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First Utah Bank: An SBA Preferred Lender

Young female professional at desk smiling to cameraDid you know that our bank is a U.S. Small Business Administration Preferred Lender? It means that we are dedicated to serving small businesses and are specialists in small business lending and specifically, SBA loan programs. Under the Preferred Lender Program, high-volume SBA lenders have loan approval and closing authority, which enables First Utah Bank’s commercial lending team to make loan decisions more rapidly.

To earn the PLP designation, lenders must establish a successful track record of small business lending and display a thorough understanding of SBA lending policies and procedures. Whether you are starting a business, purchasing a franchise, buying equipment, expanding your company, exporting, purchasing or leasing a building or would like to refinance or consolidate debt, our SBA loan specialists are here to help you understand all of your lending options and serve you quickly and efficiently. Here are the SBA loan programs we work with:

7(a) Loan Program. This type of SBA loan is designed for companies looking to purchase or refinance equipment, purchase or refinance owner-occupied commercial real estate, make leasehold improvements, consolidate business debt, finance a business acquisition or even start a business. Typically, these loans last between 5-25 years depending on the loan purpose. Loan amounts are up to $5 million.

504 Loan Program. The SBA 504 program was designed to provide long-term, fixed-rate financing with lower equity injection requirements. This type of loan is often 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, with 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 type of loan is 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. This simple export loan program offered by the SBA is designed to provide term loans or revolving lines of credit up to $500,000. Loan proceeds may be used for business purposes that will support 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 million.

First Utah Bank was founded in 1978 and has proudly served the Utah community for more than 40 years. From a single office, our bank has grown to be a community bank with six locations in Salt Lake County. We’re a true “community bank” which means that we are locally owned and operated. Combined with our Preferred Lender status with the SBA, we can provide a level of service you just can’t expect to get from a mega-bank headquartered somewhere else. We provide timely local decision making, customized customer solutions, and customer access to the top decision makers in our bank. All of our associates live and work in Utah. Most of our customers have banked with us for years and many have been referred to us by other customers.

Have a question about our small business loan solutions? Call for a free loan consultation today at (801) 308-2265.