Small Business Loans in Utah
Supporting Your Salt Lake City Business
When you realize your dream business idea, come visit Liberty Bank. We are here to help you create the business you always wanted through effective financing programs. Since 1956, we have been getting small businesses on their feet in the Salt Lake City area. Through insightful financial planning and a variety of loan options, our bank continues to help business owners pursue success. When you are ready to take out a SBA commercial loan in Utah, we are ready to support you. Our bank will work closely with to ensure your goals and needs are understood. From there, we will put together the right financial solution for your business. As your neighborhood bank, we are committed to taking your business to the next level.
What is a SBA 7(a) loan?
One option we offer for small businesses is a SBA 7(a) loan, which can be used for special purposes, such as:
- Capital Injection
- Seasonal Finance
- Short-Term Working Capital
Through this program, we can help businesses receive the funding and financial support they need. If your business doesn't have collateral or a line of credit, this program is a great first step to gaining eligibility for other financing options.
How is a SBA 504 loan used?
The SBA 504 program is used to help businesses minimize their risks for lenders and provide the opportunity for funding when conventional debt financing is not available. These loans are typically secured by a private lender (such as a bank or credit union) with a lien covering up to half the total project costs. There is also usually a lien secure by the Certified Development Company (CDC) for up to 40% of the total project cost and a contribution from the business owner of at least 10% of the cost.
The SBA 504 funds must be used for fixed assets, such as the following:
- Land or existing building
- Capital improvements & upgrading
- Street, parking lot & landscaping improvements
- Utility upgrades
- New construction, renovation or modernizing of property
- Purchase of long-term equipment
This program allows a small business to obtain the financing they need, at a low rate. If you are ready to take your small business to the next level, contact Liberty Bank today at (801) 355-7411.
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