Bank of Utah
SBA 7(a) Lending Profile · FY 2023 analysis
Industry Focus
Top industries served by Bank of Utah · FY 2023
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 532289 | All Other Consumer Goods Rental | 1 | $340K | $340K | 100.0% |
Geographic Distribution
SBA lending activity for Bank of Utah by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Utah (UT) | 1 | $340K | 100.0% |
Why Choose Bank of Utah?
Based on SBA 7(a) lending track record in FY 2023
- ✓Proven Track Record: 1 SBA loans approved, totaling $340K in financing
- ✓Industry Expertise: Specialized focus on All Other Consumer Goods Rental
- ✓Competitive Terms: Average interest rate of 10.50% with flexible term lengths averaging 84 months
- ✓Loan Range: Loan sizes from $340K to $340K, with an average of $340K
- ✓Nationwide Reach: Active lending in 1 states, with strong presence in UT
Note: Approval and terms are subject to SBA and lender requirements. This profile is based on historical data and does not guarantee future lending decisions.
Frequently Asked Questions
Common questions about Bank of Utah SBA lending
What types of businesses does Bank of Utah typically finance?
Bank of Utah specializes in SBA 7(a) lending to specific industries including all other consumer goods rental. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Bank of Utah's typical SBA loan terms?
Bank of Utah's SBA 7(a) loans typically feature an average interest rate of 10.50% and average term length of 84 months (approximately 7 years). Loan sizes range from $340K to $340K, with an average loan size of $340K.
Do I need a business valuation for a Bank of Utah SBA loan?
Yes, Bank of Utah typically requires a professional business valuation for SBA loans over $250,000 or for change-of-ownership transactions. A certified valuation helps establish the purchase price, loan amount, and ensures SBA compliance. The valuation typically costs $5,000-$15,000 depending on business complexity.
How does Bank of Utah compare to other SBA lenders?
Bank of Utah has originated 1 SBA loans totaling $340K in FY 2023. They distinguish themselves through industry specialization and expertise in their focus sectors. Compare their rates and terms with other lenders in our Commercial Lending Directory.
What states does Bank of Utah lend in?
Bank of Utah provides SBA 7(a) financing with particularly strong presence in UT. Based on their lending history, they have experience with diverse state-specific business regulations and licensing requirements.
Research Your Target Industry Before Applying
Before applying for SBA financing, research your industry's typical loan sizes, approval rates, and specialized lenders. Understanding industry-specific financing patterns can help you find the right lender and strengthen your application.
Our industry research reports provide comprehensive intelligence for 1,000+ industries including financial benchmarks, growth trends, financing patterns, and which lenders are most active in your sector.
Explore Industry Reports →Need a Business Valuation?
Certified valuations are often required for SBA loans over $250,000.
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