Small Business Loans in Utah—All You Need To Know
Utah is a state where small businesses thrive—the Small Business Administration (SBA) statistics show that the Beehive state has around 268,872 small businesses, which is approximately 99.3% of all state-based businesses. If you’re wondering how to get small business loans in Utah, you are in the right place.
In Utah, you can get a small business loan from banks and nonprofits. Most local lenders offer some type of Small Business Administration loan. Check out the table below to find out which types of SBA loans exist in Utah:
|SBA Loans in Utah||Details|
|SBA 504 Loan Program||This program is used for purchasing long-term fixed assets like equipment or real estate. It provides:
|SBA 7(a) Loan Program||The SBA 7(a) program enables you to purchase real estate, start a business, buy equipment, or increase working capital and inventory. This is a general-purpose variable-rate loan that has terms of up to 25 years|
|SBA Express Loan||You can expand your business or finance a franchise with this program. The following constitutes the SBA Express Loan:
As a Utah small business owner, you can apply for funding from the following sources:
- Utah Microloan Fund
- Mountain America Credit Union Loan
- Zions Bank Business Loan
- Mountain West Small Business Finance
The Utah Microloan Fund helps entrepreneurs that cannot get traditional forms of working capital. They are sponsored by Wells Fargo, Celtic Bank, Bank of America, Merrill Lynch, etc. There are three loan options available through the UMLF:
- The traditional UMLF loan—Interest rates range from 4% to 7%, and there is a 60- to 72-month loan of up to $50,000
- Seed loan with a collateral cosigner—To qualify for this loan, you need to have a cosigner and collateral. It is a 12- to 36-month loan of up to $10,000. The interest rates start at 7.5%
- Seed loan without collateral and cosigner—You do not need to have a cosigner or collateral to qualify for this loan. It is a 12- to 36-month loan of up to $7,500 with interest rates starting at 7.5%
The Mountain America Credit Union (MACU) is a loan provider approved by the SBA. The MACU provides low-interest business loans, equipment loans, and construction loans. The loan amounts vary between $10,000 and $50,000. The eligibility criteria are quite serious, and SBA loans are difficult to acquire. You have to book an appointment with a MACU representative to discuss your business’s financing needs and apply for the SBA loan.
Zions Bank is well-known for SBA 7(a) loans, but they also provide:
- Business access loans
- Invoice factoring
- Commercial real estate financing
- Equipment loans
- Business lines of credit
- Business term loans
With Zions Bank’s business access loans program, you can apply for:
- Business access line of credit—This type of loan is unsecured, and it goes up to $50,000
- Business access term loan—The loan amounts vary between $5,000 and $175,000
This program is licensed by the SBA, and it provides SBA 504 loans for small businesses. Mountain West Small Business Finance offers working capital loans from $50,000 to $250,000. If you want to apply for the SBA 504 loan through Mountain West Small Business Finance, you will need to contact them via online form.
It is important that you submit the right documents because if you don’t, your loan request might be denied. The documents you’ll need to submit are:
- Business financial statement (startup costs, budget, and operating expenses)
- Personal financial information
- Income tax returns
- Ownership and affiliations
- Business certificate or license
- Copy of the business lease
Preparing the loan request letter is what affects your chances of getting one. Many business owners fail to create the right loan request letter by forgetting to add all the required information. If you are requesting a startup or any other type of small business loan, DoNotPay is here to help you increase your chances of getting them. You do not have to worry about having all the required paperwork because our app will make sure you upload all the relevant documents.
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- Choose the Business Loan Request Letter feature
- Collect all your personal and business credit scores
- Provide business financial statements, such as:
- Cash flow
- Profit and loss
- Tell us about your company and the loan’s purpose
- Add all the necessary documents
After you complete these steps, DoNotPay will use the information to make the best loan request and help you get it approved! Not sure where to start looking for a loan provider? Use our integrated Find Online Business Loan Lender product to get a list of the most suitable lenders for you and your business.
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