Zions Bank Small Business Loan Review
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Zions Bank offers Small Business Administration loans to small business owners in both Utah and Idaho. They may offer the broadest range of SBA loan program options possible. Their repertoire includes the popular programs as well as the most obscure and least used programs. They are also totally conversant in the newer SBA programs designed to decrease paperwork and increase short term and long term working capital for small businesses.
Understanding Your Loan Options
The range of loans offered by Zions is staggering and includes the following: 7(a) Term Loans, Express Term Loan, Export Express Term Loan, Veteran Advantage Term Loan, Export Working Capital Loan, Express Revolving Line of Credit, Export Express Revolving Line of Credit, Veteran Advantage Revolving Line of Credit, CapLine—seasonal, contract, builder, working capital, and 504 Loan Program.
The conditions, interest rates, down payments and terms of these loans are all varied. There are several long-term loans for equipment and real estate, there are working capital programs, export encouraging programs and veteran loans that reward veterans with no down payment. The longest are for 25 years, the shortest are renewed yearly.
Duration of Loans and Speed of Application
The duration of SBA loans varies in and among types of loans. Most of the programs have maximum terms but few dictate the term uniformly. The SBA 7(a) can be anywhere from three years to twenty-five years, depending on the type of business expense the loan is intended to purchase. Since the 504 is designed to property or equipment, it can range all the way up to twenty-five years as well.
While the SBA Express program can get small businesses funding reasonably quickly, you might want to consider another product if you need to cover a short-term cash crunch or are facing working capital difficulties now. SBA loans are better designed for companies that are taking out a loan for a planned expansion or growth, rather than those looking for a loan to cover an unforeseen setback. If you absolutely must have a government backed product, then the SBA lines of credit are your best bet for covering any working capital shortfalls. As a result, Zions Bank may not be the best option for you, depending on what your needs are.
Final Thoughts and Fine Print
Zion’s Bank offers some of the greatest flexibility when it comes to SBA-backed small business financial products. This flexibility, combined with the low interest rates on SBA products, make them a good choice for many small businesses in their operating area.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.