February 14, 2012

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Executive Living
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

Small Business Administration Recognizes Bank of Utah

Press Release

February 14, 2012

Bank of Utah, one of Utah’s few remaining locally-owned and operated community banks, was recognized by the U.S. Small Business Administration Utah District Office (SBA) for outstanding performance for its volume of SBA 504 loans in 2011.

“Each year the SBA recognizes local lending institutions for their use and support of SBA loans in the state,” said Stan Nakano, SBA district director. “Bank of Utah was very active in 2011 by providing guidance to businesses on getting financing via a traditional bank loan or through an SBA government-backed loan.

“Community banks play a huge role in financing small businesses in Utah and across the country,” added Nakano. The U.S. Small Business Administration Utah District Office reported that Utah’s financial community processed 1561 SBA loans, totaling $435.8 million. Bank of Utah alone financed $22 million in 2011, which is a 64 percent increase since 2010.

SBA’s mainstay, the 7 (a) lending program, backs loans up to $2 million and can be used for working capital, expansion, equipment and for purchasing real estate. The SBA 504 program is designed to help small businesses purchase real estate or large equipment.

“We are very proud to be recognized by the SBA for our business lending activity in the state,” said Douglas L. DeFries, Bank of Utah president. “The people at the SBA have been terrific partners in providing financing for many Utah businesses this past year.”
(2.14.12)

Utah Business Social
UB Events View All
30 Women to Watch 2014!Utah Business Event
May 22, 2014
Thirty of Utah’s most dynamic women will be recognized at the 15th Annual 30 Women to Watch Awar...
Community Events View All
Branding Utah
Apr 18, 2014
Vicki Varela, managing director for the Utah Office of Tourism, Film and Global Branding, will sh...
Excel Level 1
Apr 22, 2014
A hands-on, interactive class covering Microsoft Excel fundamentals. Explore the new user interfa...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel