Zions Bank was founded in 1873 in Salt Lake City, Utah. It is one of the oldest financial institutions in the intermountain west and specializes in banking and technology services. The company has 125 full-service financial centers across Utah, Idaho, and Wyoming, and is currently led by CEO and President, A. Scott Anderson. Customers can enjoy access to over 200 Zions Bank ATMs. Zions Bank is a part of Zions Bancorporation, which operates in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, and Washington State.

Zions Bank offers a variety of business services, including business lines of credit, business term loans, real estate financing, business equipment leasing and small business administration loans. But despite the A+ rating, the company is not accredited with the BBB.

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The Good

Business Term Loan Services
The company has a variety of business financing and loan options that aim to accommodate many different situations. Zions Bank offers both secured and unsecured business loans. The loans are a one-time need and are purposed for business expansion, increasing working capital.

The business term loans can help finance furniture, fixtures, and equipment. Rates are fixed or variable and terms are up to 84 months. The business term loans include a loan origination fee, appraisal fee, and filing costs.

Small Business Administration Loans
Zions Bank has been ranked as the #1 Small Business Administration Loan Lender for 21 consecutive years in Utah, and 13 consecutive years in Idaho. The company works with term loans, working capital loans, lines of credit, and a 504-loan program. With the small business administration loan, clients can purchase machinery, equipment, inventory, real estate, and more. Terms range up to 25 years depending on which loan type is chosen, and these loans can typically finance all business assets. Interest rates are variable, and these loans include an SBA guarantee fee and a packaging fee.

Not a Big Bank
Zions Bank focuses a lot on quick, high-quality customer service, and is not a “big bank.” In fact, the company has been known to approve loans from 20 minutes to just one business day. Zions Bank has a low credit score requirement of 580 to qualify for loans; the banking industry usually has an average credit score requirement of around 640. Even though specific rates are not provided on the website, Zions Bank’s rates are known to be more affordable than typical big bank rates.

The Bad

Not BBB Accredited
Even though Zions Bank has been around since 1873, the company is not accredited with the BBB. Well-known companies that have been around for this long are almost always BBB accredited. It is important to note that Zions Bank received an A+ rating and very little complaints with the BBB. The majority of the BBB complaints are with products and services.

Lacking Locations
Zions Bank does not offer services to all 50 states. In fact, locations are quite limited. Zions Bank only has full-service providers in Utah, Idaho, and Wyoming. Zions Bank is a part of Zions Bancorporation, but even then, Zions Bancorporation only operates in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, and Washington.

Fees depend on each Zions Bank business loan type. Between the different loan types, customers should look out for one or more of the following fees:

  • Loan origination fee
  • Annual fees
  • Account receivables monitoring costs
  • Filing costs
  • Appraisal Fee
  • Title Policy Fee
  • Document Fees

While the website does not explain fee amounts, Zions Bank is upfront about saying which kinds of fees are associated with which service.

The Bottom Line

Zions Bank provides many different business loan and financing options and aims to accommodate all customer situations. For business loans, clients can choose between term business loans and small business administration loans—each with different fees, term lengths, and rates. The company has been in business since 1873 and is very well known across the intermountain west. Because it is not a big bank, the company claims to have lower rates and more flexible terms.

Zions Bank is not BBB accredited and does not provide specific interest rate information. While the company is worth looking into for people in the servicing states, Zions Bank is not entirely a standout in the industry.

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