Best Small Business Loans in Utah 2023: Finest Selection

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Best Small Business Loans in Utah

In 2023, the landscape for small business loans in Utah is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Utah LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Utah. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

Small Business Loans

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Utah. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Utah banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Utah

We will discuss Utah’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Utah. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Utah LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.
Apply to OnDeck

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Lendio

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue
Apply to QuickBridge

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee
Apply to Amex

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories
Apply to BlueVine

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue
Apply to National Funding

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue
Apply to Fund Box

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states
Apply to TD Bank

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders
Apply to Funding Circle

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Biz2Credit

FAQs

What are the best small business banks in Utah?
Some of the top banks catering to small businesses in Utah are Zions Bank, Utah First Credit Union, America First Credit Union, Beehive Credit Union, and Mountain America Credit Union.
What type of small business loans are available in Utah?
Several types of business loans are offered to small businesses in Utah, such as SBA loans, business lines of credit, term loans, equipment financing, and business credit cards.
Which bank in Utah offers the best interest on business savings accounts?
Zions Bank offers some of the best interest rates available for business savings accounts in Utah.
Are there any credit unions that offer small business banking services in Utah?
Yes, Utah First Credit Union, America First Credit Union, Beehive Credit Union, and Mountain America Credit Union all provide small business banking services to their members.
Which Utah bank offers the best customer service for small businesses?
Utah First Credit Union is known for its excellent customer service and provides dedicated on-site support to small businesses.
What is the minimum credit score required to qualify for a small business loan in Utah?
The minimum credit score required for a small business loan largely depends on the lender, but most will require a credit score of at least 600.
Are there any Utah banks that offer rewards programs for small business credit cards?
Yes, Zions Bank offers a rewards program attached to its small business credit cards that allows businesses to earn rewards and cashback points on purchases.
Do banks in Utah offer online business banking services?
Yes, most of the banks and credit unions in Utah provide online business banking services that allow business owners to manage their accounts remotely.
Is there more than one bank in Utah that specializes in small business loans?
Yes, several banks in Utah specialize in small business loans, including Zions Bank, America First Credit Union, and Utah First Credit Union.
Can I take out a personal loan for my small business in Utah?
While it might be possible to take out a personal loan to finance a small business in Utah, it’s not recommended as personal loans carry higher interest rates.
How much of a down payment is required to qualify for an SBA loan in Utah?
Most SBA loans in Utah require a down payment of 10%-20% of the loan amount.
Are there any grants available to Utah small business owners?
Yes, the State of Utah and various other organizations in the state offer grants to small business owners to support various aspects of business growth.
Which Utah bank offers the most competitive interest rates on small business loans?
Zions Bank offers some of the most competitive interest rates on small business loans in Utah.
Is it easy to qualify for a small business loan in Utah?
Qualifying for a small business loan in Utah can be relatively easy if your business has a solid credit score and meets the lender’s other eligibility requirements.
Can my startup qualify for a business loan in Utah?
It may depend on the lender, but most small business loan providers in Utah will work with young startups if they can demonstrate good creditworthiness and business potential.
Which Utah bank provides free business checking accounts?
Most credit unions, including Utah First Credit Union, America First Credit Union, Beehive Credit Union, and Mountain America Credit Union, offer free business checking accounts.
What are some common fees associated with small business banking in Utah?
Common fees associated with small business banking in Utah include transaction fees, account maintenance fees, service fees for overdrafts, and ATM fees.
How long does it take to process a small business loan in Utah?
It might take anywhere from a few days to several weeks to complete the loan application, depending on the lender and the complexity of the loan requirements.
What types of collateral are generally required for small business loans in Utah?
Collateral requirements for small business loans in Utah vary depending on the lender and the type of loan, but some common forms of collateral include business assets or property.
Is there a maximum amount I can borrow using an SBA loan in Utah?
SBA loans in Utah offer maximum guaranteed loan amounts depending on the specific SBA program guidelines and individual borrower qualifications.
Does credit score impact my ability to secure a business credit card in Utah?
Yes, lenders that offer business credit cards in Utah often require a minimum credit score, and better scores tend to lead to better terms and higher credit limits.
What specific benefits do credit unions offer Utah small businesses?
Credit unions like the ones in Utah tend to provide more personal and local attention to small businesses and offer lower fees compared to traditional banks.
Do any Utah banks offer business savings reward programs?
Zions Bank offers interest-earning business savings accounts that provide business customers with competitive interest rates and bonus incentives based on average monthly account balances.
What is the application process like for an SBA loan in Utah?
Applicants for an SBA loan in Utah must generally submit a complete application package to the lender, including business financial information, personal income tax returns, credit history documentation, and collateral details.
What type of collateral requirements do banks usually require for secured loans to Utah small businesses?
Depending on the lender and loan product, collateral for small business loans in Utah can include business assets or personal property like a home and car.
Is it possible to obtain a small business loan in Utah without having a bank account with the lending institution?
It is possible to obtain a small business loan in Utah without establishing a bank account with the lender, but rates and terms may not be as beneficial without having a full banking relationship.
Which Utah banks tend to offer more flexible loan terms for small businesses?
Generally, community credit unions like America First Credit Union and Utah First Credit Union and smaller community banks can be more flexible with small business loans.
Are Utah banks willing to lend to minority-owned small businesses?
Many Utah banks and credit unions, like Zions Bank, Beehive Credit Union, America First Credit Union, and Mountain America Credit Union, strive to provide equal access to credit and other financial services for minority-owned small businesses.
Is it hard to find financing for women-owned small businesses in Utah?
There are many financing options available, including loans, grants, venture capital firms, angel investors, and potential partnerships for women-owned businesses in Utah. Organizations like Women’s Business Centers and Women’s Business Initiative provide access to resources, so longer finance periods maybe a possibility.
What do I need to open a small business banking account in Utah?
To open a small business banking account in Utah, you’ll need to provide your business documentation (business license, articles of incorporation, etc.), identification information, and proof of address.
Can I open a small business banking account online in Utah?
Yes, many Utah banks allow you to open a small business banking account online.
Are there any Utah-specific programs or grants for small businesses?
Yes, the Utah Governor’s Office of Economic Development offers several grants and programs for small businesses in Utah.
What’s the minimum deposit required to open a small business banking account in Utah?
The minimum deposit for a small business banking account in Utah varies by bank, but it’s typically around $100.
What kind of credit score do I need to qualify for a small business loan in Utah?
The credit score required to qualify for a small business loan in Utah varies based on the lender and loan type, but generally, a credit score of at least 680 is recommended.
Are there any special tax incentives for small businesses in Utah?
Yes, Utah offers several tax incentives for small businesses, including the Targeted Business Tax Credit and the Rural Employment Expansion Program.
Can I get a small business loan in Utah if my credit score is less than perfect?
It’s possible to get a small business loan in Utah with a less-than-perfect credit score, but it may be more difficult. Consider reaching out to a lender that specializes in providing loans to business owners with low credit scores.
Can I secure a small business loan with collateral in Utah?
Yes, many Utah lenders offer secured small business loans that require collateral.
Do Utah banks offer merchant services for small businesses?
Yes, many Utah banks offer merchant services for small businesses, including credit card processing, payment processing, and inventory management.
Can I get a commercial real estate loan in Utah?
Yes, many Utah lenders offer commercial real estate loans.
Are there any special banking regulations or requirements for small businesses in Utah?
No, small businesses in Utah must comply with the same banking regulations as any other business.
What’s the typical interest rate on a business loan in Utah?
The interest rate on a business loan in Utah varies based on the borrower’s creditworthiness, the type of loan, and the lender. Generally, interest rates range from 5% to 30%.
Can I get a small business line of credit in Utah?
Yes, many Utah banks offer small business lines of credit.
What kind of fees should I expect when opening a small business banking account in Utah?
The fees associated with small business banking accounts vary by bank. Some common fees include monthly maintenance fees, transaction fees, ATM fees, and wire transfer fees.
Can I use a personal credit card for my small business expenses in Utah?
It’s possible to use a personal credit card for small business expenses in Utah, but it’s not recommended. Using a small business credit card can help you establish a credit history for your business.
Are there any Utah-based banks that exclusively serve small businesses?
No, there are no Utah-based banks that exclusively serve small businesses.
Can I get a small business loan for my restaurant in Utah?
Yes, many Utah lenders offer small business loans specifically for restaurants.
What should I look for when choosing a small business bank in Utah?
When choosing a small business bank in Utah, consider factors like fees, interest rates, loan products, customer service, and online banking capabilities.
Do Utah banks offer online banking capabilities for small businesses?
Yes, many Utah banks offer online banking capabilities for small businesses.
Are there any local credit unions in Utah that offer small business banking services?
Yes, many credit unions in Utah offer small business banking services, including America First Credit Union and Mountain America Credit Union.
Can I get a Utah small business loan for a startup?
Yes, many Utah lenders offer small business loans for startups. However, startups may need to provide more detailed financial information and undergo a more rigorous application process.
Do I need a business plan to secure a small business loan in Utah?
Yes, most Utah lenders require a business plan as part of the small business loan application process.
Do I need to have a business savings account in Utah?
While a business savings account isn’t necessary, it’s often a good idea to have one to help you manage your cash flow and save for the future.
Can I get free business checking in Utah?
Yes, some Utah banks offer free business checking accounts.
Can Utah-based small businesses apply for federal small business loans?
Yes, Utah-based small businesses can apply for federal small business loans, such as those offered by the Small Business Administration.
How can I find the best small business bank in Utah for me?
Research different banks, read reviews from other small business owners, and talk to bank representatives to find the best small business bank in Utah for you.
Are there any special licensing requirements for small businesses in Utah?
Yes, some industries in Utah have special licensing requirements. Check with your local government to see if there are any specific requirements for your business.
Can I open a small business banking account for multiple owners in Utah?
Yes, many Utah banks allow multiple owners to open a small business banking account together.
Can I get a Utah small business loan if I have an existing business but want to expand?
Yes, many Utah lenders offer small business loans specifically for business owners looking to expand.

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Conclusion

As Utah, also known as The Beehive State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Utah economy.

When looking for the best small business loans in Utah, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Utah LLC or growing your existing LLC in Utah, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Utah.

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