Small Business Loans in Utah: Top 4 Options

Updated on September 28, 2022
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    Your Local Funding Guide to Utah Small Business Loans

    Utah consistently ranks as one of the, if not the, best states in the country for business. With an educated workforce, low tax rates, and strong business incentives, Utah is an ideal state for many entrepreneurs to start a business. 

    But like most experienced business owners know, at some point, you’ll need some business financing to take your business to the next level. And if you want to get the best Utah small business loan, you’ll have to do some digging.

    Below, we’ll go over some of Utah’s top business loans and discuss alternative online business loan options. We’ll also direct you to three free resources for small business owners in Utah looking for mentorship and other tools to grow their business.

    Utah Small Business Loans: Top 4 Local Options

    There are two main places you can find a small business loan in Utah: banks and nonprofits. Generally, you’ll find that many local lenders in Utah offer some form of SBA loan, whether it’s the SBA 7(a) loan or SBA 504 loan.

    Below are some of the most well-known small business loans offered in Utah:

    1. Mountain West Small Business Finance

    Licensed by the SBA, Mountain West Small Business Finance provides SBA 504 loans to small businesses in Utah and other territories. An SBA 504 loan provides recipients with long-term, guaranteed financing by the SBA to expand their business. Keep in mind, though, you must use the funds for commercial real estate or other fixed assets. Only selected SBA community lending partners are allowed to provide 504 loans. 

    Mountain West Small Business Finance also offers working capital loans ranging from $50,000 to $250,000, with variable interest rates for businesses with at least four employees, two years of business operation, and sales of at least $150,000.

    Applying for either an SBA 504 loan or a conventional loan through the Mountain West Small Business Finance requires you to contact them through their online form.

    2. Mountain America Credit Union

    Mountain America Credit Union (MACU) is the number one SBA lending credit union in the nation and has also been named the best Utah credit union.[1] This credit union provides an assortment of low-interest business loans, business lines of credit, equipment loans, and construction loans. MACU’s SBA loans generally range from $10,000 to $50,000.

    Keep in mind that MACU business loans tend to have more stringent eligibility requirements because SBA loans are much harder to acquire. To apply for an SBA loan from MACU, you must schedule an appointment with a representative from MACU to discuss your business financing needs. For example, for most SBA loans, you will likely need a credit score of at least 680.

    3. Utah Microloan Fund

    It’s typically difficult for new businesses or businesses with bad credit history to get financing. Fortunately, the Utah Microloan Fund (UMLF) provides loans to entrepreneurs in Utah unable to access traditional forms of working capital. Backed by sponsors such as Wells Fargo, Celtic Bank, Bank of America Merrill Lynch, and more, UMLF offers three loan options: the traditional UMLF loan, Seed Loan with collateral cosigner, and Seed Loan without collateral and cosigner.

    • Traditional UMLF Loan: A 60- to 72-month loan up to $50,000. Interest rates range from 4% to 7%. 
    • Seed Loan With Collateral and Cosigner: A 12- to 36-month loan up to $10,000. Must have a cosigner and collateral in order to be eligible for the loan. Interest rates start at 7.5%. 
    • Seed Loan Without Collateral and Cosigner: A 12- to 36-month loan up to $7,500. Does not need to have a cosigner or collateral to be eligible for the loan. Interest rates start at 7.5%. 

    To apply for a loan from the UMLF, you must attend a mandatory loan orientation to learn more about the UMLF program. You will then need to fill out their loan application and submit it to UMLF’s office in Salt Lake City. If you’re approved, you must then speak to a program manager and pitch your business to a loan committee. The committee will then decide whether your business is approved for a loan.

    4. Zions Bank Business Loans

    With locations in Utah and Idaho, Zions Bank provides multiple small business loan options. Zions Bank is mostly known for their SBA 7(a) loans, ranking as the number one lender in Utah for SBA 7(a) lending for the past 25 years. 

    In addition to SBA 7(a) loans, Zions Bank provides business access loans, invoice factoring, commercial real estate financing, equipment financing, business lines of credit, and business term loans. 

    With their business access loans program, businesses can apply for either a business access line of credit or a business access term loan. The business access line of credit is unsecured and has a maximum amount of $50,000, and the business access term loan amounts range from $5,000 to $175,000.

    Other Resources for Small Businesses in Utah

    In addition to business loans, small businesses in Utah can stand to benefit from utilizing mentorship programs, networking opportunities, and other resources provided by organizations specifically designed to help entrepreneurs.

    1. Utah SCORE Chapters

    As a small business owner, you often need mentorship and further education to drive business success. That’s why millions of business owners have turned to SCORE, which is the most extensive small business mentorship program in the country. Utah has several SCORE chapters that offer workshops, mentoring, and free resources for business owners seeking ways to boost their business knowledge and confidence.

    2. Utah Black Chamber of Commerce

    The Utah Black Chamber of Commerce connects Utah’s Black and minority business owners with education and resources to help advance their businesses. The Utah Black Chamber of Commerce also recently launched a partnership program with the SBA. This new program will allow more Black business owners to get more resources and tools to elevate Black-owned businesses.

    3. Women’s Business Center of Utah

    The number of women business owners in Utah is rapidly growing, which means support for women entrepreneurs has never been more vital. If you’re a women entrepreneur who needs business support, the Women’s Business Center of Utah is a nonprofit organization that serves women business owners all across the state. New and experienced women entrepreneurs can receive free business training and take online pre-recorded webinars about how to start or grow their business.

    Best Online Business Loans for Utah Businesses

    Aside from local and in-state business loans and resources, small businesses in Utah can also apply for online business loans. Online business lenders generally have fewer eligibility requirements, and they also tend to process business loan applications much faster than traditional lenders. 

    Here are some of the best online business loans for small businesses in Utah:


    If you’re a smaller business or have recurring expenses such as payroll or rent, you should look into Fundbox. Fundbox is an online business lender that offers business lines of credit up to $100,000. Fundbox’s lines of credit repayment terms range from 12 to 24 weeks. Eligibility for a Fundbox business line of credit is pretty straightforward: Borrowers must have a credit score of at least 500 and be in the United States (or a U.S. territory). 

    Additionally, if you have a business line of credit under $50,000 with Fundbox and fail to repay the loan, Fundbox doesn’t hold you personally liable for repayment.


    Another online lending company that offers various business financing options is OnDeck. OnDeck offers business lines of credit and term loans. Their business line of credit ranges from $6,000 to $100,000 and has a 12-month repayment term. Their term loan has a repayment term of up to 24 months but has a maximum amount limit of $250,000. 

    According to OnDeck’s website, the minimum eligibility requirements are incredibly simple. To qualify for a business loan at OnDeck, all you need is a personal FICO score of 625, be in business operation for a year, generate $100,000 in annual revenue, and have a business bank account. 

    OnDeck’s application process is incredibly fast. Within one or two business days after you submit your application, you’ll receive a decision on whether or not you are eligible for business financing.


    Lastly, Kiva is a nonprofit organization that essentially allows businesses to crowdfund business loans with zero interest through the Kiva platform. Unlike traditional lenders, Kiva doesn’t require credit scores, collateral, or other business documents. Business owners simply need to prove that their business is located in the U.S. and that they are above the age of 18. Recipients of the Kiva loan must also promise to use the loan for business purposes only. The maximum loan amount one can receive through Kiva is $15,000, so if you need more funding, you may want to look elsewhere.

    The Bottom Line

    If you’re a small business owner in Utah, consider yourself lucky. The state of Utah is teeming with working capital options for small business owners. There are also plenty of organizations at your disposal in case you’re interested in receiving mentorship or training to grow your business. 

    However, if you find yourself struggling to secure business financing, don’t be deterred. Online small business lenders, for example, are an option for small business owners who are looking to grow their business or need immediate funding to cover business expenses. Consider small business grants as well. While highly competitive and typically for smaller amounts, these funds don’t need to be repaid.

    Article Sources:

    1. “Best Credit Union.”
    Zoe Weisner
    Contributing Writer at Fundera

    Zoe Weisner

    Zoe Weisner is a contributing writer at Fundera. Previously, Zoe worked at BlueVine, a fintech startup that provides working capital to small businesses. At BlueVine, Zoe worked with small business owners to understand their financial needs and wrote content about small business-related topics, including marketing, business operations, and small business financing. Today, Zoe writes articles about personal finance, small business, and banking.

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