Utah specialists in business banking
As the owner of a small to mid-sized business, you have many tasks: choosing your space, deciding whether to rent or buy, identifying your market, finding financing, sourcing your materials and services, hiring, managing and retaining your staff, complying with local, state and federal laws, marketing, bookkeeping, paying your taxes. The list is endless!
A trusted partner for business banking in Salt Lake City
Did you know that we specialize in business banking for Utah companies and can help? We have an array of products to help you manage your cash position, and financing that can provide the capital your business needs to thrive.
As a community bank, we get to know our business customers and their needs. We’ve tailored our products to the needs that Salt Lake City business banking customers typically have. Here are the key products we offer:
Treasury Management — Are you able to easily manage your business’ cash position? We have real-time business internet banking tools you need to monitor accounts, transfer funds, obtain copies of transactions and more:
- Control access to business accounts by employee.
- Oversee transactions using dual control for account and wire transfers, remote deposits and ACH transactions.
- Export transactions into the software you use, such as Quickbooks® Direct Connect, Quicken or others.
- Initiate outgoing wire transfers.
- Use ACH Origination Services for payroll, paying vendors, accounts receivable or to transfer funds between your company’s accounts at various financial institutions.
- Use Positive Pay to protect against check fraud.
- Use Remote Deposit Capture to make deposits remotely.
Merchant Services — Accepting debit and credit cards is a must for most businesses today. We make it easy for businesses to pick the best merchant services system for them, whether they need point-of-sale terminals or a virtual terminal or to accept electronic payments on a website. We partner with Select Bankcard, a local payment processing company, to meet the needs of our business banking customers in Utah.
Checking — We have three options for businesses. One is sure to fit your business!
- Our Free Business Checking account may be right for you if your business averages fewer than 100 ACH debits and checks per month. We have no minimum balance requirement and Internet and mobile banking are free.
- Our Commercial Checking account is for those accounts with a high number of transactions or treasury management needs. This account is insured to the FDIC maximum.
- Registered non-profit organizations can open a Non Profit Checking account. This account does not pay interest, but it also has no monthly service charge and no minimum balance requirement.
Savings — We offer two great options for our business customers in Salt Lake City:
- Our Business Savings account is a great way to keep your money safe. We have no minimum balance requirement and no monthly fee. The interest rate can change.
- First Utah Bank’s High Yield Business Money Market account allows you to earn a higher rate of interest on your larger balances. You must deposit at least $25,000 to open this account.
Cards — Our Business Debit and Credit cards offer the features our customers need for flexibility and ease of use.
- With the First Utah Bank Visa® Debit Card, you won’t have to carry around a checkbook. Just swipe to pay for everyday purchases wherever Visa® is accepted.
- Our Business Credit Cards allow you to manage and control employee spending, and track expenses, control authorizations and put restrictions on purchases.
Lending — We pride ourselves on having experienced, savvy business loan officers who work hard to understand your business banking needs. We make a point of learning about your industry, and work on custom solutions for each customer. These are the kinds of loans we make:
- If you need a specific dollar amount to buy assets or meet a specific financing need, a term loan might be the answer. This loan has a predetermined schedule of monthly principal and interest payments, and loan rates are generally fixed but can be variable. Your loan could mature in one year, or in 10 or even 25 years.
- A revolving line of credit might be the best solution for managing your company’s short-term cash flow needs. With a line of credit, a business is pre-authorized to borrow up to a specified amount whenever the need arises. These loans are typically secured by business assets. You pay interest only on the amount you borrow.
- A Small Business Administration loan is often a great option for businesses that have been unable to secure a conventional loan. Did you know we are an SBA Preferred Lender? That means we know the specifics of each SBA loan program and can help customers find the right loan at the right time for the right purpose.
We’ve been a trusted financial partner to Utah businesses for more than 40 years. We invite you to discover why. Just complete the form on this page and we’ll be in touch!