SBA loans
An SBA 7(a) loan in Provo is the Small Business Administration's most flexible financing tool, covering up to $5 million for working capital, equipment, real estate, or refinancing. Foothill Lenders brokers these government-backed loans to Utah County businesses, connecting you with lenders who follow SBA 7(a) loan guidelines while we handle the paperwork and match you to the right fit.
Picture a family-run manufacturing shop on West Center Street in Provo. They've outgrown their lease and found a 12,000-square-foot building near the Provo Airport, but the purchase price and retrofit costs exceed what their bank will cover on a conventional loan. The SBA 7(a) program lets them finance the real estate, tenant improvements, and six months of working capital in a single loan with a longer amortization than traditional commercial mortgages. We broker that deal, pulling together the SBA paperwork, cash-flow projections, and lender introductions so the client stays focused on the move.
SBA loans
SBA 7(a) loan requirements start with proof your business operates for profit in the United States, falls under SBA size standards, and has exhausted reasonable equity before seeking financing. You'll need two years of business tax returns, personal financial statements from owners holding 20 percent or more, interim profit-and-loss statements, and a year-to-date balance sheet. The Small Business Administration 7(a) loan also requires personal guarantees from major owners and collateral when available, though lack of collateral alone won't disqualify you.
Credit matters but isn't everything. Most SBA 7(a) loan lenders look for personal scores above 680 and a business history showing consistent revenue. If you've had a bankruptcy or tax lien, timing and explanation count more than automatic rejection. We review SBA 7(a) loan qualifications with you before submission, so you know where you stand and what documentation will strengthen your file.
SBA loans
Businesses along University Parkway and in the Riverwoods corridor use SBA 7(a) business loans to buy owner-occupied real estate, acquire a competitor, purchase heavy equipment, or inject long-term working capital during expansion. The program prohibits passive real-estate investment and most refinancing of investor debt, but it covers nearly every other growth scenario a Provo company faces.
One tech consultancy in Orem wanted to acquire a smaller firm in Spanish Fork, folding its client list and staff into a single operation. The SBA 7(a) covered the purchase price, transaction costs, and bridge working capital during integration. Another contractor in Springville used 7(a) financing to buy excavators and dump trucks outright, avoiding the balloon payments typical of equipment leases.
SBA loans
The SBA 7(a) loan application begins with a conversation at our office on West Rivers Edge Drive in Provo. We'll ask about your use of funds, timeline, and current financial position, then build a lender shortlist based on industry preference and deal size. You'll gather tax returns, financial statements, a business plan or narrative, and legal documents like articles of organization or franchise agreements.
We package the file, submit it to matched lenders, and shepherd questions during underwriting. SBA 7(a) loan criteria include debt-service coverage above 1.15 and adequate equity injection, typically 10 to 20 percent depending on the asset. Once the lender issues a commitment, we coordinate with your attorney and title company to close. From first call to funding, expect 60 to 90 days for a clean file.
You can reach Foothill Lenders at (801) 880-5047 or visit us at 412 W Rivers Edge Dr, Provo, UT 84604. We serve Provo, Orem, Springville, Vineyard, Lindon, Mapleton, Spanish Fork, and Pleasant Grove. Learn more about commercial business loans in Provo or explore options like commercial real estate financing, equipment financing, or working capital loans. Check our full service area coverage across Utah County.
Serving the Provo area
We know which lenders fund which kinds of Provo businesses, and we position your file where it fits.
One local broker, many lenders, and no cost to apply.
Common questions
Talk to a local advisor and get matched to the right program, no obligation.
