Small Business Administration (SBA) Loans

My Utah is where small businesses thrive, and
where my bank helps big opportunities unfold.

At Bank of Utah, we champion the spirit of small businesses — the driving
force behind our vibrant communities.

Explore the possibilities with our Small Business Administration (SBA) loans,
meticulously crafted to address the unique needs of businesses like yours.

As a Preferred Lender of SBA loans in Utah, we have the resources and
expertise to help you achieve your goals, whether you're just starting out
or looking to expand your existing business.

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Benefits of an SBA Loan:

  • Favorable interest rates. SBA loans typically offer competitive interest rates, helping businesses lower their overall borrowing costs.
  • Lower down payments. SBA loans often require smaller down payments than traditional loans, making funding more accessible for businesses.
  • Various loan sizes. Whether your business requires a small infusion of capital or substantial financing, SBA loans have varying loan sizes to help you meet your goals.
  • Extended repayment terms. Businesses enjoy more time to repay SBA loans, easing the strain on cash flow.
  • Flexible use of funds. Businesses can use SBA loans for various needs, such as working capital, equipment, expansion or debt refinancing.
  • Government guarantee. The U.S. Small Business Administration partially guarantees the loans, reducing risk for lenders. This encourages lenders to extend financing to small businesses that may face challenges securing conventional loans.

Do You Qualify for an SBA Loan?

The answer lies in key criteria set by the U.S. Small Business Administration. To qualify, your business must be for-profit, owned and operated in the U.S., and meet specific employee and net worth thresholds.

Determining eligibility can be a nuanced process, and we're here to assist you.

Take the first step by completing the form here. Our team will reach out to you as soon as possible to provide more information.

Why Choose Bank of Utah for Your SBA Lending Needs?

Responsive

We understand your business moves fast. We do, too. Expect quick answers, flexible solutions and local decision-making.

Community-Oriented

We prioritize and invest in the customers and neighborhoods we serve, helping local businesses and communities thrive.

Knowledgeable

As a longtime member of the Utah business community, we are finely tuned to the specific needs of businesses in this region.

Our Experts Make the Process Easy

Bank of Utah has SBA administrators available to help you navigate the SBA lending process.

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Frequently Asked Questions


What are the advantages of working with an SBA Preferred Lender?

First, you must understand that the SBA does not directly lend money to businesses. Instead, it collaborates with approved lenders, including banks.

Bank of Utah is a Preferred Lender with the SBA. This status gives the Bank greater authority to make credit decisions and review and administer loan applications before sending them to the SBA for final approval. This means you get local decision-making at an accelerated pace.

What can my business use a SBA loan for?

SBA loans must be used for "sound business purposes". This includes:

  • Business acquisition, including partial ownership changes
  • Acquiring, refinancing or improving real estate and buildings
  • Short- and long-term working capital
  • Refinancing current business debt
  • Purchasing and installation of machinery and equipment
  • Purchasing furniture, fixtures and supplies
  • Multiple purpose loans, including any of the above
Are there any fees when utilizing an SBA loan?

Depending on the type and size of your SBA loan, different types of fees may be assessed. The SBA has reduced fee waivers in place for the 2024 fiscal year. Ask us about this.

What is the borrowing limit?

SBA allows loans up to $5 million.

Reach Out for More Information



Our dedicated SBA team is here to assist you. By sharing details about your business, we can provide personalized insights, ensuring that the information you receive is tailored to your specific needs.

Complete the inquiry form, and one of our SBA administrators will be in touch to help you make informed decisions.