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FDIC-insured business lender offering SBA 7(a) and 504 loans up to $5M and equipment financing since 1988, with same-day approval and next-day funding.
Data compiled from public sources
Milestone Bank has operated as a business lending institution since 1988, positioning itself as an established provider of commercial financing solutions. The company is FDIC-insured and maintains physical locations in Troy, Michigan and Salt Lake City, Utah, lending credibility through federal deposit insurance backing.
Milestone Bank specializes in two primary lending products: SBA business loans (7(a) and 504 programs) offering up to $5,000,000, and equipment financing ranging from $350,000 to $4,000,000. They advertise provider-stated same-day approval timing with provider-stated next-day funding timing capabilities and position themselves as handling documentation burden for applicants ("We Do the Heavy Lifting"). Equipment financing covers 12 specific industry verticals including manufacturing, construction, food & beverage, IT, automotive repair, and wireless technology.
The company differentiates itself through multi-decade experience (over 30 years serving business owners), established partnerships with resellers, distributors, and manufacturers, and industry-specific equipment financing solutions. They emphasize cash conservation through leasing rather than purchasing and provide dedicated SBA lending experts to guide loan selection between 504 (real estate) and 7(a) (business expansion) products.
However, Milestone Bank's profile shows limited transparency around pricing, interest rates, approval requirements, and processing timelines beyond "provider-stated same-day approval timing" and "provider-stated next-day funding timing" claims. The website lacks specific case studies, customer testimonials, or detailed qualification criteria. For equipment financing, minimum loan amounts ($350,000) exclude many small businesses, and no information is provided about personal credit requirements, debt-to-income ratios, or industry-specific restrictions.
This is state-level context for Business Loans consumers in Salt Lake City, UT. It does not confirm that Milestone Bank or this specific location is licensed.
State regulator
Utah Department of Financial Institutions
Consumer protection
Status: Permitted
Rate context: No specific usury cap for written agreements
Governed by Utah Consumer Credit Code (Utah Code § 70C-1 et seq.); lenders must be licensed with Department of Financial Institutions
Status: Permitted
Rate context: No specific usury cap for written agreements
Regulated under Utah Consumer Credit Code (§ 70C); lenders must comply with licensing requirements and disclosure obligations
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
Milestone Bank offers 12 services including SBA 7(a) business loans up to $5,000,000, SBA 504 business loans for commercial real estate purchases, Equipment financing from $350,000 to $4,000,000, Equipment leasing solutions for cash conservation, Same-day loan approval processing, and 7 more.
Milestone Bank has profile signals associated with Established businesses with revenue and credit history seeking $350K+ equipment purchases across defined industries, Companies needing SBA 7(a) loans for expansion or 504 loans for commercial real estate acquisition, Equipment resellers, distributors, and manufacturers with customers requiring equipment financing solutions.
Key strengths: FDIC-insured deposits provide federal backing and consumer protection up to $250,000 per account; SBA loan amounts up to $5,000,000 accommodate significant business expansion and real estate purchases; Equipment financing available for 12 specific industries (manufacturing, construction, food & beverage, IT, automotive, wireless tech, etc.). Areas to consider: Equipment financing minimum of $350,000 excludes small businesses and startups needing under $350K; Website does not list pricing transparency—no APR ranges, origination fees, or rate examples disclosed.
In the Business Loans category, comparable providers include Finwise Bank, Medallion Bank, Webbank. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
CreditDoc Profile Note
Milestone Bank is best suited for established small-to-mid-sized businesses with existing credit and revenue history seeking substantial equipment financing ($350K+) or SBA-backed business loans for expansion and real estate. The primary caveat is lack of transparency on rates, fees, and approval requirements—applicants must contact directly to understand true costs and eligibility, and minimum equipment loan amounts exclude many smaller operations.
FinWise Bank (NASDAQ: FINW) is a bank charter providing lending, payment, and card infrastructure solutions to fintech companies and traditional businesses rather than direct consumer lending.
Profile signals: Fintech companies seeking complete banking infrastructure, lending program management, and regulatory compliance guidance, Payment platform operators wanting to consolidate multiple payment rails into a single integration
Medallion Bank provides point-of-sale consumer financing for RV/boat dealers and home improvement contractors, plus banking-as-a-service partnerships for lenders.
Profile signals: RV and boat buyers purchasing from dealers partnered with Medallion Bank who have limited credit options elsewhere, Home improvement contractors seeking to offer financing as a value-added service to their customers
WebBank is a chartered bank that partners with fintech and platform companies to issue consumer and small business credit products through embedded finance solutions.
Profile signals: Fintech companies seeking embedded lending infrastructure and regulatory banking partner support, Retail platforms and SaaS companies wanting to offer branded credit to customers
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The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders are required to show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the lower-cost loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the one route to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
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