From October 2023 through September 2026, Utah businesses received 3,145 SBA 7(a) loans totaling $1.52B, net of cancellations. That ranks 19th of 52 by number of loans and 19th by dollars. The median loan was $172K at a median starting rate of 10.00%. In FY2026 alone, lenders approved 1,052 Utah loans for $543M before cancellations.
What stands out in Utah
One lender dominates
Zions Bancorporation, National Association approved 634 of Utah's 3,145 SBA 7(a) loans in FY2024 to FY2026, a 20.2% share. The top three lenders together made 38.1%. For comparison, the largest 7(a) lender nationally, The Huntington National Bank, holds 10.3% of all loans. When one bank makes this many of a state's loans, its pricing and credit appetite set the tone, so a second quote is worth getting.
Heavy use of SBA 504
Utah had 677 SBA 504 loans, 0.22 for every 7(a) loan, against 0.10 nationally. The 504 program finances owner-occupied real estate and long-life equipment through a certified development company; in Utah the most active was Mountain West Small Business Finance (490 loans).
Lending clusters in one county
Salt Lake County alone accounted for 38.0% of Utah's 7(a) loans (1,195 loans), and Salt Lake City was the most frequent borrower city with 421. The next county, Utah, had 21.4%.
Manufacturing stands out
Manufacturing accounted for 7.9% of Utah's 7(a) loans (250 loans), 1.4 times its 5.8% national share. The median manufacturing loan in Utah was $250K at a median rate of 9.65%.
Top SBA 7(a) lenders in Utah
| Lender | Loans | Share of state |
|---|---|---|
| 1. Zions Bancorporation, National Association | 634 | 20.2% |
| 2. Mountain America FCU | 372 | 11.8% |
| 3. Central Bank | 191 | 6.1% |
| 4. U.S. Bank, National Association | 188 | 6.0% |
| 5. The Huntington National Bank | 116 | 3.7% |
| 6. Celtic Bank Corporation | 94 | 3.0% |
| 7. America First Federal Credit Union | 92 | 2.9% |
| 8. Newtek Bank, National Association | 85 | 2.7% |
| 9. Live Oak Banking Company | 84 | 2.7% |
| 10. Cache Valley Bank | 78 | 2.5% |
SBA 504 loans in Utah
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Utah | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 677 | 18,076 |
| 504 dollars | $772M | $20.82B |
| Median 504 loan | $769K | $742K |
| Jobs supported (reported at approval) | 6,414 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Mountain West Small Business Finance | 490 |
| Intermountain Business Lending, Inc. | 112 |
| B:side Capital | 56 |
| Capital Matrix, Inc. | 15 |
Utah SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 1,153 | 1,343 | 1,052 |
| Dollars approved | $540M | $611M | $543M |
| Loans not cancelled | 1,021 | 1,160 | 964 |
| Median loan | $150K | $150K | $211K |
| Median rate | 11.00% | 10.00% | 9.25% |
| Loans of $150K or less | 50.3% | 52.2% | 43.9% |
| SBA Express share | 35.8% | 33.3% | 35.6% |
FY2026 approvals in Utah changed by −21.7% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
What a typical Utah SBA loan looks like
| FY2024-FY2026, not cancelled | Utah | United States |
|---|---|---|
| Median loan | $172K | $175K |
| Average loan | $483K | $508K |
| Median starting rate | 10.00% | 10.25% |
| Variable-rate loans | 92.8% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 49.1% | 49.0% |
| Loans of $500K or less | 77.1% | 76.9% |
| Loans of $1M or more | 11.8% | 13.6% |
| Startups (loan opens the business) | 16.9% | 16.1% |
| Startups and businesses 2 years old or less | 36.1% | 32.0% |
| Change of ownership (buying a business) | 9.8% | 10.9% |
| Franchise businesses | 9.6% | 11.0% |
| SBA Express loans | 34.8% | 35.8% |
| Jobs supported (reported at approval) | 34,487 | 1,733,816 |
Industries that borrow most in Utah
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 465 | 14.8% | $150K | 10.25% |
| Retail | 341 | 10.8% | $150K | 9.99% |
| Health care | 333 | 10.6% | $200K | 9.50% |
| Other services (repair, personal care) | 308 | 9.8% | $150K | 10.00% |
| Restaurants and hotels | 302 | 9.6% | $303K | 9.50% |
| Professional services | 300 | 9.5% | $150K | 10.25% |
| Manufacturing | 250 | 7.9% | $250K | 9.65% |
| Administrative and support services | 203 | 6.5% | $150K | 10.00% |
Where in Utah the loans go
| County | Loans |
|---|---|
| Salt Lake | 1,195 |
| Utah | 673 |
| Davis | 279 |
| Washington | 272 |
| Weber | 186 |
| Cache | 105 |
| Summit | 61 |
| Iron | 56 |
| City | Loans |
|---|---|
| Salt Lake City | 421 |
| Saint George | 159 |
| Sandy | 123 |
| Ogden | 119 |
| Lehi | 103 |
| South Jordan | 99 |
| West Jordan | 85 |
| Draper | 77 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
How older loans performed
Of the 1,504 SBA 7(a) loans approved for Utah businesses in FY2020 and FY2021 (not cancelled), 49 had been charged off by September 30, 2026: 3.3% by count and 0.8% of dollars approved. The national figures are 3.7% and 1.0%. Loans from these years have had five to seven years to season, so they say more about losses than recent loans do.
SBA district office for Utah
Utah loans are overseen by the SBA Utah District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Utah
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide.
Frequently asked questions
How many SBA loans were made in Utah?
Lenders approved 1,153 SBA 7(a) loans for Utah businesses in FY2024, 1,343 in FY2025 and 1,052 in FY2026, before cancellations. Net of cancelled loans, the three years total 3,145 loans worth $1.52B, plus 677 SBA 504 loans worth $772M.
Which banks make the most SBA loans in Utah?
In FY2024 to FY2026 the most active 7(a) lenders in Utah were Zions Bancorporation, National Association (634 loans, 20.2%), Mountain America FCU (372 loans, 11.8%), Central Bank (191 loans, 6.1%).
What is the typical SBA loan size and rate in Utah?
The median 7(a) loan in Utah was $172K and the average was $483K. The median starting interest rate was 10.00%, 92.8% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Utah by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: Maryland, Virginia, Indiana, Oregon, or see all states.