Be Your Own Loan Broker
Get up to 1% of your business loan back at closing* when you work with Salt Lake’s largest community bank and SBA Preferred Lender.
- SBA or USDA B&I Term Loans from $100,000 to $5,000,000 (OAC**)
- Business acquisitions, equipment purchases, facility construction, debt refinance, term working capital and business expansion
- SBA Preferred Lender
- Proudly serving Utah since 1978
When running a business, you need a banker who understands your industry. Rather than forcing our customers to fit into pre-determined products, we offer a custom solution for each client. A creative solution can make all of the difference and, when combined with a Business Loan Officer who cares about you and your business, it’s a win-win.
When we say that our decisions are made locally, we mean it. We are committed to supporting the communities we serve and we make it our business to fully understand our markets. We take time to build relationships with our customers in order to make a potentially cumbersome process effortless. And as a U.S. Small Business Administration (SBA) Preferred Lender in Utah, First Utah Bank is able to meet the unique borrowing needs of small businesses, particularly where traditional or conventional bank financing is not available.
If you are still wondering what makes us different, it’s our Team. First Utah Bank’s Business Lending team has the knowledge and expertise to find the best solution for every client. Our goal is to consistently exceed your expectations. Contact our business lending experts today, and find out how we can help you and your company.
Right now, First Utah Bank is letting you be your own loan broker! Earn up to 1% cash back on your loan amount with First Utah Bank if you close before December 31, 2019*.Get Started with a Business Loan
*Cash Back may be applied as either a fee reduction or a distribution of cash to the business. The borrower and bank will agree in writing on how the cash back promotional offer will be applied at time of application. Cash back is based on a sliding scale as follows: on new loan balances for either an SBA or USDA B&I Term Loan between $100,000 and $5,000,000, the fees will be waived or cash will be distributed to the business up to 1% of the loan amount or $5,000, whichever is less. Offer Excludes SBA 504 Loans and lines of credit. Application must be submitted for an SBA or USDA B&I Term Loan to First Utah Bank on or before December 31, 2019 and, if approved, the loan must be closed and funded no later than June 30, 2020. Offer is only applicable to loans that close and fund as stipulated.
**On Approved Credit.
SBA Lending for Business Owners in Salt Lake City, Utah & Surrounding Areas
Utah is a great place to start a company, due to the state’s relatively low unemployment rate. Additionally, entrepreneurs won’t have much trouble getting the capital they need. According to the 2017 Utah Annual Report by the SBA, thousands of business owners have been successful in getting the SBA loan program they need to either launch or sustain their company’s growth.
If you’re looking for a financial institution that offers SBA business lending to Utah entrepreneurs, turn to First Utah Bank. Our Commercial Loan Officers and dedicated SBA Department associates will work with you to find the best loan options to fit the needs of your business.
Our SBA loans may be used to:
- Purchase or construct an owner-occupied commercial building
- Expand or modernize facilities
- Consolidate debt to increase cash flow
- Manage seasonal cash flow
- Purchase machinery, equipment and fixtures
- Finance leasehold improvements
- Purchase an existing business
- Finance receivables and/or inventory
- Augment working capital (term loan or line of credit)
- Refinance maturing debt
- Start a franchise or new business
- Finance exports
Currently, there are fee reductions and waivers for 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.
SBA loan programs available (the links below will take you to the Small Business Administration website):
- 7(a) Loan Program – This program is best suited for customers looking to purchase or refinance equipment, purchase or refinance owner-occupied commercial real estate, make leasehold improvements, consolidate business debt, finance a business acquisition, term working capital, or even start a business. Typically, these loans last between 5-25 years depending on the loan purpose. Loan amount up to $5,000,000.
- 504 Loan Program – The SBA 504 program was designed for long-term, fixed-rate financing with lower equity injection requirements. These funds are typically used to buy, construct or refinance owner-occupied commercial real estate or even to acquire long-life fixed assets for expansion or modernization of existing commercial real estate. Normally, these loans are structured with First Utah Bank covering 50% of the total project costs, the borrower covering 10% of the total project costs, and the SBA covering the remaining 40% of the total project costs. Projects larger than those allowed by the SBA 7(a) Loan Program may be accommodated through this program.
- SBA Express – This small-business loan programis typically used for business lines of credit but may also be used for term loans under some circumstances. Maximum loan size is $350,000. Lines of credit typically last between 1-2 years with the option to renew at the end of that time period, or with the option to term-out the balance. These loans are perfect for start-up companies that need a little extra working capital to get off the ground.
- SBA Export Express – As the simplest export loan program offered by the SBA, lenders may use their own forms and procedures to make term loans or revolving lines of credit up to $500,000. Loan proceeds may be used for business purposes that will enhance a company’s export development and activities.
- Working Capital CAPLine Program – While sharing some similarities to the SBA Express program, this program is typically designed to help established small to mid-sized businesses meet their short term and cyclical working capital needs. Line of credit amount up to $5,000,000.
SBA Quick Reference Guide – this link will direct you to a quick reference guide for SBA loan guaranty programs.
U.S. Small Business Administration – this link will direct you to the Small Business Administration home page.
Other Government-Guaranteed Small Business Loan Programs:
- 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. For more information, click here.