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Small business loans are available from many SBA lenders. Here are the most active Salt Lake City SBA lenders:
Top SBA Lenders in Salt Lake City
| Rank | SBA Lender | SBA Lender HQs | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | Zions Bank | Salt Lake City, UT | 62 | $118,442 | 10.5% |
| 2 | Beacon Bank | Riverdale, UT | 54 | $484,783 | 8.9% |
| 3 | Riverdale, UT | 54 | $484,783 | 8.9% | |
| 4 | America First Federal Credit Union | Riverdale, UT | 54 | $484,783 | 8.9% |
| 5 | Mountain America FCU | Sandy, UT | 38 | $638,053 | 10.2% |
| 6 | U.S. Bank | Cincinnati, OH | 38 | $485,711 | 10.5% |
| 7 | Celtic Bank | Salt Lake City, UT | 18 | $524,383 | 10.5% |
| 8 | Huntington Bank | Columbus, OH | 17 | $719,776 | 10.0% |
| 9 | Central Bank | Provo, UT | 13 | $273,077 | 9.6% |
| 10 | First Utah Bank | Salt Lake City, UT | 12 | $771,583 | 10.6% |
| 11 | KeyBank | Cleveland, OH | 11 | $1,140,636 | 11.0% |
| 12 | Newtek Bank | Miami, FL | 10 | $275,000 | 11.7% |
| 13 | BayFirst National Bank | Saint Petersburg, FL | 9 | $145,222 | 12.6% |
| 14 | UMB Bank | Kansas City, MO | 8 | $1,299,188 | 6.4% |
| 15 | Northwest Bank | Boise, ID | 8 | $918,588 | 10.2% |
| 16 | Wells Fargo | Sioux Falls, SD | 8 | $509,500 | 9.4% |
| 17 | Live Oak | Wilmington, NC | 7 | $2,064,057 | 9.4% |
| 18 | United Midwest Savings Bank | De Graff, OH | 6 | $258,333 | 11.0% |
| 19 | Community Banks of Colorado | Greenwood Village, CO | 5 | $1,896,600 | 9.2% |
| 20 | Citizens Bank | Elizabethton, TN | 5 | $1,143,680 | 10.6% |
Top Industries for SBA Loans in Salt Lake City
| Rank | Industry | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 18 | Advertising Agencies | 4 | $250,000 | 11.5% |
| 16 | All Other General Merchandise Retailers | 4 | $77,875 | 10.8% |
| 2 | All Other Outpatient Care Centers | 9 | $253,600 | 8.3% |
| 12 | Car Washes | 9 | $230,500 | 9.5% |
| 16 | Caterers | 4 | $422,000 | 9.8% |
| 6 | Clothing and Clothing Accessories Merchant Wholesalers | 4 | $603,750 | 11.3% |
| 18 | Commercial and Institutional Building Construction | 3 | $62,733 | 11.7% |
| 4 | Commercial Bakeries | 3 | $73,333 | 10.1% |
| 3 | Confectionery and Nut Retailers | 2 | $835,600 | 7.7% |
| 2 | Confectionery Merchant Wholesalers | 3 | $2,487,000 | 9.4% |
| 14 | Convenience Retailers | 10 | $505,000 | 8.0% |
| 1 | Dairy Product (except Dried or Canned) Merchant Wholesalers | 2 | $80,000 | 10.6% |
| 9 | Fine Arts Schools | 2 | $393,000 | 8.5% |
| 8 | Gift, Novelty, and Souvenir Retailers | 2 | $74,250 | 11.1% |
| 10 | Graphic Design Services | 2 | $35,000 | 11.0% |
| 1 | Motion Picture Theaters (except Drive-Ins) | 4 | $350,000 | 10.5% |
| 2 | Motor Vehicle Body Manufacturing | 2 | $3,087,700 | 7.4% |
| 7 | Motor Vehicle Supplies and New Parts Merchant Wholesalers | 2 | $893,900 | 6.8% |
| 14 | Other Building Finishing Contractors | 4 | $941,500 | 12.4% |
| 5 | Other Commercial and Industrial Machinery and Equipment Rental and Leasing | 2 | $1,952,500 | 8.0% |
| 19 | Other Computer Related Services | 2 | $632,000 | 10.8% |
| 11 | Other Grocery and Related Products Merchant Wholesalers | 3 | $34,333 | 12.4% |
| 2 | Passenger Car Rental | 3 | $66,000 | 12.1% |
| 1 | Plastics Material and Resin Manufacturing | 2 | $17,500 | 9.2% |
| 16 | Poured Concrete Foundation and Structure Contractors | 2 | $880,900 | 8.1% |
| 2 | Power and Communication Line and Related Structures Construction | 2 | $25,000 | 12.5% |
| 20 | Roofing Contractors | 2 | $2,907,300 | 8.5% |
| 18 | Services for the Elderly and Persons with Disabilities | 2 | $787,500 | 10.1% |
| 8 | Specialized Freight (except Used Goods) Trucking, Local | 11 | $1,079,036 | 7.0% |
| 5 | Sporting and Recreational Goods and Supplies Merchant Wholesalers | 3 | $383,333 | 10.3% |
| 12 | Sporting Goods Retailers | 3 | $108,333 | 11.4% |
| 19 | Sports and Recreation Instruction | 2 | $492,000 | 8.5% |
| 18 | Tax Preparation Services | 6 | $158,667 | 9.3% |
| 5 | Temporary Help Services | 2 | $1,987,500 | 8.1% |
| 4 | Tile and Terrazzo Contractors | 3 | $694,800 | 9.7% |
| 5 | Wood Kitchen Cabinet and Countertop Manufacturing | 3 | $1,760,000 | 9.2% |
Finding the right SBA lender in Salt Lake City is essential for securing the funding your business needs. Whether you’re expanding, purchasing equipment, or managing cash flow, we connect you with top SBA lenders in Salt Lake City and nationwide. Click “Connect me to a Salt Lake City Lender“ now to find the best financing options for your business!
Connect me to a Salt Lake City lender!
Top SBA Lenders in Salt Lake City | Salt Lake City SBA Loans
Introduction
Salt Lake City is a growing business hub known for its strong economy, tech innovation, and entrepreneurial spirit. However, securing funding remains a challenge for many small business owners. SBA loans in Salt Lake City provide an ideal solution, offering low-interest rates, long repayment terms, and accessible capital for businesses that may not qualify for traditional financing. Whether you need funding to expand, purchase equipment, or manage cash flow, an SBA loan can be a game-changer for your business.
SBA Lending in Salt Lake City: Last Year Overview
SBA loans continue to be a vital funding source for small businesses in Salt Lake City. Here’s an overview of last year’s SBA lending activity:
- Total SBA Loans Issued: $114,459,100
- Number of SBA Loans: 188
- Average Loan Amount: $608,825.00
- Average Interest Rate: 10.75%
- Jobs Supported: 2,809
- SBAlenders.com City Ranking: #22 in the U.S.
These numbers highlight the impact of SBA loans in Salt Lake City, helping small businesses access essential funding while driving job creation and economic development.
Why Lenders Choose Us
Lenders work with us because we simplify the SBA loan process, ensuring business owners secure the best financing options available. Here’s why lenders trust us:
- Extensive Network of SBA-Approved Lenders: We connect businesses with the top SBA lenders in Salt Lake City and nationwide.
- Efficient Loan Application Process: Our system streamlines approvals and reduces unnecessary paperwork.
- Expert Business Loan Guidance: Our team helps business owners navigate SBA loan requirements to maximize their chances of approval.
- Tailored Loan Matching: We analyze each business’s needs and match them with the most suitable lenders.
- Proven Success: Thousands of businesses have secured SBA funding through our platform, helping them expand and create jobs.
By working with us, lenders can efficiently support small businesses while ensuring successful loan outcomes.
Overview of SBA Loan Program in Salt Lake City
The SBA 7(a) loan program is the most flexible SBA loan option, designed to support various business needs. Here’s what you need to know about SBA loans:
- Loan Size: Up to $5,000,000
- Loan Term: 10 years for non-real estate loans; 25 years for real estate loans
- Interest Rates: Slightly higher than conventional loans, negotiated with lenders within SBA’s maximum interest rate
- Use of Loan Proceeds: Business acquisitions, real estate purchases, equipment financing, debt refinancing, partner buyouts, franchise openings, and working capital
- Down Payment: Typically 10% to 20%
- Credit Score Requirement: 680+ is ideal, with a minimum of 640 for consideration
- Collateral: Not required, but all available collateral must be pledged
SBA loans are designed for businesses that may not qualify under traditional lending standards, offering lower down payments, longer repayment terms, and fewer financial restrictions.
Surrounding Areas
Business owners in nearby areas may also find SBA lending opportunities in these cities:
Bountiful, Cottonwood Heights, Draper, Holladay, Kaysville, Layton, Magna, Midvale, Murray, Ogden, Park City, Riverton, South Jordan, Taylorsville, West Valley City.
Resources for Small Businesses in Salt Lake City
Salt Lake City business owners have access to valuable resources to support their growth:
- Salt Lake City SBA District Office – Provides assistance with SBA loan programs and applications.
- SCORE Salt Lake City – Offers free business mentoring and workshops.
- Small Business Development Centers (SBDC) – Provides consulting services for small businesses.
- Salt Lake Chamber of Commerce – Connects business owners with networking and funding opportunities.
Summary
SBA loans continue to be a key funding source for small businesses in Salt Lake City, providing necessary capital to fuel business growth and job creation. With competitive interest rates, flexible repayment terms, and strong business support, securing an SBA loan could be the key to your business’s success. If you’re looking for the best SBA lenders in Salt Lake City, explore your options today and take the next step toward securing the right financing.