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March 28, 2024  
 
 
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Mendon, Utah Business Loan

 
Loan Census SBA Loan Info

Looking for a Mendon, 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.

This article is written specifically for small business proprietors in Mendon, Utah who are interested in getting a bank loan.

SBA Lenders for Mendon Businesses

This is a list of banks outside of Mendon, Utah that have provided SBA loans to Mendon 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
Zions First National Bank
West Valley City, UT
3

Mendon Business Loan Advice

As a prerequisite to meeting with banks to discuss getting a bank loan, you will need to develop the specifics of your loan request.

You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show how you intend to to pay the loan back to the bank.

Having a business plan is is critically important. If the capital is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize 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 get up to speed 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.

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