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Utah’s Celtic Bank launches new small business product

Utah’s Celtic Bank launches new small business product

The Salt Lake Tribune

Published Oct 1, 2012 08:27AM MDT

Celtic Bank, Salt Lake City, is introducing a non-recourse factoring product for small and middle-market business.
Non-recourse factoring entails the bank purchasing a company’s accounts receivable at a discount. Under such an arrangement, the bank assumes the risk of collecting on the debt.
The new product, which draws upon the bank’s expertise in asset-based lending and underwriting small business credit risk, will be offered and serviced by the bank’s asset-based lending division.
“We are exc...

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