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First Utah Bank: A preferred SBA lender in Salt Lake City

The entrepreneurial spirit is alive and well in Utah. Our state consistently ranks as one of the top places to start, run and expand a company. Most recently, Utah was named the second best state in the country to start a business by personal finance website WalletHub. Provo is No. 1 and Salt Lake City is No. 10 on the Milken Institute’s list of the best-performing large cities. And four smaller Utah cities were recently recognized in a study by Verizon for their business-friendly atmospheres.

On that list, Logan, home to Utah State University, was selected as No. 1 on a list of business-friendly small cities; South Jordan was No. 4. Also in the top 10: Lehi (No. 7) another emerging tech city right in the middle of the Salt Lake Valley, Taylorsville (No. 8).

Utah is undoubtedly a great place to live and be in business. Wherever you operate your company, though, financing remains a vital part of any effort to build a successful enterprise. If you’re looking for business banking services or an SBA loan in the Salt Lake City area, here are two important reasons to consider First Utah Bank:

We’re a preferred SBA lender in Utah

First Utah Bank has a dedicated department for SBA financing that can help you navigate the specifics of obtaining an SBA loan or line of credit. We have experienced and knowledgeable commercial lending officers. SBA financing is an important option for small business loans in Utah, especially in instances where traditional or conventional bank financing isn’t available or is difficult to obtain.

Among the uses for an SBA loan:

  • Buying or building an owner-occupied commercial building
Expanding or refurbishing facilities to modernize or accommodate your business
  • Consolidating debt
Managing cash flow during peak buying seasons
Buying machinery, fixtures and equipment
  • Money for leasehold improvements
Buying an existing business
Purchasing inventory or receivables
Adding to working capital
  • Starting expenses for a franchise or a new business
Financing exports

We’re a community bank based in Utah

Big, multi-state banks are good at serving the needs of big business. As a community bank in Salt Lake City, First Utah Bank is dedicated to the needs of our state’s small business. We work with many companies with only a handful of employees and one-person operations as well as businesses that own or lease their office space or are based at home. While we’re locally owned and operated, we have the tools and technologies of a larger bank. In addition to business loans, we offer incredible treasury management and merchant services solutions tailored to the needs of small businesses.

When you’re just starting out, having a banker in the same city that you can call or visit (as opposed to calling in some far-away place) can make all of the difference. Here are some other tips when you’re just starting out in the business world:

Keep your personal and business life separate: When you’re just starting out, it’s easy to co-mingle your personal and business finances. Don’t. Keep separate accounts for each one. Ask us about all of our business accounts designed specifically for small companies, such as our Free Business Checking account. First Utah Bank’s Business Credit Cards help your company easily monitor and control employee spending, drive volume from invoice and check transactions to your card.

Invest in the right accounting system: Maintaining quality records from the start is crucial. At First Utah Bank, we help you save time and improve efficiency by managing and downloading all bill payments directly from QuickBooks® or Quicken®. Our Treasury Management solutions can help you more effectively manage your business and increase cash flow and profits.

Invest in employees: This is a crucial step that some business owners skip over, but its essential. You may not be able to offer the same salary and benefits large corporations can offer, but you may be able to offer flexibility in when and where employees do their jobs. Surveys show that workers today crave the ability to work at home at least part of the workweek and adjust their schedules to better manage family demands.

Consider an accountant: A trusted and professional accountant can help you successfully manage your business and make sure you’re complying with all state and federal tax laws. Your accountant, like your business banker, can be a vital partner.

Watch how you spend your time: As an entrepreneur, you’ll be tempted to fit as much as possible into each work day. Make sure you’re devoting enough time to your family — and you.

At First Utah Bank, we’ve helped many small businesses in the Salt Lake Valley thrive. We invite you to learn about all of the ways we can help support the growth and success of your business. Get started by calling us at 801-308-2265.