Utah
Business Loans in Utah
Utah requires commercial financing providers to register with the Department of Financial Institutions and to disclose the total cost of financing of $1 million or less before you sign. Sagamore, a commercial loan broker, matches established Utah businesses with lenders for lines of credit, term loans, SBA loans, equipment financing and invoice factoring.
Written by Jordan Levy, Founder & CEO · Last updated
State law
What does Utah's Commercial Financing Registration and Disclosure Act require?
Providers of commercial financing to Utah businesses must register with the Department of Financial Institutions through NMLS, renew each year, and give a written disclosure before closing. Banks and other depository institutions, financing secured by real estate, leases and providers that close five or fewer deals a year are exempt.
What you should get in writing
- The total amount of funds provided
- The amount actually disbursed, if less
- The total amount to be repaid
- The total dollar cost: what you repay minus what you receive
- How, how often and how much you pay, or the estimated first payment when payments vary
- Whether paying early carries a cost or a discount
What else the law does
- Utah does not require an APR, so compare Utah offers on total dollar cost and payment schedule.
- Utah issues no certificate or license number. A provider's registration shows on NMLS Consumer Access.
- Penalties run $500 per violation, and $1,000 after a prior notice. The law gives no private right to sue.
At a glance
- Law
- Utah Code Title 7, Chapter 27 (SB 183, 2022)
- In effect
- January 1, 2023
- Covers
- Commercial financing of $1,000,000 or less
- Enforced by
- Utah Department of Financial Institutions
SBA
Where are the SBA offices in Utah?
The SBA doesn't lend directly. Banks, credit unions and other SBA-approved lenders make 7(a) and 504 loans, and the SBA guarantees part of each one. District offices connect businesses with counseling, training and local lenders.
One office in downtown Salt Lake City serves the entire state, from St. George to Logan.
How SBA loans workDistrict office
- Salt Lake CityUtah District OfficeAll of Utah
State programs
What state loan programs does Utah offer?
Utah runs its federal State Small Business Credit Initiative money as the Utah Small Business Credit Initiative (USBCI), administered by the Governor's Office of Economic Development. Businesses reach it by applying for a loan with an enrolled lender.
These are state programs. Sagamore doesn't run them or decide who qualifies.
- USBCI Loan Participation ProgramGovernor's Office of Economic DevelopmentThe state takes part of a collateralized loan of $10,000 to $20 million, for businesses with fewer than 750 employees.
- USBCI Capital Access ProgramGovernor's Office of Economic DevelopmentProtects the lender against loss on loans of $25,000 to $5 million to businesses with little or no collateral, for businesses with fewer than 500 employees.
Industries
Which Utah industries do we work with?
Utah has 371,569 small businesses, 99.4% of all businesses in the state, according to the SBA Office of Advocacy's 2026 profile. We work with established businesses in every industry; these are the ones that stand out in Utah.
- Construction Financing for ContractorsThe SBA counts 35,362 small construction businesses in Utah.
- Technology Company FinancingTech, including AI, and fintech are two of the state's targeted industries.
- Medical Practice FinancingLife sciences and healthcare is a state targeted industry, and Utah counts 25,489 small health care businesses.
- Manufacturing Business FinancingAerospace and defense is a targeted industry, and state law names advanced manufacturing among its target sectors.
Eligibility
What do you need to qualify for a business loan in Utah?
The same as in every other state. Sagamore is a broker, not a lender: one application is matched with lenders across all 50 states, and every program starts from the same minimums. We work with established businesses only, so startups are not eligible.
- Credit score
- 600+
- Time in business
- 1+ year
- Annual revenue
- $400K+
Frequently Asked Questions
Common questions about business loans in Utah
Look the provider up on NMLS Consumer Access. Utah's Department of Financial Institutions registers commercial financing providers through NMLS and issues no separate certificate or license number.
No. Utah's disclosure shows dollars, not a rate: the funds provided, the amount disbursed, the total repaid, the total dollar cost, the payment schedule and any prepayment cost or discount. Compare offers on total cost and how fast you repay.
The state's federally funded lending support, run by the Governor's Office of Economic Development. Its Loan Participation and Capital Access programs work through enrolled lenders, so you apply for the loan with the lender and it enrolls the loan.
The Utah District Office is at 125 South State Street in Salt Lake City, and it serves the entire state.
Sources
Where do these facts come from?
Each fact on this page was checked against the agency or legislature that publishes it. Programs and offices change, so confirm the details with the source before you rely on them.
- Utah Legislature: SB 183 (2022) enrolled (opens in a new tab)
- Utah Code Title 7, Chapter 27 (opens in a new tab)
- Utah DFI: Commercial Financing Registration and Disclosure Act FAQs (opens in a new tab)
- Utah GOED: Utah Small Business Credit Initiative (opens in a new tab)
- Utah GOED: Targeted industries (opens in a new tab)
- SBA: Utah District Office (opens in a new tab)
- SBA Office of Advocacy: 2026 Utah Small Business Profile (opens in a new tab)
Related Funding Options
Which funding options fit Utah businesses?
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