Aug 12, 2022 / Local Utah

Are You A Good Fit for a Small Business Loan?

Don’t be fooled by the name: a small business loan can have big business benefits. Still, you may be wondering if your business is a good financial fit for a small business loan. Whether you’re trying find some startup capital, finance equipment or construction costs, or move into your own space, there’s a small business loan built to fit your business’ needs.

SBA Loans

An SBA loan is a government-backed loan program designed to offer small businesses low interest rates and long-term repayments. The SBA (Small Business Administration) works with select lenders to issue partially guaranteed loans, reducing risk for business lenders. And, because SBA loans are backed by Uncle Sam, they can be very business-friendly. In fact, many SBA loans have capped interest rates and a limit on fees that can be charged.

SBA loans can be used for inventory replenishment, building expansion, updated equipment, or operating capital. Utah First offers a few different types of SBA loans, including:

  • SBA 7(a) Loans: A long-term loan for working capital (10-year term), equipment (15-year term), or real estate (25-year term).
  • SBA 504 Loans: A loan up to $5 million to purchase assets, real estate, or equipment with a term of up to 25 years.

As a preferred lender with the SBA, Utah First makes it much easier to apply for a loan than other lenders. Because we underwrite our loans, there’s no need to submit a lengthy government application and wait for SBA approval (saving you about 3-4 weeks of precious professional time). And, you get the flexibility of choosing the rate and term that best fits your business.

Business Construction Loan or Real Estate Loan

Owning your own space might be the best thing for your business. You stop paying rent and start earning equity. And, you lock in a fixed rate loan rather than relying on the whims of the market or mercy of your landlord.

At Utah First, you can get owner-occupied and non-owner-occupied construction loans, or an acquisition loan with:

  • A term of up to 25 years
  • Flexible financing and down payments options
  • No prepayment penalties
  • Competitive rates and affordable fees
  • A fast, easy application process

If you’re looking to buy existing real estate, Utah First also offers several SBA real estate loans:

  • SBA Express Loan: A short-term loan for up to $350,000.
  • SBA CDC/504 or SBA 7(a): Longer term loans of up to $5 million.

Let’s Get Down to Business

Whether you need a small business loan, or something much bigger, Utah First has a loan to fit your business. Browse our business loan products online, start an application, or come chat with one of our business lending experts. We can help you decide which loan is best for your business’ unique needs.