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

Mona, Utah Small Business Loans

 
Loan Census SBA Loan Info

Raising money in Mona, Utah? If so, you'll want to talk to some of these small business lenders in Mona.

If you are hoping to get a small business loan and your business is based in Mona, Utah, we've assembled a list of local small business banks that you should contact.

Lenders for Mona Businesses

This is a list of banks outside of Mona, Utah that have provided SBA loans to Mona 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
Salt Lake City, UT
2
Zions First National Bank
West Valley City, UT
2

Mona Bank Loan Tips

Prior to reaching out to banks to get a bank loan, you will need to have a specific plan.

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 essential. If the financing is to for a company that is already doing business, 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 the equity in your home. 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 are SBA lenders. 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.

Gaebler.com Advice on Raising Money

Take the time to learn as much as you can about Raising Money. To get started, we recommend you read Realistic Debt Financing Options.

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