stay Case pending arbitration Defendants Kabbage, Inc. and Celtic Bank Corporation's Motion to Stay Proceedings in Favor of Arbitration filed by Defendant Celtic Bank Corporation. Kabbage has raised nearly $500 million in equity capital and over $2 billion in debt funding. Celtic Bank specializes in small business finance, helping business owners with working capital, expansion, acquisition, construction, equipment financing, renewable energy finance, real estate purchases and refinances, and more. Another PPP fintech faced a similar situation. Customers Bancorp The Atlanta company has hired FT Partners after receiving expressions of interest, the people said. We've detected you are on Internet Explorer. (CUBI), and others to provide loans. It invested more than $1 billion in technology that allowed it to automate loan applications. Important: You are leaving the Celtic Bank website. The company currently employs 300 people and has not resumed handling non-PPP loans. Kabbage partnered with 135 community banks to process more than 270,000 PPP loans valued at $6.5 billion, a spokesman said. This copy is for your personal, non-commercial use only. Do you know a future small business owner? Possible bidders include financial institutions and technology companies; no private-equity investors have emerged among the interested parties, one person said. This copy is for your personal, non-commercial use only. A winning bid is expected within a month.