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Are you looking for Utah’s best business loans & startup financing companies? For your small business in the Beehive State, many banks, credit unions, and unconventional lenders are offering different loan types. After all, Utah has almost 325,000 small businesses.

Understand the unique features and benefits of different loan types to empower your business. That’s how you can choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 11 business loans & startup financing options in Utah to get started:

1.  Swoop Funding

Swoop Funding is every Utah-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans and innovative financing options with a simplified funding process.

2.  Celtic Bank

Celtic Bank has numerous loan options for small business owners in the Beehive State. You can apply for normal SBA 7(a) loans or look into Celtic Express to get up to $150k in funding with a decade-long term. However, business loans via SBA 7(a) will help you get funded with up to $5 million in your bank account. Based in Salt Lake City, UT, you can apply for various loan types other than 7(a). For instance, one loan type allows you to get $350k to $5 million with the term duration being 5 years. This way, your business can have access to enough working capital to thrive in a tiring economy.

3.  Sunwise Capital

If you’re looking for local lenders with fast approval and minimum eligibility checkmarks, then it’s wise to get in touch with Sunwise Capital. This lender requires that your company’s monthly revenue be at $15,000 with a FICO score of 500+. You can get up to $500,000 in funding if you have been in business for the past 365 days. So, visit the nearest Sunwise Capital branch in Utah and get started on a beautiful entrepreneurial journey with this lender.

4.  Cache Valley Bank

With an interest rate of 5.24%, the average payout amount approved by Cache Valley Bank is $520,000. It provides small businesses in Utah with ample loan types, such as:

• Real estate development funds
• Equipment financing
• Consumer loans
• Agricultural loans
• Construction loans

5.  Zions Bank

We’re mentioning this bank again here again. Zions Bank helps you get funded to keep your business vessel afloat. For instance, SBA 7(a) gives you access to up to $5 million in working capital, real estate, or refinancing of existing debt. Whatever your small business needs, Zions Bank has your back. If you need to qualify for SBA 504 loans, then you must need to have a tangible net worth of less than $15 million. Also, it’s important to check their requirements and checklists in detail to determine your eligibility for receiving a loan. They check your business size, age, and other factors before making a decision. Lucky for you, they have 12+ branches in Salt Lake City alone!

6.  State Bank of Southern Utah

With an interest rate of 5.16%, $344k is the average payout amount. This lender has been helping small business owners in this state since 1957. They have a unique, relationship-driven approach that makes decision-making very easy.  Local committees meet weekly to discuss new loan requests and can make decisions to move forward without having to obtain approval from outside of the area. Loan options include:

• SBA loans
• Equipment financing
• Vehicle financing
• Business construction projects
• Commercial real estate purchase

7.  Bank of Utah

It’s only proper to mention the Bank of Utah if you’re searching for local lenders. No matter what sort of financing your company needs, this Beehive State lender has your back. It offers you a range of financing options, such as commercial real estate loans, small business loans, lines of credit, equipment financing loans, etc.

8.  Mountain America Credit Union

At MACU (mentioned before in the blog about Wyoming), you can get $543,000 as a loan on average. This lender claims to have the following features:

• A large variety of financing options
• Competitive rates
• Quick turnaround and closings
• Local expertise
• Startup friendly

9. Altabank

This bank is a division of the Glacier Bank which we’ve mentioned multiple times in these blogs. This lender specializes in small business loans, helping out Utah-based startups in need of cash at hand. These loans will help your business grow and prosper easily. You can apply for a loan to purchase business equipment or invest in commercial real estate. SBA 7(a) and 504 loans will help you get up to $5 million.

10. Monarch Commercial Capital

At Monarch Commercial Capital, you can apply for hefty loans. This lender gives you access to various loan types. If you need commercial real estate financing, Monarch will give you $250k or more to either purchase or refinance business properties. The same deal goes for when you wish to start another franchise or buy out a business partner. Don’t forget that you can apply for $150,000 or more as working capital.

11. Granite Credit Union

Granite is yet another credit union (& lender) where you can get funding for your business idea or a reliable supply of cash to keep your business active in Utah. This lender specializes in real estate loans and commercial construction loans. You can open a new line of credit as well. This lender will give you access to business equipment and vehicle loans as well. All Utah-based small businesses are qualified to submit an application and undergo financial scrutiny so their eligibility to receive a loan can be judged.

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in America’s Startup Capital.

Choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors.

If nothing makes sense, get in touch with us at Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly.