Financing Options for Utah Small Businesses - 504 Loans, Grants & More
Government Assisted, Utah Small Business Financing Options at a Glance
Small businesses are the backbone of the economy, driving job creation, innovation, and economic growth. However, starting and running a small business can be challenging, particularly for those who lack the necessary resources and funding. Fortunately, there are a variety of government funding options available to small businesses in Utah, which can provide them with the financial assistance they need to start, grow, and succeed. In this article, we will explore the various government funding options available for small businesses in Utah, including grants, loans, and other financial assistance programs.
Grants are one of the most desirable forms of government funding for small businesses, as they do not require repayment. However, they can be difficult to obtain and are often highly competitive. In Utah, there are several grant programs available for small businesses:
Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs: These programs provide funding to small businesses engaged in research and development activities. SBIR grants are awarded by federal agencies, while STTR grants are awarded by federal agencies in collaboration with research institutions.
Utah Science Technology and Research (USTAR) Grant Program: This program provides funding to small businesses in the science and technology sectors to support their research and development efforts.
Utah Governor's Office of Economic Development (GOED) Grant Program: This program provides funding to small businesses engaged in activities that promote economic development in Utah, such as job creation, investment, and export promotion.
Loans are another common form of government funding for small businesses. Unlike grants, loans must be repaid with interest. However, they can provide small businesses with access to capital that they may not be able to obtain from other sources. In Utah, there are several loan programs available for small businesses:
Small Business Administration (SBA) Loans: The SBA offers a variety of loan programs to small businesses, including microloans, 7(a) loans, and 504 loans. These loans are provided through participating lenders like Wasatch Business Finance and are guaranteed by the SBA, which reduces the risk for lenders.
Utah Business Resource Centers (BRC) Loan Program: This program provides loans to small businesses in Utah through a network of participating lenders. The loans can be used for a variety of purposes, including working capital, equipment purchases, and real estate.
Utah Governor's Office of Economic Development (GOED) Revolving Loan Fund: This program provides loans to small businesses engaged in activities that promote economic development in Utah, such as job creation, investment, and export promotion.
Other Financial Assistance Programs:
In addition to grants and loans, there are several other financial assistance programs available for small businesses in Utah:
Utah Microenterprise Loan Fund: This program provides loans to microenterprises in Utah (businesses with five or fewer employees) to support their growth and development.
Utah Procurement Technical Assistance Center (PTAC): This program provides small businesses with assistance in obtaining government contracts and subcontracts.
Utah Small Business Development Center (SBDC): This program provides small businesses with a variety of services, including business planning, marketing, and financial management.
Get More Information from Wasatch Business Finance
Small businesses are essential to the economic growth and prosperity of Utah. Fortunately, there are many government funding options available to small businesses, including grants, loans, and other financial assistance programs. By taking advantage of these programs, small businesses can access the capital and resources they need to start, grow, and succeed. Small business owners in Utah should explore these funding options and work with their local business resource centers to identify the best opportunities for their specific needs.
For recommendations on funding (including conventional options), contact Wasatch Business Finance at 385-799-6700 or visit www.WasatchCDC.com
Wasatch Business Finance is a Utah based Certified Development Company. Authorized by The U.S. Small Business Administration, we provide low cost, long term, fixed rate SBA 504 Loans in Utah.