Small Business Loans From Traditional Lenders in Utah
Regional Utah banks and financial companies are a good option when it comes to applying for a small business loan in Utah. They usually offer reasonable interest rates and fair terms. Yet, the small business loan requirements 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 is a Certified Development Company that is devoted to helping small businesses to buy land, a building, and even equipment by granting SBA (Small Business Administration) 504 loans.
The company’s main goal is to assist in the expansion of local businesses looking to increase their operations. As such, their SBA loans come with favorable terms and rates. While the rates can vary over time, Utah CDC continuously updates the information on their website. For example, as of November 2021, you can expect to receive a 504 loan with a 20-year term at an interest rate of only 3.03%. You also have an option of taking out a loan with a 25-year term, at an interest rate of 3.16%.
Bank of Utah is a federally-insured community bank offering loans and lines of credit to local small businesses. The bank offers a broad range of short- and long-term funding solutions to accommodate the specific needs and capabilities of different businesses.
Some of the financial products offered by the Bank of Utah include:
- Commercial real estate loans: including construction, long-term, and bridge loans, as well as acquisition and development (A&D) loans
- Business lines of credit: intended to help small businesses to replenish inventory, support accounts receivable, pay bills, purchase new equipment, and even increase cash flows
- Equipment loans: to finance equipment repair or replacement expenses.
First Utah Bank is a preferred SBA lender, offering a broad range of SBA loans to small business owners within the state. The bank will work with you to find the best loan option to fit the unique needs of your business. As such, you can choose among four different types of SBA loans: 7(a) Loan Program, 504 Loan Program, SBA Express, and SBA Export Express.
These loans come with various limits and repayment terms and can be used to:
- Expand or modernize facilities
- Purchase or construct a commercial building
- Purchase an existing business
- Manage seasonal cash flow
- Consolidate debt to increase cash flow
- Finance receivables or inventory
- Purchase equipment, machinery, and fixtures,
- and much more.
The Central Bank has been helping Utah-based businesses grow for 128 years. The bank offers a variety of business loan products and provides loan experts available to help you find the best option.
Small businesses are welcome to apply for one of the following loan options:
- Commercial real estate loans
- Equipment loans
- Business lines of credit
- Business credit cards
- Small Business Administration (SBA) loans
Goldenwest Credit Union is a federally-chartered credit union and a preferred SBA lender operating branches all over the state of Untah.
In addition to Small Business Administration loans, Goldenwest offers:
- Commercial construction loans: to help businesses finance commercial buildings
- Commercial real estate loans: to help with business real estate acquisitions
- Business lines of credit: for business working capital
- Investment property loans: at competitive rates, up to 80% loan to value
- Equipment loans to help small businesses purchase vehicles and other equipment
Utah First Credit Unions offers flexible options on Small Business Administration loans to fit the needs of local small businesses. As such, you can choose among:
- SBA Express Loans and Lines of Credit. These loans can range up to $350,000, with loan terms of up to 7 years.
- SBA 7(a) Loans. SBA 7(a) loans are intended to help entrepreneurs build or expand their small businesses. They come with terms of up to 25 years for real estate, up to 10 years for equipment, and up to 7 years for working capital.
- SBA 504 Loans. SBA 504 loans come with borrowing limits of up to $5,000,000 and terms of up to 25 years. This type of financing can be used to purchase large fixed assets, such as equipment or real estate.
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. These loans allow you to access more capital necessary for larger projects, with repayment terms ranging between two and 10 years. While the interest rates can vary, you should expect to pay up to 3% in origination fees.
- Short-Term Loans. With short-term loans, you can expect repayment terms ranging between 3 and 18 months, and origination fees of up to 5%.
- Small Business Administration (SBA) Loans. The terms of government-backed SBA 7(a) and 504 loans can range between three and 25 years, with origination fees of up to 3%.
GUD Capital is a company working with over 4,000 lenders who offer more than 12,000 loan products. With 75 years of experience, GUD Capital has loan specialists who will match you with the ideal loan product to find the financial solution that works the best for your small business.
Through GUD Capital, you can access 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.