As a U.S. Small Business Administration (SBA) Preferred Lender (PLP), First Utah Bank is able to meet the unique borrowing needs of small businesses, particularly where traditional or conventional bank financing is not available. Our Commercial Loan Officers and dedicated SBA Department associates will work with you to find the best loan options to fit the needs of your business.
SBA Loans may be used to:
- Purchase or construct an owner-occupied commercial building
- Expand or modernize facilities
- Consolidate debt to increase cash flow
- Manage seasonal cash flow
- Purchase machinery, equipment and fixtures
- Finance leasehold improvements
- Purchase an existing business
- Finance receivables and/or inventory
- Augment working capital (term loan or line of credit)
- Refinance maturing debt
- Start a franchise or new business
- Finance exports
Currently, there are fee reductions and waivers for Veterans depending upon the loan type requested and also for certain SBA loans less than $150,000. Please consult with one of our Commercial Loan Officers if you’d like to learn more.
SBA loan programs available (the links below will take you to the SBA’s website):
- 7(a) Loan Program – This program is best suited for customers looking to purchase or refinance equipment, purchase or refinance owner-occupied commercial real estate, make leasehold improvements, consolidate business debt, finance a business acquisition, term working capital, or even start a business. Typically, these loans last between 5-25 years depending on the loan purpose. Loan amount up to $5,000,000.
- 504 Loan Program – The SBA 504 program was designed for long-term, fixed-rate financing with lower equity injection requirements. These funds are typically used to buy, construct or refinance owner-occupied commercial real estate or even to acquire long-life fixed assets for expansion or modernization of existing commercial real estate. Normally, these loans are structured with First Utah Bank covering 50% of the total project costs, the borrower covering 10% of the total project costs, and the SBA covering the remaining 40% of the total project costs. Projects larger than those allowed by the SBA 7(a) Loan Program may be accommodated through this program.
- SBA Express – This program is typically used for business lines of credit but may also be used for term loans under some circumstances. Maximum loan size is $350,000. Lines of credit typically last between 1-2 years with the option to renew at the end of that time period, or with the option to term-out the balance. These loans are perfect for start-up companies that need a little extra working capital to get off the ground.
- SBA Export Express – As the simplest export loan program offered by the SBA, lenders may use their own forms and procedures to make term loans or revolving lines of credit up to $500,000. Loan proceeds may be used for business purposes that will enhance a company’s export development and activities.
- Working Capital CAPLine Program – While sharing some similarities to the SBA Express program, this program is typically designed to help established small to mid-sized businesses meet their short term and cyclical working capital needs. Line of credit amount up to $5,000,000.
SBA Quick Reference Guide – this link will direct you to a quick reference guide for SBA loan guaranty programs.
U.S. Small Business Administration – this link will direct you to the Small Business Administration home page.
Other Government-Guaranteed Small Business Loan Programs:
- Rural Business Loans (USDA B&I Program) – For businesses that serve and reside in rural communities, rural business loans like USDA B&I loans can finance working capital needs, the purchase of business machinery or equipment, the purchase of real estate, or refinance existing debt. Loan amount up to $10,000,000. For more information, click here.
Have a question? Please complete the form below to send your inquiry to our Commercial Loan team. You’ll hear back from us right away.