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Capital Access Network, Inc. (CAN) has announced plans to open a new office in Utah for itself and its subsidiary company, NewLogic Business Loans, Inc., bringing 108 new jobs to the state over the next five to seven years.
The company will be located in Salt Lake City, with the exact location yet to be determined. CAN has entered into an incentive agreement with the state for seven years and is expected to invest about $1.9 million in capital investment.
“We are delighted that Capital Access Network will be expanding their business and locating in Salt Lake City,” said Salt Lake City mayor, Ralph Becker. “As the financial center for the Intermountain West, downtown Salt Lake City is a great fit for a growing, tech savvy company that provides access to capital for our small business community.”
Over the lifetime of the state incentive, the company will pay more than $38 million in new state wages and benefits to 108 jobs. These wages will be at least 125 percent of Salt Lake County’s average annual wage, including benefits.
CAN has provided small businesses with access to nearly $3 billion in capital, and NewLogic grew by more than 100 percent in 2012. NewLogic provides small businesses with access to an alternative business loan that integrates speed, high approval rates and flexibility.
“Capital Access Network will be a great addition to the small business resources the state already provides,” said Spencer Eccles, executive director of the Governor’s Office of Economic Development (GOED). “We look forward to working with this company as a partner in assisting the small business community in our state.”
Throughout the incentive’s lifetime, CAN will pay an estimated $8 million in new state taxes.
The GOED Board of Directors has approved a $2,028,359 economic development tax increment financing (EDTIF) post-performance refundable tax credit, or 25 percent of Capital Access Network’s new state revenues over the incentive’s seven year lifetime.