The 525 loans approved by Zions Bank in Utah totaled more than $43.3 million, and represented 24 percent of the 2,153 SBA-backed loans approved in the state during fiscal year 2006.
"Zions Bank is proud to continue its role as Utah's leader in providing SBA loans to entrepreneurs," said Zions Bank President and CEO Scott Anderson. "We promote an institution-wide commitment to supporting small businesses as they grow, expand and create jobs. We support the innovations of small businesses, because they preserve Utah's rich heritage of enterprise and ingenuity."
In addition to its number one ranking in SBA lending, Zions Bank also leads all other financial institutions in Utah in marketing SBA loans to women- and minority-owned businesses. During fiscal year 2006, 43 percent (or 226) of the SBA loans approved by Zions Bank were to women and minorities. Zions Bank made 31 loans to minority-owned businesses, 73 loans to businesses owned 100 percent by women, and another 122 loans to businesses co-owned by women. Additionally, 26 percent of the total SBA loans closed by Zions Bank in 2006 were made to rural businesses.
SBA 7(a) loans are the most basic and most used type of loan in SBA's business programs. The loan's name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses. The SBA 7(a) loan 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; construction, renovation or leasehold improvements; acquisition of furniture, fixtures, machinery, and equipment; purchase of inventory; and, working capital. In this decade alone, Zions Bank has administered 2,907 SBA 7(a) loans totaling $243.8 million.
America's 23 million small businesses employ more than 50 percent of the private workforce, account for more than half of the nation's private sector output, and are the principal source of new jobs in the U.S. economy. In Utah, approximately 97 percent of businesses qualify as "small businesses" (businesses with fewer than 500 workers).
To provide entrepreneurs additional support, the Zions Business Resource Center offers small business owners and managers convenient access to information, seminars and workshops. Located at 310 S. Main in Salt Lake City, it provides multi-media business resources -- including a computer lab for research and for writing business plans, a library of business startup guides, and other books and publications that offer advice, ideas, and information.
Zions First National Bank
