Harry Seffker
Controller, Grant Mackay Demolition Company
SBA lending for businesses in Salt Lake City, Utah & surrounding areas
A Small Business Administration (SBA) loan is one that’s designed especially for the needs of small businesses. SBA loans typically have lower down payment requirements, more flexible requirements, and longer terms than conventional loans. An SBA loan may be perfect for small businesses for which traditional financing is not available. As an SBA Prefered Lender with associates dedicated specifically to SBA loans, we have a variety of loan options to offer to Utah business owners and entrepreneurs, including:
SBA 504 Loan Program
Designed for long-term, fixed-rate financing with lower equity injection requirements. Especially good for projects larger than those allowed by the SBA 7(a) loan program.
Loan amount: Up to $15 million
Term: Up to 10 years on the 504 1st and up to 25 years on the 504 2nd
Can be used for: Financing equipment, expanding or modernizing facilities, and building, improving, refinancing or purchase of owner-occupied commercial real estate.
SBA 7(a) Loan Program
SBA’s primary program for providing financial assistance to small businesses. Terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan.
Loan amounts: Up to $5 million
Term: From 5 to 25 years with no balloon payments
Can be used for: Expansion or renovation, new construction, purchase of land and/or buildings, purchase of machinery/equipment and fixtures, tenant improvements, refinance maturing debt, consolidation of debt to increase cash flow, financing an acquisition, or starting a business.
SBA Working Capital Loan
An SBA working capital loan offers small businesses an opportunity to access funds necessary for growth. SBA Working Capital Loans aim to close in as little as two weeks once a full application is received.
Loan amounts: Up to $150,000
Term: Up to 10 years
Can be used for: Covering operational expenses, financing receivables. expanding inventory, hiring additional staff, or pursuing other initiatives aimed at business expansion.
Learn how we’re Redefining Possible when it comes to SBA loans. Talk with one of our business loan officers today.
Get Started
Ready for a conversation about SBA loans? Connect with a First Utah Bank loan specialist today!
Other Government-Guaranteed Small Business Loan Programs
Other SBA Loan Programs
Under the SBA 7a program there are numerous additional loan types that businesses may be eligible for based on the use of proceeds. These additional loan types include:
- CapLines
- Export Express
- Export Working Capital Program
Rural Business Loans
(USDA B&I Program)
For businesses that serve and reside in rural communities, rural business loans like USDA B&I loans can finance working capital needs, the purchase of business machinery or equipment, the purchase of real estate, or refinance existing debt. Loan amount up to $10,000,000.
Special Benefit for Veterans
Currently, there are fee reductions and waivers for military veterans depending upon the loan type requested and also for certain SBA loans less than $150,000. Please consult with one of our commercial loan officers if you’d like to learn more.
First Utah Bank is proud to be part of the SBA’s Preferred Lenders Program (PLP)
First Utah Bank can approve SBA loan requests locally and in-house (without waiting for SBA approval) which saves business owners time and enables us to release funding sooner.
As a PLP lender, we have special tools many banks do not have, empowering us to make the process faster and more efficiently.
Apply for your SBA loan through First Utah Bank today!
What First Utah Bank business customers say about working with us...
"First Utah Bank gives us a lot of confidence—we can go out and try new things and we know that if there's anything we need, they'll bend over backwards to help us out."
-Harry Seffker, Controller
Get Started!
or...
Connect with a business banker by completing the form below
A business loan expert will contact you quickly (usually within a few hours—except on the weekends when it might take a tiny bit longer).
"*" indicates required fields