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Small Business Loans in Utah

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By Erin Ryan Social Community Manager, Senior Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

According to U.S. News & World Report, Utah has the best economy of all 50 states. While a great economy is good for business, sometimes you need a boost of working capital to take your business to the next level or keep operations running smoothly. When that’s the case, here are a few top lenders to consider for small business loans in Utah, as well as resources to help you on your entrepreneurial journey.


Utah’s Small Business Landscape

Utah is home to approximately 301,000 small businesses, according to the Small Business Administration (SBA). These businesses employ more than 590,000 workers. 

Key industries include the following:

  • Agriculture
  • Forestry
  • Mining
  • Tourism
  • Manufacturing
  • Aerospace and defense
  • Financial services 
  • Life sciences and healthcare innovation
  • Software and information technology

5 Banks for Business Loans in Utah

Whether you need emergency business funding in Utah or seek an SBA lender to work with, here are a few banks to consider.

1. Zions Bank

Zions Bank has earned an A+ rating with the Better Business Bureau (BBB) as well as made Forbes’ list of America’s Best Banks. It’s also been named a 2021 best bank in Utah on WalletHub. Here, you can find business credit cards as well as lines of credit up to $50,000. Additionally, loans from $5,000-$175,000 are also available.

2. First Community Bank

First Community Bank has a 4.7-star rating on Google reviews as well as a 4.8-star WalletHub rating.

If you’re in search of SBA loans in Utah, you’ll find them here, as well as the following:

  • USDA loans
  • Equipment loans
  • Lines of credit
  • Business credit cards
  • Debt consolidation
  • Commercial real estate loans

3. First Utah Bank

In operation for more than 40 years, this bank is A+ rated with the BBB. It’s also earned a 4.6-star WalletHub rating. In addition to being an SBA lender in Utah, this bank offers term loans, business credit cards and lines of credit.

4. Central Bank

Central Bank is another Utah SBA lending institution, which has been in operation for more than a century. It’s earned a 4.3-star rating on SmartAsset and a 4.5-star rating on WalletHub. In addition to SBA loans, you’ll find the following financing options: 

  • Equipment loans
  • Business credit cards
  • Business lines of credit
  • Commercial real estate loans

5. U.S. Bank

U.S. Bank was named a Best Bank in Utah by WalletHub, where it earned a 4-star rating. It’s also A+ rated with the BBB. Funding options for business owners include the following:

  • SBA loans
  • Business loans 
  • Business lines of credit 
  • Equipment financing 
  • Practice financing
  • McDonald’s franchise financing

How to Get a Business Loan in Utah

To get a small business loan in Utah, first, you need to be aware of a lender’s requirements. While terms can be competitive with banks, the criteria are often difficult for many entrepreneurs to meet. For instance, a high credit score is typically required as well as collateral. It’s also important to note the approval and funding process can take time if you meet the requirements.

In contrast to banks, nonbank lenders offer alternative financing products with streamlined applications and less challenging qualification requirements, such as merchant cash advances. Funding is fast, in some cases, within a day of approval. In turn, applicants will find shorter repayment terms, more frequent payments and higher interest rates.  

  • Applying for Small Business Loans in Utah Through Fast Capital 360

    Whether you need emergency business funding in Utah or an SBA loan, we can help. Our lending partners offer SBA loan rates for Utah businesses starting at 7.25%.

    Here’s what sets us apart:

    Speed

    It takes just a few minutes to complete our online application. Then find out what you qualify for fast. 

    Multiple Offers

    Because we work with lenders throughout the country, your single application could return multiple offers. Small business loan rates for Utah businesses start at 7% for business term loans and 10% for short-term loans. 

    Expert Guidance

    Review your offers with your dedicated Fast Capital 360 Business Advisor. Then select the best option for your business. 

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Additional Resources for Entrepreneurs in Utah

As an entrepreneur looking for small business loans in Utah, you might find it helpful to connect with local organizations dedicated to the success of small business owners. Here are a few.

Small Business Administration – Utah District Office

Located in Salt Lake City, this local SBA branch of the federal government agency offers several resources, including those specifically designed to help startup businesses. Find information on choosing a business structure, applying for licenses and permits, registering a business and more. Also, access small business events and business news, among other resources.

Utah Small Business Development Center

Whether you need help starting a business or expanding an existing one, your local Small Business Development Center can help. Schedule a free 1-on-1 consultation for business advice or sign up for an educational workshop. Visit online to browse the library of resources or head to 1 of 12 locations throughout Utah.

SCORE

Since the 1960s, this nonprofit organization has been helping small business owners. See what you’re missing by heading to a branch near you. Sign up to work with a business mentor (or volunteer to mentor others). Also, find materials and educational tools you can use for your business, such as document templates, videos, infographics, how-to guides and more. Find recommendations to other helpful resources in the state too.

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