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How Utah’s best SBA loan lender can give you a boost

There are so many statistics out there that tout Utah and Salt Lake City as fantastic places to start a business. Existing businesses, whether begun in Utah or relocated from other states, are also attractive to employees, and sometimes for reasons beyond just excellent wages.

There are plenty of examples of this in Utah and Salt Lake City area businesses. For instance, four businesses made the cut in online job site Comparably’s recent list of companies that had the best work-life balance opportunities.

This is sometimes a deal-breaker for professionals, as they often say that a place that doesn’t offer flexibility or perks for time away from work does not make the cut in an economy that has such low employment. The stats in this ranking came from anonymous feedback from employees submitted on the Comparably site.

Of the 50 large companies on the list, two Utah businesses earned spots: Workfront, based in Lehi, and Vivint Smart Home in Provo.

It was great news for BambooHR, based in Lindon, which earned the No. 1 spot on Comparably’s list of 50 small-to-mid sized businesses. Also placing on that second list were three companies from Lehi: Motivosity, Boostability and Canopy Tax. Other Utah businesses honored for their work in bringing better work-life balance to employees were Juniper Systems in Logan, Verisys Corporation in South Jordan, Skipio in American Fork and Simplus in Salt Lake City.

Revered business magazine Inc. went a bit further, and posted some employee quotes from the top 25 small businesses picked by Comparably. Among the Utah comments were these:

From BambooHR: “Work gets done in a timely manner because people are organized, but I never feel rushed to complete work before an unreasonable deadline.” 

From Motivosity: “It’s the first time in my life where the company trusts me to get my work done and allows me to create by own work/life balance.”

SBA loans let Salt Lake City businesses take the reins of brokering

Small businesses that elevate work/life balance often have their own focus on innovation. They thrive by not doing business the same old way. We can help Utah businesses with our expertise in SBA loans, offering an avenue for quick financing decisions right here in your home state.

First Utah Bank is Salt Lake City’s largest community bank and an SBA preferred lender. Plus, when you bank with us, you receive up to 1 percent of your business loan back in cash or reduced fees at closing with our current special offer. But hurry to take advantage! It ends Dec. 31.

What makes our bank different from larger banks in Utah? It’s our team, which has the knowledge and expertise to find solutions that best fit a company, instead of forcing a business to fit into a product that’s offered, with zero flexibility for your needs.

Creative solutions and finding the best balance between what we offer and what you need is what makes SBA loans in Utah such a great fit for business, especially those where it is more difficult to secure conventional or traditional bank financing.

Because the Small Business Administration (SBA) has named us a preferred lender in Utah, we can help you with the unique aspects of this type of loan, which is ideal for businesses that either need to launch or to sustain growth .

The distinctive ways an SBA loan can help a small Utah business

The SBA program offers five types of loans, all with advantages depending on what type of business needs you may have.

There is the 7(a) Program, which is for business owners who need to buy or refinance equipment or real estate. It’s also used for leasehold improvements, financing business acquisitions, or consolidating business debt, among other uses. The loans typically have terms of between five and 25 years and can go up to $5 million.

The 504 Loan Program offers long-term fixed rate financing with lower equity injection requirements. Projects such as buying, building or refinancing real estate can be part of the 504, which allows projects that are larger than those covered by a 7(a) loan. The loans are structured with 50 percent covered by First Utah Bank, 40 percent covered by the SBA, and 10 percent covered by the borrower.

The SBA Express loan is ideal for business lines of credit or for start-ups that need a boost of capital to get into the business world. The maximum loan size for an Express is $350,000, and lines of credit typically last one or two years.

There’s also the SBA Export Express loan, the simplest one offered to a company that wants to develop its exports. First Utah Bank can use our own forms and procedures to make a loan or line of credit that is just right for you and your business needs, up to $500,000.

Finally, there is the Working Capital CAPLine Program. It’s a bit like the SBA Express loan, but the goal is to help smaller businesses meet short-term and cyclical capital needs. It’s a line of credit up to $5 million.

For Salt Lake City SBA loans and banking that puts your own business balances and coordinations at the forefront, consider First Utah Bank for that personal touch. Learn more at our SBA loan website, or call First Utah Bank at 801-308-2265.