Where Do I Start to Get a Business Loan in Utah?
You've worked and worked, and you (and your Utah business) is ready to find a business loan to take your organization to the next level.
Utah’s state symbol is the beehive. Like the busy insect that inhabits it, this state’s residents are industriously building businesses that keep the economy buzzing right along. Even the best business ideas can use some financial backing, either getting them off the ground or expanding the company once it starts to get some traction. You’re busy working in your business; where do you start looking for the money you need for a business loan in Utah? We’ve got you covered with some places that can help you out.
Utah Microloan Fund
If you are interested in borrowing between $7,500.00 and $50,000.00, the Utah Microloan Fund may be able to help. In some instances, no cosigner is required. Loan applications are processed quickly; the Fund’s goal is to get loans approved within one week.
You will need to attend a loan applicant’s orientation (in person or online) as part of the application process. A loan officer is available to help you decide which loan option is best for your needs.
Utah Small Business Growth Initiative
The Utah Small Business Growth Initiative (USBGI) provides loan guarantees to small businesses looking for medium and long-term financing. The funds can be used for multiple purposes, including:
Starting a new business
Renovation of existing business
Business owners from anywhere in the state are eligible to apply for assistance. If you fit one or more of these criteria and are looking for loan funding, you are encouraged to contact USBGI:
You’re a woman or a minority business owner.
Your business is located in an underserved community.
The business is situated in a low or moderate-income neighborhood.
This program would be a good place to look for a Utah small business loan if you want to borrow $100,000.00--$2.5 million. Exceptions to these amounts will be considered on an individual basis.
You would work with a participating lender to arrange a loan. USBGI would guarantee the loan in case of default. This type of loan guarantee can be used in conjunction with an SBA 7(a) loan: USBGI may be able to guarantee the uninsured portion of an SBA loan.
Banks are not the only entities that have funds available to lend to small and medium-sized businesses in Utah. Alternative lenders have more flexibility to approve funding than conventional banks. They may also need less paperwork from business owners looking for financing.
If you’re looking to get financing in place for $250,000.00 or less and don’t mind a short term or paying a higher rate of interest, consider this option. On approval, the funds can be used for a number of purposes, such as:
Expanding a business
Purchasing a business
Applying for Utah SBA business loans can still be an option for you if you have applied for conventional sources of funding and have been unsuccessful. The SBA 7(a) is a program geared toward business owners who have exhausted every other means of getting funds.
It works with lenders to provide loan guarantees to qualified business owners. You’ll still need to meet certain credit and equity requirements for your application to be accepted.
Interested in applying for an SBA 7(a) loan for your Utah business? Our team at SBA7a.loans is here to answer your questions -- get in touch below.
SBA 7(a) loans can offer small business owners up to $5 million in funds. The SBA 7(a) loan also features long terms like 10 years for equipment financing or up to 25 years for commercial real estate. Ready to get started? Contact us for a free consultation today.