GoSBA’s Top 50 Utah SBA Lenders in 2024
Overview of SBA Loans in Utah
Utah, with a population of approximately 3.4 million people, boasts a rapidly growing economy driven by industries such as technology, healthcare, manufacturing, and tourism. The state is known for its dynamic business environment, low unemployment rate, and pro-business policies, making it an attractive location for entrepreneurs and small businesses. With cities like Salt Lake City, Provo, and Ogden, Utah provides an excellent environment for businesses to thrive.
Popular industries in Utah include technology, healthcare, tourism, finance, and manufacturing. In FY 2023, Utah SBA loan providers funded 2,100 businesses, with a total loan volume of $1.6 billion. Utah also has a thriving entrepreneurial community, with many women-owned businesses making significant contributions to the state’s economic growth.
Finding the Best Utah SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in Utah for you. GoSBA Loans helps businesses secure the financing they need to grow—whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or financing business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in Utah.
Challenges in Accessing SBA Loans in Utah
A significant challenge for small businesses in Utah is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like Zions Bank, U.S. Bank, Mountain America Credit Union, Wells Fargo, Bank of America, Celtic Bank, KeyBank, First Utah Bank, Bank of the West, and Chase Bank. These ten lenders funded 1,100 businesses in Utah, with a combined loan volume of $1.2 billion. However, just because these lenders are popular does not mean they are the best fit for every business type. Many small businesses may find better success with specialized SBA lenders.
How GoSBA Loans Helps Utah Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and most affordable SBA loans for your business. Our unique approach circulates your loan application to 30 of the top 100 SBA lenders in Utah, increasing your chances of approval. We make lending for small businesses easier, faster, and more affordable. Below is our official ranking of the top 50 Utah SBA lenders in 2024.
Top 50 Utah SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
|---|---|---|---|---|
| Mountain America FCU | $17,077 | $43,551,500 | 123 | 11.30% |
| Community Banks of Colorado, A Division of | $3,363 | $36,151,300 | 27 | 9.43% |
| Zions Bank, A Division of | $18,394 | $35,166,300 | 148 | 11.22% |
| Live Oak Banking Company | $2,304 | $30,187,000 | 14 | 9.84% |
| Central Bank | $7,113 | $26,911,300 | 55 | 10.29% |
| First Utah Bank | $2,068 | $23,493,100 | 16 | 10.97% |
| Newtek Bank, National Association | $3,124 | $15,285,000 | 26 | 11.77% |
| America First FCU | $3,976 | $14,123,400 | 18 | 8.77% |
| Wells Fargo Bank, National Association | $3,420 | $9,651,400 | 21 | 11.81% |
| KeyBank National Association | $2,004 | $7,672,900 | 17 | 11.72% |
| Pathward National Association | $240 | $6,480,000 | 2 | 10.63% |
| State Bank of Southern Utah | $1,775 | $6,323,500 | 15 | 9.54% |
| Readycap Lending, LLC | $2,850 | $6,075,000 | 24 | 13.59% |
| Northwest Bank | $1,205 | $6,011,000 | 10 | 10.85% |
| Fortis Bank | $793 | $5,656,400 | 5 | 9.95% |
| Citizens Bank | $1,532 | $5,520,000 | 11 | 11.27% |
| Cache Valley Bank | $2,174 | $5,467,600 | 23 | 10.00% |
| The Huntington National Bank | $1,800 | $5,190,200 | 15 | 10.77% |
| JPMorgan Chase Bank, National Association | $2,448 | $5,131,900 | 19 | 11.57% |
| United Midwest Savings Bank, National Association | $1,680 | $5,000,000 | 14 | 11.20% |
| Celtic Bank Corporation | $1,698 | $4,937,100 | 14 | 11.27% |
| U.S. Bank, National Association | $3,840 | $4,884,200 | 45 | 10.18% |
| Byline Bank | $660 | $4,819,000 | 4 | 11.25% |
| FFB Bank | $120 | $4,625,000 | 1 | 10.50% |
| Encore Bank | $120 | $4,500,000 | 1 | 10.50% |
| Bank of Utah | $960 | $4,393,800 | 8 | 10.50% |
| Cadence Bank | $1,680 | $4,040,000 | 14 | 11.25% |
| First Internet Bank of Indiana | $480 | $3,996,000 | 4 | 11.24% |
| BMO Bank National Association | $558 | $3,709,500 | 4 | 8.97% |
| University First FCU | $1,632 | $3,562,100 | 19 | 10.82% |
| BayFirst National Bank | $3,240 | $3,375,300 | 27 | 13.18% |
| US Metro Bank | $300 | $2,775,000 | 1 | 10.50% |
| UMB Bank, National Association | $948 | $2,756,200 | 6 | 8.67% |
| Berkshire Bank | $240 | $2,531,000 | 2 | 10.75% |
| First Bank | $480 | $2,312,000 | 4 | 11.25% |
| Gulf Coast Bank and Trust Company | $240 | $2,260,000 | 2 | 11.25% |
| Capital Community Bank | $498 | $2,208,000 | 4 | 11.00% |
| First Bank of the Lake | $720 | $1,881,300 | 6 | 11.79% |
| Meadows Bank | $420 | $1,744,900 | 2 | 10.00% |
| T Bank, National Association | $480 | $1,642,900 | 4 | 10.44% |
| Brighton Bank | $360 | $1,265,000 | 3 | 11.00% |
| Montana Community Development Corp. | $864 | $1,209,600 | 8 | 10.75% |
| 1st Financial Bank USA | $60 | $1,000,000 | 1 | 10.25% |
| Connecticut Community Bank, National Association | $120 | $980,700 | 1 | 8.75% |
| Mountain West Small Business Finance | $600 | $935,000 | 5 | 11.25% |
| American National Bank | $240 | $922,500 | 2 | 10.00% |
| Northeast Bank | $1,080 | $885,700 | 9 | 11.25% |
| American United FCU | $360 | $788,800 | 4 | 10.00% |
| Evolve Bank and Trust | $120 | $719,000 | 1 | 11.00% |
| Lendistry SBLC, LLC | $480 | $537,700 | 4 | 13.00% |
Leading Utah SBA Lenders by Loan Volume
Analyzing the table above, Zions Bank leads the way in Utah with the highest loan volume, funding over $35.17 million across 148 loans. This positions Zions Bank as a strong choice for businesses looking for substantial financing in Utah.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, Mountain America FCU takes the lead with 123 loans totaling over $43.55 million. This makes Mountain America FCU highly active in the SBA lending market and a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in Utah
Community Banks of Colorado and Live Oak Banking Company are also significant players in the Utah SBA lending market. Community Banks of Colorado funded 27 loans totaling $36.15 million, while Live Oak Banking Company provided 14 loans with a loan volume of $30.19 million. These institutions are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like First Utah Bank, Cache Valley Bank, and Bank of Utah provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing accessible financing.
Why Choose GoSBA Loans for SBA Loans in Utah?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Utah. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for Utah Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. Utah’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in Utah?
If you’re ready to find the best SBA lenders in Utah, contact us to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
