Coverdash Partners with Celtic Bank to Streamline and Accelerate the SBA Loan Process
Coverdash
We’re excited to announce Coverdash’s partnership with Celtic Bank, one of the top SBA lenders in the nation. Celtic Bank offers a full catalog of financial services for small businesses, from asset-based lending to expansions and acquisitions. Our embedded insurance capabilities provide Celtic Bank’s clients the necessary insurance solutions required for loan financing directly through Celtic Bank’s portal.
SBA loans are business loans partially backed by the US Small Business Administration, provided by participating lenders like Celtic Bank. These loans are generally attractive due to their affordability (capped interest rates) with more favorable terms like longer repayment periods and lower credit score requirements compared to other business loans. However, the long application process and strict lending requirements, including proper business insurance, sometimes prevents business owners from taking advantage of these loans.
The SBA requires specific business insurance coverage depending on the loan and type of business. While these requirements may vary, some common policies that the SBA may ask for include:
- Workers Compensation
- General Liability
- Professional Liability
- Property Insurance
With Coverdash, fulfilling these insurance requirements becomes seamless. Users can instantly compare accurately tailored quotes from over 30 of the nation’s largest carriers, purchase the best policy to instantly fulfill coverage requirements, and improve SBA loan prospects without ever needing to leave Celtic Bank’s site. By abstracting the need to contact a broker or carrier with the ability to buy necessary insurance on the spot, Coverdash drastically reduces loan application times for users.
Coverdash has partnered with dozens of lenders and funding platforms that require business insurance to streamline the loan issuance process. Decreasing time to close by an average of 45% and as much as 65%, Coverdash’s embedded insurance solution has helped increase overall loan issuance by 10% to 15% for lending partners.
Our partnership with Celtic Bank simplifies the insurance process, accelerating loan issuance and getting businesses access to funds faster. If you’re interested in partnering with Coverdash, you can get into contact here: https://www.coverdash.com/partner
About Coverdash
Coverdash is a fully digital business insurance agency that specializes in serving the insurance needs of businesses of all shapes and sizes. Coverdash's embedded technology enables any partner to host its end-to-end insurance experience with a single line of code. Coverdash is headquartered in New York and is a licensed insurance agency across all 50 states.
Interested in partnering with Coverdash? Check out: https://www.coverdash.com/partner
About Celtic Bank
Headquartered in Salt Lake City, Utah, Celtic Bank was named the 4th largest SBA lender in the nation for FY 2022. Celtic Bank is a nationwide lender and leading provider of USDA loans, SBA 7(a) and 504 loans, express loans, asset-based loans, commercial real estate loans, and commercial construction loans.
For more information, visit Celtic Bank today at https://www.celticbank.com/ or call at (800) 509-6191.