Aug 12, 2022 / Local Utah
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.
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:
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.
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:
If you’re looking to buy existing real estate, Utah First also offers several SBA real estate loans:
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.