How an SBA loan can benefit your small business in Utah

In the past year, Utah has shown continued strength in small business growth, with many companies thriving. According to a report by CNBC, Utah was ranked as the number three best state for business in 2021, with its economy growing at a faster rate than the overall US economy. Forbes ranked Utah in the number one spot for business thanks to the consistent growth in the state’s economy based on GDP.

Small businesses are the backbone of Utah’s economy, but securing financing can be a daunting challenge. With so many options available, it can be difficult to find a lender that truly understands the unique needs of small businesses. That’s where First Utah Bank comes in. As a premier community bank, First Utah Bank has a proven track record of providing reliable and trustworthy small business loans to businesses, not only in Salt Lake City but throughout Utah.

First Utah Bank is a Preferred Lender (PLP) with the U.S. Small Business Administration (SBA). This means we are able to meet the unique financial needs of small businesses. We understand that every small business is different. That’s why we take a personalized approach to lending, working closely with our customers to understand their specific needs and goals.

Here are some common ways a small business can use an SBA loan:

• Start-up capital: SBA loans can provide funding to cover initial costs such as purchasing equipment, inventory, or leasing space when starting a new business.
• Working capital: These loans can help small businesses manage day-to-day operations, including covering payroll expenses, purchasing supplies, or managing cash flow during seasonal fluctuations.
• Expansion and growth: SBA loans can be used to finance business expansion initiatives, such as opening new locations, increasing inventory, hiring additional staff, or investing in marketing and advertising.
• Equipment and real estate: Small businesses can use SBA loans to purchase or lease equipment and machinery necessary for their operations. Additionally, SBA loans can help businesses acquire or renovate real estate for their business needs.
• Refinancing existing debt: Small businesses can refinance existing debt with SBA loans to potentially obtain more favorable terms, lower interest rates, or consolidate multiple loans into a single manageable payment.
• Recovery and disaster assistance: SBA loans offer disaster assistance programs that help businesses recover from natural disasters, such as hurricanes, floods, or wildfires. These loans can be used to repair or replace damaged assets, cover temporary operating expenses, or facilitate business recovery.

Whether you’re looking for a line of credit to manage cash flow, equipment financing to upgrade your business, or an SBA loan to expand your operations, First Utah Bank has a variety of small business loan options to meet your needs. And with our commitment to building lasting relationships with our customers, you can trust that we’ll be there for you every step of the way. Our SBA-related loan products include:

• 7(a) Loan Program – Loans up to 25 years and up to $5 million.
• 504 Loan Program – Projects larger than the limits in the 7 (a) loan program.
• SBA Express – Business lines of credit and specific circumstance loans up to $350,000.
• SBA Export Express – Loans and lines of credit up to $500,000.
• Working Capital CAPLine Program – Loans up to $5 million to help meet working capital needs.

You can learn more about these loans through our website. The SBA website is another great resource. Because the specific terms and conditions of an SBA loan can vary depending on the program chosen, it is important to talk with your First Utah Bank SBA officer to explore the loan options and determine the best fit for your specific needs. Get started now to set up a free consultation. We look forward to helping you with your small business’s financial needs.