SBA Lending for companies in Salt Lake City, Utah & Surrounding Areas
Utah is an excellent starting point a business, because of the state’s unemployment rate that is relatively low. Furthermore, business owners won’t have much trouble getting the administrative centre they require. In line with the 2017 Utah Annual Report because of the SBA, tens of thousands of business people were successful in enabling the SBA loan program they have to either launch or sustain their company’s growth.
If you’re trying to find a standard bank that offers SBA company financing to Utah entrepreneurs, look to First Utah Bank. Our Commercial Loan Officers and dedicated SBA Department associates will continue to work to one to get the loan options that are best to match the requirements of your company.
Our SBA loans enables you to:
- Purchase or build an owner-occupied commercial building
- Expand or modernize facilities
- Combine debt to boost income
- Manage regular income
- Buy equipment, gear and fixtures
- Finance leasehold improvements
- Purchase a current company
- Finance receivables and/or stock
- Augment working capital (term loan or credit line)
- Refinance maturing financial obligation
- Take up a franchise or business that is new
- Finance exports
Presently, you can find charge reductions and waivers for Veterans dependant on the mortgage type required as well as for many SBA loans lower than $150,000. Please check with certainly one of our Commercial Loan Officers if you’d want to learn more.
SBA loan programsavailable:
- 7(a) Loan Program – This program is most effective for clients seeking to buy or refinance gear, purchase or refinance owner-occupied commercial real estate, make leasehold improvements, consolidate company financial obligation, finance a small business purchase, term working capital, if not begin a company. Typically, these loans final between 5-25 years with respect to the loan function. Loan quantity as much as $5,000,000.
- 504 Loan Program – The SBA 504 program had been made for long-term, fixed-rate funding with lower equity injection needs. These funds are generally utilized to get, build or refinance owner-occupied commercial real-estate or to get long-life fixed assets for expansion or modernization of current commercial property. Usually, these loans are organized with First Utah Bank addressing 50% regarding the project that is total, the debtor addressing 10% regarding the total task expenses, therefore the SBA within the staying 40% associated with the total task costs. Tasks bigger than those allowed because of the SBA 7(a) Loan Program can be accommodated through the program.
- SBA Express – This small-business loan programis typically utilized for business credit lines but may be used for also term loans under some circumstances. Maximum loan size is $350,000. Personal lines of credit typically final between 1-2 years using the choice to restore during the end of the time frame, or because of the choice to term-out the total amount. These loans are ideal for start-up organizations that want just a little additional working capital to obtain from the ground.
- SBA Export Express – Once the simplest export loan system provided by the SBA, loan providers might use their very own kinds and procedures which will make term loans or revolving personal lines of credit as much as $500,000. Loan proceeds could be utilized for company purposes which will enhance company’s export development and activities.
- Performing Capital CAPLine Program – While sharing some similarities to your SBA Express program, the program is normally built to assist founded little to mid-sized companies meet their short-term and cyclical capital that is working. Personal credit line quantity up to $5,000,000.
SBA fast Reference Guide – this link will direct one to a fast Wyoming payday loans direct lenders guide guide for SBA loan guaranty programs.
U.S. Business Administration – this website link will direct one to the tiny Business management webpage.
Other Government-Guaranteed Small Company Loan Products:
- Rural Business Loans (USDA B&I Program) – For companies that provide and live in rural communities, rural loans like USDA B&I loans can fund performing capital requirements, the purchase of company machinery or gear, the acquisition of real-estate, or refinance current financial obligation. Loan quantity as much as $10,000,000. To find out more, view here.
Arranged your free consultation!
Have actually a concern about our business that is small loan for customers in Salt Lake City, Utah or surrounding areas? Please finish the shape below to send your inquiry to the Commercial Loan group. You’ll hear straight back from us straight away.