CELTIC BANK
PPP Lender · 167,201 loans · $4.49B total · 53 states served
CELTIC BANK was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 167,201 PPP loans totaling $4.49B, representing approximately 1.46% of all loans nationwide.
CELTIC BANK served borrowers across 53 states. The largest concentration of activity was in California, where the lender originated 30,954 loans totaling $1.04B. Other states with significant activity included Florida, New York, Texas.
The average loan size for this lender was $26,882. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.
Among the largest named borrowers that received loans through CELTIC BANK were: NICHOLAS & CO., INC. (UT) — $7,459,875; HEADWAY HR SOLUTIONS (NC) — $7,000,000; ACCU REFERENCE MEDICAL LAB LIMITED LIABILITY COMPANY (NJ) — $6,268,965; and THE EDRINGTON GROUP USA, LLC (NY) — $4,200,000.
PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.
Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.
Activity by State
| State | Loans | Total Approved | Forgiveness Rate |
|---|---|---|---|
| California | 30,954 | $1.04B | 95.1% |
| Florida | 22,105 | $657.3M | 88.6% |
| New York | 15,948 | $449.8M | 94.1% |
| Texas | 14,411 | $304.5M | 93.4% |
| Georgia | 8,419 | $229.3M | 91.3% |
| Illinois | 8,281 | $166.8M | 89.8% |
| New Jersey | 4,927 | $163.4M | 94.1% |
| North Carolina | 4,894 | $111.9M | 95.7% |
| Ohio | 3,719 | $72.4M | 93.5% |
| Arizona | 3,688 | $98.9M | 95.2% |
| Maryland | 3,347 | $102.1M | 94.3% |
| Virginia | 3,277 | $94.8M | 95.0% |
| Washington | 3,274 | $86.4M | 96.7% |
| Pennsylvania | 3,036 | $75.1M | 93.7% |
| Oregon | 2,762 | $68.6M | 97.4% |
| Tennessee | 2,713 | $55.0M | 91.9% |
| Colorado | 2,681 | $80.4M | 96.0% |
| Michigan | 2,425 | $60.9M | 94.4% |
| Nevada | 1,979 | $57.1M | 93.1% |
| South Carolina | 1,968 | $37.0M | 95.2% |
| Indiana | 1,719 | $27.3M | 93.6% |
| Louisiana | 1,661 | $24.3M | 85.9% |
| Massachusetts | 1,659 | $50.7M | 95.5% |
| Alabama | 1,569 | $22.6M | 92.2% |
| Connecticut | 1,511 | $39.4M | 95.2% |
| Wisconsin | 1,383 | $20.9M | 96.7% |
| Missouri | 1,365 | $24.0M | 92.8% |
| Utah | 1,259 | $73.5M | 96.6% |
| Minnesota | 1,171 | $34.2M | 96.2% |
| Kentucky | 770 | $14.4M | 94.9% |
| Hawaii | 728 | $8.1M | 95.2% |
| Oklahoma | 712 | $7.3M | 94.4% |
| Kansas | 654 | $8.8M | 96.2% |
| District of Columbia | 642 | $21.4M | 93.3% |
| Mississippi | 579 | $8.5M | 92.7% |
| New Mexico | 560 | $11.4M | 95.5% |
| Idaho | 550 | $7.7M | 97.8% |
| Arkansas | 512 | $8.1M | 93.4% |
| Iowa | 483 | $8.1M | 97.9% |
| Delaware | 383 | $8.6M | 93.0% |
| New Hampshire | 335 | $5.8M | 98.2% |
| Alaska | 322 | $6.1M | 98.4% |
| West Virginia | 288 | $5.9M | 94.8% |
| Maine | 281 | $3.2M | 96.8% |
| Nebraska | 268 | $4.7M | 95.9% |
| Rhode Island | 256 | $6.0M | 94.5% |
| Montana | 232 | $3.4M | 94.4% |
| Wyoming | 172 | $5.4M | 92.4% |
| Vermont | 150 | $2.7M | 98.0% |
| South Dakota | 103 | $3.3M | 97.1% |
| North Dakota | 99 | $2.3M | 90.9% |
| Puerto Rico | 10 | $397,194 | 100.0% |
| U.S. Virgin Islands | 7 | $749,033 | 100.0% |