Also known as collateralized loans, secured business loans are a common way to finance small businesses. They’re secured because the borrower offers collateral in the form of a personal guarantee or business assets. If the borrower defaults on the loan, lenders recoup their losses with the collateral.
We offer a variety of loans to help small business owners make their dreams a reality.
We offer a variety of SBA loans at competitive rates for both short- and long-term business goals. Our small business loans in Utah and beyond are designed to help businesses of all sizes and industries succeed. Whether you need funds for expansion, equipment purchases, or working capital, our SBA loans can provide the financial support you need.
Starting a new business or expanding it? Perhaps you’re investing in new inventory or office supplies.
Find a business line of credit that’s right for you, withdrawing funds as you go at fixed or variable rates. Having an SBA loan in Utah can help you cover expenses without tying up your cash flow. Using our easy online application, you can get a decision in minutes and have access to your funds
When it comes to collateral, businesses can put up any of their assets that lenders can turn into cash in the event that they can’t pay the loan. Our secured loans for small businesses offer competitive rates and flexible repayment terms, making it easier for you to get the financing you need. With collateral backing up your loan, you can potentially qualify for larger amounts at lower interest rates.
Secured loans can take a variety of forms, but are most often term loans, in which borrowers receive a lump sum up front. Businesses then repay the loan amount with interest over a determined period of time. We offer secured loans for small businesses, with competitive interest rates and flexible repayment options. SBA loans are also available with lower down payments and longer repayment terms, making them even more accessible to small businesses.
We take pride in our roots in the same community where our members live and work. Members like Ogden family-owned business Roe Pharmacy, whose owners, Kimberly and Hal, have used Wasatch Peaks for nearly twenty years.
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"Best interest rates I could find. Easy to do business with."
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You probably have a few questions about getting started. Here are the answers to some frequently-asked questions asked by entrepreneurs and small-business owners just like you.
The kind of assets you put up will vary depending on the type of loan you take out. However, generally speaking, these are the types of collateral businesses use to secure their loans:
Typically, SBA loans are approved by the lender. The approval process can take a variety of factors into account. Depending on the kind of loan for which your business is applying, the specific process will vary. SBA loans in Utah are typically secured by collateral, such as real estate or equipment. This means that in the event of default, the lender can seize the collateral to recoup their losses. However, this also makes it easier for small businesses to qualify for these loans, since they provide added security to the lender.
For example, with a 7(a) loan of up to $350,000 (not including Express Loans), applicants’ credit scores are reviewed using the FICO® Small Business Scoring Service® product (SBSS). This process is to ensure consistency and objectivity in the approval process.
The SBA offers different term loans up to 25 years. The repayment term depends on whether it’s an equipment loan (i.e. machinery), working capital, or a commercial real estate loan.
With a business line of credit, businesses have a draw period, generally of about 10 years, followed by a repayment period of about 20 years, during which they can no longer borrow.
Take some stress and confusion out of running a business and consolidate your banking at one institution. Wasatch Peaks Credit Union membership gets you access to our other business services that can give your business an edge while helping you stay organized.
A business checking account means you can take credit card payments from customers, offers liability protection, helps you monitor cash flow, and simplifies your taxes. Not to mention, you will need some place for your SBA loan to be deposited.
Business credit cards and savings accounts are also a good idea to help you keep track of finances and to take advantage of benefits.
A business credit card can also be a good route if you determine that a secured business loan isn’t right for your business right now. Unsecured business loans are relatively uncommon, so if you’re making smaller purchases on a short-term basis, credit cards can be the way to go.
At least one business partner needs to be a Wasatch Peaks Credit Union member to qualify for any of our business products and services. We offer a variety of business loans, including SBA 7(a) loans, which are designed to help small businesses grow and succeed.
Residents, students, members of houses of worship, and individuals who work or volunteer in Weber, Davis, and Morgan counties are all eligible for membership.
Take advantage of shared branching at over 30,000 ATMs around the country, as well as nearly 5,000 branches and more than 2,000 self-service locations.
We’re proud members to serve fellow members of the community, helping them set financial goals and to achieve them, making their dreams a reality.
If you’re considering applying for a secured loan through Wasatch Peaks Credit Union, don’t wait–become a member!
Wasatch Peaks Credit Union 4723 Harrison Blvd Ogden, Utah 84403
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