LOCAL NEWS

Options for small Utah businesses seeking loans

Oct 17, 2023, 11:32 AM

SALT LAKE CITY — Borrowing money has become more expensive due to rising interest rates. KSL’s Tamara Vaifanua explains what that means for small business owners in Utah.

With the failures of Silicon Valley and Signature Banks, banks are pulling back on loans. Small business owners can still get financing, even with bad credit, but they’ve got to make the right moves.

Utah may be the place for business, according to WalletHub. But small business owners are feeling the pinch.

“We’re seeing higher interest rates that have really taken the bite out of the profitability of many small businesses,” said Ben Johnston with Kapitus. He helps small businesses secure loans.

He said even with a bad credit score, there are options.

First, he recommends you talk to your banker. Be open about your numbers so they can provide financial advice that’s best for your business.

If a bank turns you down, check out an online lender. Generally, the terms are going to be a bit shorter. And they may come in at a higher cost than what a bank might be able to do.

Make sure you do your homework and read reviews.

Other financing options include SBA loans, student start-up funds and grants that you don’t have to pay back.

For example, the Utah Innovation Lab is a nonprofit that invests in startups in the pre-seed phase.

“Talk to a number of different partners and see what the right fit is for you,” said Johnston.

Preparation is key.

Johnston said when you’re applying for a loan, make sure you have all the required documents.

You’ll need personal bank statements, two years of past tax returns, proof of business ownership and business plan.

For information on how to finance your business in Utah, click here.

KSL 5 TV Live

Local News

(Stuart Johnson, KSL TV)...

Josh Ellis

Pickup truck crashes into Provo duplex

Police are asking drivers to avoid the area of 900 East and 200 North in Provo after a truck crashed into a home Thursday morning.

1 hour ago

...

Kyle Ireland

Miller Sports + Entertainment releases renderings for Daybreak field ballpark

Miller Sports + Entertainment unveiled renderings for the new home of the Salt Lake Bees in South Jordan, Daybreak Field.

3 hours ago

(Janna-Lee Holland, Provo Police Department)...

Josh Ellis

Man injured after SUV crashes into Provo car dealership

A 28-year-old man was seriously injured after police say he crashed his SUV into the lot of a car dealership in north Provo.

5 hours ago

Police vehicles at the scene where a teenager was killed in a Mountain View Corridor crash after ru...

Josh Ellis and Mary Culbertson, KSL TV

Teen dead in Mountain View Corridor crash after running red light, police say

A teenager was killed in a crash on Mountain View Corridor early Thursday morning after running a red light, police say.

6 hours ago

Credit cards...

Matt Gephardt

Household debt reaches record high but inflation is masking debt progress

Personal finance experts say American debt has never been higher, but considering the circumstances, it could be much worse.

14 hours ago

Blue skies over a brick and stucco building...

Daniel Woodruff

Former juror shares views on Chad Daybell trial as jury begins deliberating

A former juror in the trial for Lori Vallow Daybell was present at Chad Daybell's trial just before jury deliberations.

15 hours ago

Sponsored Articles

Electrician repairing ceiling fan with lamps indoors...

Lighting Design

Stay cool this summer with ceiling fans

When used correctly, ceiling fans help circulate cool and warm air. They can also help you save on utilities.

Side view at diverse group of children sitting in row at school classroom and using laptops...

PC Laptops

5 Internet Safety Tips for Kids

Read these tips about internet safety for kids so that your children can use this tool for learning and discovery in positive ways.

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why Printer Security Should Be Top of Mind for Your Business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Options for small Utah businesses seeking loans