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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.
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.
Backed by the U.S. Small Business Administration (SBA), SBA loans are known for competitive rates and lengthy repayment terms. There are a number of loan programs to choose from and you may be able to lock in up to $5 million with terms of up to 25 years.
A line of credit is a flexible small business loan in Utah, as it allows you to withdraw funds whenever you’d like, up to a set credit limit. If you’re a seasonal business or simply unsure of how much money you need, it’s worth exploring.
Term loans are what most people associate with small business loans. With a term loan, you receive a lump sum of money upfront and repay it over time through fixed monthly payments. Terms can range from a few months to a few years or even longer.
Equipment loans are designed to help you purchase new or used equipment for your business. While each lender operates differently, most of them will finance anywhere from 80% to 100% of the cost of your equipment. Since equipment loans are secured by the equipment itself, they’re easier to obtain.
Accounts receivable financing is when a company advances you between 70% to 90% of your outstanding invoices. The company will then collect payments from your customers on your behalf, and you’ll receive the remaining balance, minus a fee.
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.
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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.
Utah offers a number of small business grants. The Utah Technology Innovation Fund offers 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.
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.
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.
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.
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