Navigating business financing can be overwhelming, but at Utah Biz Funding, we’re here to simplify the process and empower your business with the knowledge and support you need. Below, find answers to common questions about our services and financing options designed to help your business thrive.
What is Utah Biz Funding’s mission?
We’re dedicated to fueling the growth of businesses across Utah and beyond by offering a wide range of financing solutions—from equipment loans and working capital to SBA and real estate financing—customized to fit the unique needs of various industries.
Who can apply for funding?
Whether you’re just starting, scaling up, or an established business looking to expand, we have lender options to support your goals.
How important is credit in the approval process?
While credit history matters, we take a holistic approach, evaluating your business revenue, time in operation, and overall financial health to find the best fit for your funding needs.
How long does approval take?
Approval times vary by loan type. Many financing options can be approved within 24–48 hours, while more complex loans may require additional review.
What types of equipment can be financed?
Our lenders finance a wide variety of equipment, including construction machinery, medical devices, commercial kitchen gear, technology infrastructure, and more.
Can I finance used equipment?
Yes! Our lenders offer financing for both new and used equipment that meets our lending criteria.
Is collateral required?
Typically, the equipment itself serves as collateral, making the process straightforward.
What is a working capital loan?
A working capital loan is short-term funding that helps cover daily expenses like payroll, inventory, rent, and marketing, keeping your business running smoothly.
How does it differ from other loans?
Unlike long-term loans, working capital loans offer shorter repayment terms and are designed to manage immediate cash flow needs.
What can working capital loans be used for?
Payroll, inventory purchases, seasonal fluctuations, unexpected costs, or new opportunities—working capital loans provide flexibility.
What are SBA loans?
SBA loans are government-backed loans offering competitive rates, longer terms, and lower down payments, ideal for startups and growing businesses.
What are the benefits?
Lower interest rates, more extended repayment periods, and flexible use of funds make SBA loans an attractive option.
Who qualifies?
Eligibility depends on business size, revenue, creditworthiness, and SBA guidelines. We’ll help you determine if you qualify.
What types of real estate financing do you offer?
Our lenders provide financing for commercial real estate acquisitions, renovations, expansions, and investment properties, including office buildings, retail spaces, warehouses, and industrial facilities.
Can I finance investment properties?
Yes—financing options are available for both owner-occupied and investment properties.
What are the requirements?
Typically, business financials, property appraisals, and creditworthiness are required. We’ll guide you through the process.
What is invoice factoring?
Invoice factoring converts unpaid invoices into immediate cash by selling them to a factoring company, improving your cash flow without waiting for client payments.
Who benefits from factoring?
Businesses with slow-paying clients or immediate cash flow needs find invoice factoring especially helpful.
Does credit score matter?
Factoring primarily relies on your clients’ creditworthiness rather than your business credit.
How does a business line of credit work?
It’s a revolving credit account that lets you borrow and repay funds as needed, paying interest only on what you use.
How is it different from a loan?
Loans provide a fixed amount with structured repayments, while lines of credit offer flexible, on-demand access to funds.
What are the advantages?
A line of credit helps manage cash flow, cover unexpected costs, and seize opportunities quickly.
How do I apply?
Apply easily through our secure online form or speak with a loan specialist for personalized assistance.
What documents do I need?
Typical documents include financial statements, tax returns, bank statements, and details of equipment or property, depending on the loan type.
How long does funding take?
Many loans are funded within 24–48 hours; SBA and real estate loans may take longer due to additional processing.
At Utah Biz Funding, we’re committed to providing the financial tools your business needs to succeed. Please explore our website, review this FAQ, and contact us today to find the right financing solution tailored to your goals.