Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

Benson, Utah Small Business Loans

 
Loan Census SBA Loan Info

Looking for a Benson, Utah small business loan? We were annoyed by how hard it was to find city-specific small business lenders so we created this page just for you.

If you are planning on applying for a small business loan and your business is based in Benson, Utah, we've put together a list of local small business banks that you should contact.

Banks that Lend to Benson Businesses

This is a list of banks outside of Benson, Utah that have provided SBA loans to Benson businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Mountain America Fcu
West Jordan, UT
1

Benson Bank Loan Tips

Before reaching out to lenders to discuss getting a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, describe what the money will finance, and show your ability to pay the money back to the lender.

Being able to present a well-written business plan is an important prerequisite. If the loan is to for an existing business, you should also have financial statements covering the last three years. Bankers will also want to know what collateral you have available to secure the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as your individual retirement account or pension plan. The banks will check on your personal credit history in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of the banks in our list participate in the financial assistance programs available through the SBA. Before meeting with the banker, you may want to read up on on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

Take the time to learn as much as you can about Raising Money. For starters, we recommend you read How to Raise Money.

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