Through insightful financial planning and a variety of loan options, Liberty Bank continues to help business owners pursue success. When you are ready to take out an SBA commercial loan in Utah, we are ready to support you. We will work closely with you 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 support small business owners.
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Small Business Loans
When you're ready to make dream business a reality, come visit Liberty Bank. We are here to help you create the business you always wanted through effective financing programs. Our small business loans can help you get your business up and running and on its feet.Apply Today
Obtaining financing for your new business ventures can prove to be challenging for entrepreneurs. As a startup trying to go from the initial starting phase to growing your business, you may face difficulties with the requirements of traditional bank loans. The 7(a) Program may be able to help – it’s SBA’s primary and most popular program.
If you can demonstrate a need for funds and have a sound business purpose in mind, you’re on the right track. To be considered eligible for the SBA 7(a) Loan Program, your business must meet SBA’s size standards and be considered small within your particular industry, operate for profit and you must have reasonable equity to invest.
Funds may be used to purchase inventory, used for an infusion of fresh capital, to expand an existing business or to purchase equipment, supplies or materials.
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 secured 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.
SBA 504 funds can only be used for fixed assets such as land or building purchases, business renovations, to purchase office equipment and equipment, funds may also be used for utility improvements or street or parking lot and landscape improvements.
Need an SBA 7(A) Loan?
Small business loans 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.
Liberty Bank can help you get an SBA 504 loan
The SBA 504 Loan program is a loan that offers small businesses another avenue for business financing while promoting business growth and job creation.