Zions Bank and its affiliates approved 437 SBA 7(a) loans in Utah, totaling $44.1 million for the fiscal year ended Sept. 30, 2012. These loans represent 40 percent of the 1,071 SBA-backed loans approved in the state during fiscal year 2012.
Capital provided through Zions Bank’s SBA loans helped Utah businesses grow so that they could hire 1,212 new employees and retain 2,289 positions, according to SBA data.
Small businesses like DPS, a Salt Lake City-based manufacturer and international distributor of high performance carbon fiber skis, received an SBA loan from Zions Bank and are helping to fuel the state’s economic recovery. DPS founder and president Stephan Drake has been expanding his company and has grown his Utah workforce from 4 to 20 since 2005. In August, DPS announced a new European distribution facility for the 2012-13 ski season which is mitigating shipping costs for European customers and dealers while expediting order fulfillment time. After receiving an SBA 7(a) loan from Zions in June 2012, the business was poised to add additional jobs.
“We’re thrilled to be working with Zions Bank as our SBA lender. They've made the process extraordinarily smooth, with careful attention to our needs and details along the way. We're equally thrilled to contribute to the Utah economy, having recently added many valuable employees to our team. Our prospects remain strong,” said Drake.
Because they hire workers, small businesses like DPS are key drivers of the economy, according to Scott Anderson, Zions Bank president and CEO. “Roughly 97 percent of companies in Utah qualify as small businesses, and we know they help fuel our economic growth because they are the principal source of new jobs. As the state’s top SBA lender, Zions Bank is proud to be part of the economic solution by offering support and expertise to entrepreneurs,” he said.
Zions Bank also leads all other financial institutions in Utah in marketing SBA loans to women- and minority-owned businesses and new start-ups. During fiscal year 2012, 32 percent of the SBA loans approved by Zions Bank were to women and minorities, and 34 percent were made to new businesses.
Through the end of 2012, Zions Bank is offering small business owners a complimentary business toolkit, which includes a resource guide on topics ranging from marketing and social media to hiring tips and cash flow management.
SBA 7(a) loans are the most basic and most used type of loan in SBA’s business programs. The program offers up to 25-year, fully amortized loans that result in lower monthly payments for the borrower. Proceeds from the 7(a) program may be used for most business purposes, including the purchase of real estate for business operations, acquisition of equipment, and working capital.