SBA Loans
Small Business Loans to Help Your Business Grow
With competitive interest rates, flexible qualifying criteria, and higher borrowing limits, Canyon View Credit Union is Utah's favorite SBA lender
Looking to start or grow your small business? Our SBA (Small Business Administration) loans are
designed to support entrepreneurs like you with flexible terms, competitive rates, and lower down payments.
Whether you’re launching a new venture, expanding operations, or purchasing equipment, an SBA loan can
provide the financial foundation you need to succeed. At Canyon View CU, we’re proud to partner with the SBA
to help local businesses thrive because when you grow, our whole community grows, too.
SBA Loans for New Businesses and Small Businesses
SBA 504 LOAN PROGRAM:
Purchase long-term fixed assets such as equipment or real estate
- Fixed and variable loan rate options
- Loan terms up to 25 years
- 10% down payment for entire project cost
- No prepayment penalties
SBA 7(a) LOAN PROGRAM:
Purchase real estate, acquire a business, purchase equipment or increase working capital and inventory
- General purpose variable-rate loan
- Loan terms up to 25 years
SBA EXPRESS LOAN:
Expand your business or finance a franchise with an Express loan or line of credit
- Borrowing amounts up to $350,000
- Unsecured loans up to $100,000
- Fixed and variable rate options
- No prepayment penalties
Apply for an SBA Loan Now Schedule an Appointment Contact a Business Expert
Frequently Asked Questions
Learn More About Utah SBA Loans
What is an SBA Loan?
A Small Business Administration (SBA) loan is a loan partially backed by the U.S. government and the SBA. Federal government backing allows for lower down payments, longer maturities, and less stringent business requirements than most conventional loans. These differences make it easier for small businesses to get the funding they need.
What Are SBA Loan Requirements?
The SBA offers various types of loan programs under which business loans are financed through participating lenders. SBA loan requirements vary based on the lender and the individual loan program but basic criteria required by the SBA include:
- Being a for-profit business that is officially registered and operates legally
- Business must be located and operated in the U.S. or its territories
- Creditworthiness
- A minimum down payment of 10%
- All other financing options from non-government sources have been exhausted
Lenders will also have certain criteria to assess a borrower's creditworthiness. While the SBA doesn't require a specific credit score, most lenders expect borrowers to have a minimum score of 690. The business will also need to show a strong annual revenue and minimal existing debt.
How to Qualify for an SBA Loan?
To qualify for an SBA loan, borrowers must meet eligibility requirements and prove their creditworthiness. This includes having a large enough down payment, a detailed business plan, and good credit. A lender will examine your business's ability to generate cash and outside collateral that can be used to secure the loan to ensure the borrower will be capable of paying off the loan regardless of the business's success. Borrowers must submit an SBA loan application with various documents and financial statements, such as income statements, balance sheets, and cash flow projections.
Can I Get an SBA Loan with Bad Credit?
While the SBA doesn't set a minimum credit score requirement for small business loans, lenders generally expect borrowers to have a credit score of at least 620-650 to qualify. If your credit score is not where you would like it to be, you might be able to demonstrate your creditworthiness for an SBA loan with good collateral, a strong business plan, or a cosigner with good credit. The best way to improve your odds of eligibility is to improve your credit score. This can be achieved quickly by paying down existing debt, reporting errors on your credit report, and increasing your credit limits without increasing your spending. Consulting with a business loan specialist is the best way to determine if your credit meets the flexible qualifying criteria for our SBA loans.