Business financing in Summit County.

Business financing is money you borrow — or receive — to start, run, or grow a business. It comes in several forms:

**Loans** are the most common. You borrow a fixed amount and repay it over time with interest. Loans can come from banks, credit unions, CDFIs (Community Development Financial Institutions), or online lenders.

**Lines of credit** work like a credit card for your business — you draw funds as needed and only pay interest on what you use. These are helpful for contractors with seasonal income or fluctuating cash flow.

**Microloans** are smaller loans — typically under $50,000 — designed for newer businesses or solo operators who may not qualify for traditional bank loans.

**Grants** are funds you do not repay. They are competitive and often tied to specific industries, demographics, or purposes.

**Equipment financing** lets you buy tools, vehicles, or machinery using the equipment itself as collateral.

In Summit County, many small businesses — especially in construction, hospitality, and outdoor recreation — benefit most from microloans and lines of credit that can flex with the seasonal nature of the local economy.

Summit County's economy is driven by skiing (Park City Mountain, Deer Valley), real estate and construction, short-term rentals, food service, and outdoor recreation businesses. Lenders familiar with this region understand that revenue can be heavily front-loaded in winter and summer, and they may structure repayment schedules accordingly.

**General eligibility factors most lenders look at:**

- Time in business (many traditional lenders want at least 1–2 years of operating history)

- Personal and/or business credit score

- Annual revenue and cash flow

- Whether you have a business bank account and basic financial records

- The purpose of the loan

**You do not need to be a U.S. citizen to qualify for many loan products.** ITIN (Individual Taxpayer Identification Number) holders — including many Spanish-speaking contractors and business owners in Summit and surrounding counties — can access financing through CDFIs, credit unions, and select community lenders. See Section 4 for specific organizations.

**Seasonal businesses:** If your income peaks in ski season or summer, be prepared to show 12–24 months of bank statements so lenders can see your full annual picture, not just a slow month.

**Solo contractors and gig workers:** You may qualify even without a registered LLC, but forming a business entity and opening a dedicated business account will significantly improve your options and protect you personally.

Gathering your documents before you apply saves time and reduces stress. While every lender has slightly different requirements, here is what most will ask for:

**Personal identification:**

- Government-issued ID (passport, state ID, or consular ID/matrícula consular)

- ITIN or Social Security Number

- Proof of address

**Business and financial records:**

- 6–24 months of personal and/or business bank statements

- Most recent 1–2 years of tax returns (personal and/or business)

- Profit and loss statement (even a simple one you prepare yourself)

- List of any existing debts or business obligations

**Business documentation:**

- Business license or registration (from the Utah Division of Corporations)

- EIN (Employer Identification Number) from the IRS — free to obtain at irs.gov

- Lease agreement or proof of business address (if applicable)

- Contracts or invoices showing work history (very helpful for contractors)

**For specific loan types:**

- Equipment loans: quote or invoice for the equipment

- Real estate loans: property details and current appraisal

- SBA-backed loans: additional forms provided by the lender

If you are missing some of these, a CDFI or credit union counselor can help you figure out what you need before you apply — that is exactly what they are there for.