Monday, August 6, 2012

CNG of America Closes Loan with Celtic Bank

Take a state-of-the-art company, cross it with a progressive lender, and what do you get?  Simply put, you get a winning deal. Add in a government agency grant and the result is an economical and environmentally friendly product delivered to the consumer. This is exactly what happened when CNG America out of Ogden, Utah, recently approached Celtic Bank for funding and Utah Clean Cities Coalition for a government-sponsored grant.

CNG America had sought funding to build upon a well-established track record. Success with one natural gas station naturally prompted them to seek expansion into new locations. Loan proceeds would cover construction costs and purchase of new equipment. However, when they approached their bank of 15 years with great numbers and a history of success, they were turned down. Luckily, that lender ultimately referred them to Celtic Bank, who upon reviewing the same history and numbers, jumped at the chance and approved the loan within two weeks:

“This is why Celtic Bank is so valuable to the local community and the country’s business health generally,” says Reese S. Howell Jr., CEO of Celtic Bank. “Where more conventional institutions see primarily risk, we see incredible opportunity. And as it turns out, this was not a high risk proposition at all. CNG of America shows a clear record of success, and we are just happy to be a part of it now.”

Owner and founder of CNG America, Kim Hugie, was highly complimentary: “Celtic was really positive from the get go,” he said, “and pretty much everything went as they predicted. Best of all, Celtic came through where our previous bank couldn’t.”

Interestingly, when asked what most impressed him about Celtic Bank, Mr. Hugie’s comments focused on customer service. His experience with VP of Business Development, Tom Green, was unsurpassed:

“The best thing about them is their customer service. I’ve never worked with anyone so responsive as Tom. If I called and couldn’t reach him, I had a return call or email almost immediately. I’ve never worked with any lender this attentive before.”

The Utah Clean Cities Coalition provided the final part of the equation.  As a part of the U.S. Department of Energy’s Clean Cities initiative, they work to reduce dependence on foreign oil, develop regional economic opportunities, and improve air quality. They also provide grants to help companies like CNG America expand their business. In the case of CNG America the grant was used as collateral reserve to make the funding possible. 

For more information on Celtic Bank please contact Tom Green at or call at 801-712-6767

For more information on CNG America please contact Kim Hugie at or call at 801-278-1600


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