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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.”