Business Loans & SBA Loans in Utah

Utah is a great place to own a business, especially if you appreciate the great outdoors. With small business loans, you can turn your dream of becoming a small business owner in the Beehive State into a reality.

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Types of Business Loans in Utah

No matter your industry, you can use a small business loan to fund a variety of business-related expenses. Below, we’ll dive deeper into some of the most common types of business loans in Utah.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Utah Business Loan Options

Several organizations service loans to small businesses that set up shop in the Beehive State.

Utah Community Credit Union offers commercial real estate loans, business vehicle loans, and business credit cards. It has locations throughout Utah in cities like American Fork, Draper, and Highland.

CCBank also provides business financing, such as SBA loans, equipment loans, and lines of credit.

The Utah Microloan Fund, which is sponsored by Wells Fargo, Celtic Bank, Bank of America, and Merrill Lynch, provides entrepreneurs in Utah with three different business loan options.

U First Credit Union offers SBA loans, lines of credit, equipment loans, commercial real estate loans and business credit cards through its local branches and online application.

Utah First Credit Union offers business construction and real estate loans, SBA loans, and equipment loans and is a preferred SBA lender.

Mountain West Small Business Finance is a nonprofit that offers SBA 504 loans in Utah and surrounding states.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

Utah Customer Success Stories

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FAQs

What other resources are available to Utah small businesses?

There is a plethora of resources for Utah small businesses. The Utah SBDC has certified business consultants on staff to assist with business plans, cash flow management, tax planning, and other small business initiatives. If you join the Utah Independent Business Coalition, you can participate in a mentorship program and networking events throughout the year. The Women’s Business Center of Utah is another resource that helps women in the state start and grow businesses. The Utah Small Business Credit Initiative (USBCI) partners with lenders to offer lower rates and expand access to credit for small business borrowers.

What Utah small business grants are available?

Utah offers a number of small business grants. The Utah Technology Innovation Fundoffers microgrants to Utah small businesses who are working to develop novel technology and products through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. You can find an updated list of other grant opportunities on Utah GrantWatch.

What do I need to qualify for a loan in Utah?

The first step toward qualifying for a Utah business loan is choosing a corporate structure, like a corporation or LLC. You’ll need to check the Division of Corporations and Commercial Code Business Search to determine if your preferred business name is available. If it is, you can register your business with the Division of Corporations and Commercial Code. For an LLC, you’ll be required to fill out a Certificate of Organization. An Articles of Incorporation is necessary for a corporation. Once you complete these steps, you can apply for small business financing. As part of the application process, lenders will typically review your credit score and business finances.

Which loan is right for my Utah business?

It’s important to do your research and compare your options so you can hone in on the ideal small business loan for your Utah small business. A free online platform like Lendio can help you explore various financing solutions without the time and hassle. If flexibility is important to you, consider a line of credit. For the lowest rates and longest repayment terms, an SBA loan is likely the way to go.

How can a Utah business loan help my business?

A Utah small business loan can help you launch a venture or take your existing business to new heights. As long as you repay it as you agreed to, it may be just what you need to meet your business goals.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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