Different Types of SBA Lending Programs | First Utah Bank

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A closer look at the various types of SBA lending

Here at First Utah Bank, we’re proud to offer Small Business Administration (SBA) loan services for small businesses in the Salt Lake City area. And in times like these, businesses would be smart to take loan options with favorable terms, which the SBA offers. In fact, for almost 60 years, the SBA has been helping businesses get their start by offering an array of services.

The SBA was created on July 30, 1953, by Republican President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C. To date, more than 20 million businesses have received direct or indirect help from the SBA program. Dating back to WWII, the SBA’s focus has been to make sure that small businesses can participate and stay competitive in the marketplace. And throughout the years they have stayed true to this mission. During the COVID-19 pandemic, the agency was responsible for providing hundreds of millions of dollars in COVID relief funds.

What services does the SBA offer to businesses?

SBA provides an array of technical centers, financial opportunities, export and trade assistance, and targeted outreach programs for small businesses all over the country. They offer four different categories of assistance.

  • Federal Contracting Assistance: Provides guidance and resources needed to pursue government contracts.
  • Access to Capital: Offering loans, additional capital, and other opportunities in the Salt Lake City area.
  • Export and Trade Assistance: Help expanding your small business into trading and exporting.
  • Community Navigators: Providing targeted outreach for underserved communities.

Today, we’re going to focus on the SBA loan programs for small businesses. The SBA facilitates small business lending through several programs. Though all the SBA loan programs offer affordable, government-guaranteed financing, different types of SBA loans offer a variety of funding possibilities based on your business’s history, the amount of capital you need, and how you plan to use the funds.

Here’s a summary of all of the available SBA loan types:

  • Paycheck protection program (PPP): Offers funding to small businesses affected by the novel coronavirus pandemic.
  • Standard 7(a) loan program: The SBA’s most popular and most general loan program, good for working capital.
  • 7(a) Small loan: A 7(a) loan up to $350,000 that’s typically faster to fund.
  • SBA Express loan: SBA loans that come with a 36-hour approval turnaround time.
  • SBA Export Express: SBA loans for businesses that need to finance export needs with a fast turnaround time.
  • Export Working Capital: Short-term loans up to $5 million for export businesses.
  • Veteran’s Advantage: SBA loans specifically for veterans, up to $350,000 in capital.
  • CAPLines: The SBA’s version of a business line of credit.
  • CDC/504 loan program: The SBA’s version of a commercial real estate loan.
  • Microloan program: Intended for smaller businesses that need up to $50,000 for working capital.
  • Home and Personal Property SBA Disaster loan: Offer up to $200,000 for repairing personal property after a declared disaster.
  • Business Physical SBA Disaster loan: Offer up to $2 million for repairing business property after a declared disaster.
  • Economic Injury SBA Disaster loan: Funding for businesses that have suffered a loss of business due to a disaster.
  • Military Reservists Economic Injury SBA Disaster loan: Loans for businesses with a key employee called for active duty.

Here at First Utah Bank, we’re proud to help small businesses in the Salt Lake City area access these programs and obtain the funding they need through the SBA. We understand that when running a business, you need local assistance. That’s why we do not force our business customers to fit into pre-determined products. Instead, we custom-tailor our offerings to suit your needs. Our bankers are trained to look for win-win solutions for your funding needs. In the end, this kind of help can make all of the difference and, when combined with a Business Loan Officer who cares about you and your business, everybody wins.

As Utah’s premier community bank, we’re fully committed to supporting the businesses that provide jobs and income to Utah residents. We’re proud of our unwavering commitment to ensuring your business succeeds in the current market environment. We take time to build relationships with our customers, making a potentially cumbersome process effortless. Our team is what sets us apart from other financial institutions in Utah. Our bankers genuinely care about our clients and their success. We believe that when you do good for business and the community you operate, everyone benefits. We live and work by that philosophy.

Do you need a small business loan to keep your operations running? If so, consider our business lending services. Our Business Lending team has the knowledge and expertise to find the best solution for every client and their goal is to consistently exceed your expectations. We approach each interaction with a high level of professionalism and compassion. Our bankers are members of the local community, just like yourself. Contact our business lending experts today through this link, and find out how we can help you and your company.