Fund Your Business Dreams
How far do you plan to take your small business? As your local community bank, we’re ready to help you get there. As a Small Business Administration (SBA) preferred lender, we’re in a unique position to open doors and create new possibilities. Our status as an SBA preferred lender allows us to make loan decisions faster than other banks that are not preferred lenders. Those decisions are made locally by people who know you, understand your business, and are familiar with the nuances of the local Utah economy. That unique perspective—backed by SBA programs and resources—means we can help you identify and take advantage of opportunities you may not have considered.
SBA Loan Types
7(a) Term Loan
Qualify for up to $5 million to fund equipment, real estate, inventory and working capital, and up to $350,000 in revolving lines of credit to fund ongoing operations. For more information, visit the SBA website.
This SBA loan is used to fund fixed assets, including large equipment and new facilities, with a cost of up to $12.5 million. Down payments range from 10% to 20%. Terms extend to 20 years and interest rates are typically below market rates. For more information, visit the SBA website
Aga Merx is a vice president and SBA department manager for Bank of American Fork. Aga’s extensive experience with the Small Business Administration started when she worked for the Small Business Development Center, an SBA-approved agency to help small businesses apply for loans, prepare to meet their lenders and prepare business plans, while she was working on her bachelor’s degree in business administration and finance from Weber State University. After this sparked her interest in SBA, Merx worked for America West Bank. America West Bank closed and Merx worked with the FDIC. From there, Merx contracted for banks to review their files for SBA and FDIC compliance. One of the banks asked her to manage their non-performing assets—she worked them out to help the bank to be successful, and consequently worked herself out of the job! Merx went on to manage SBA lending at Proficio Bank. In 2015, Merx came to Bank of American Fork to help manage the SBA department. Merx is responsible for SBA portfolio growth and maintenance and implementing strategies and initiatives to grow. A challenge in SBA lending is keeping updated on constant changes in procedures and news from the SBA, so Merx keeps up on changes and educates and coaches other loan officers. Merx is also attending Pacific Coast Banking School.
* Subject to credit approval.