Small Business Loans From Traditional Banks in Utah
Regional Utah banks are a good option when it comes to applying for a small business loan. They usually offer reasonable interest rates and fair terms. Yet, the small business loan requirements in Utah that traditional banks demand, can be difficult to meet.
You can expect complicated paperwork and a lengthy application process. You also typically need a high credit score to be eligible for such loans. Yet, if you do manage to qualify for these loans, it may be worth your while, as they generally come with reasonable rates.
You may wish to apply to one of the following banks for Utah small business loans:
Utah CDC notes that it can help a small business buy land, a building, and even equipment by granting an SBA 504 loan. Find out how here.
Bank of Utah
This is a federally-insured community bank. It offers loans and a business line of credit. See here for details.
First Utah Bank
This preferred lender for SBA offers a range of SBA loans to clients in Utah. See here for details.
This bank has been helping businesses grow for 128 years. It has loan experts available to work out the best option. Find out more here.
Goldenwest Credit Union
This federally chartered credit union is a preferred SBA lender. It grants low-interest SBA loans and real estate loans. Business Visa rewards cards, merchant services, and insurance services are available too. It operates branches all over Utah. Find out more here.
Mountain America Credit Union
Mountain America has loan relief options for small businesses faced with financial challenges. See here for details.
Utah First Credit Union
It offers flexible options on SBA 7(a) and CDC/504 loans to fit the needs of small businesses. See here for details.
Companies That Originate or Grant Loans to Small Businesses
Many reputable companies in Utah provide grant loans to small businesses. Here we highlight the top companies operating in this sphere.
AdvancePoint Capital provides services to the small business community across the State of Utah. It offers various loan options for small businesses, including:
- Long-Term Loans - long-term loans allow between 2 - 10 years for repayment. You can access more capital using a long-term loan than you can with a shorter-term business loan. Monthly payments are affordable and can be used to fund large long-term projects. Different lenders provide different Interest rates. There are origination fees of up to 3%. It takes three days to a few weeks to process a loan application, depending on the lender.
- Short-Term Loans - short-term small business loans allow between 3 - 18 months for repayment. This option is popular amongst small businesses who are unable to get loans from traditional sources, because of credit or documentation issues. The origination fees are up to 5%. Application processing may take place on the same day, or it could take 24 - 48 hours.
- Small Business Administration (SBA) Loans - the Small Business Administration (SBA) office isn’t a lender. It’s a federal agency that provides programs, guidelines, and guarantees for business loans to approved lenders. Without Small Business Administration (SBA) guarantees, lenders wouldn’t be willing to grant loans under the SBA’s terms.
Through the Small Business Administration’s SBA 7(a) and 504 programs, Utah businesses raised over $200 million in business loans. The terms of the loans are three to 25 years. Origination fees are up to 3%. The SBA prefers a good to excellent credit rating but considers all levels of creditworthiness. It can take from a week to a month to process a loan application. See here for details.
GUD Capital Utah Business Loans
This company provides a wide range of loans, including bank loans, SBA loans, asset-based loans, and private loans. A small business owner may find any of these helpful. GUD also lists alternative Utah loans from non-bank lenders.
Most alternative business lenders focus on providing Utah businesses with working capital. Fintech lenders, marketplace lenders, and mid-prime are just some alternative lenders. See here for details.