Capital Provided to Businesses Created and Retained 1,161 Idaho Jobs in 2011
Kuna-based Tribal Fire Systems Retains 11 Jobs and Generates Five New Positions with SBA Loan from Zions
BOISE, Idaho; November 8, 2011 — Zions First National Bank today announced its rank as the top provider of U.S. Small Business Administration (SBA) 7(a) loans in Idaho for 2011, marking its tenth consecutive year as Idaho’s No.1 SBA lender. As Idaho’s third largest financial institution ranked by deposits, the announcement reinforces the bank’s growing presence in the state (Source: FDIC).
Zions Bank approved 129 SBA 7(a) loans in the SBA’s Boise District, totaling more than $12.5 million and representing more than 37 percent of the 343 SBA-backed loans approved in the district during fiscal year ended 2011. In Northern Idaho, Zions Bank also approved another 27 loans, totaling more than $4.7 million, in SBA’s Spokane District.
The capital provided through Zions Bank’s loans to Idaho businesses allowed them to grow so that they could hire 218 new employees and retain 943 positions, totaling 1,161 jobs, according to SBA data.
Capital provided by Zions Bank to small businesses like Tribal Fire Systems is helping the Idaho economy during a time of sluggish economic recovery. Kuna entrepreneur Clarence McLain, who is Navajo, launched the company in 2009 to provide fire sprinkler and fire alarm installation for commercial, industrial, and residential clients. The business has steadily grown from one to 11 employees who have served statewide clients including Thompson Creek Mining Company, McCain Foods, the City of Burley, Fort Hall Hotel and Event Center as well as federal projects. The company received an SBA 7(a) loan from Zions in September 2011 to support its continued expansion and recently landed several new contracts. Now, the company is poised to hire five new positions to work on its new projects.
“When we started, it was a struggle, but we just kept at it and never gave up. We work with some of the best craftsmen in our trade, and they’ve helped refer us to new clients,” said McLain. “One of our biggest advantages is the people we work with, like the team at Zions Bank, insurance broker and our accountant.”
Because they create jobs, small businesses like Tribal Fire Systems are key drivers of the economy, according to Scott Anderson, Zions Bank president and CEO. “Roughly 97 percent of companies in Idaho 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 for the past decade, 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 Idaho in marketing SBA loans to women-owned businesses and new start-ups. During fiscal year 2011, 33 percent (or 43 loans) of the SBA loans approved by Zions Bank were to women, and 23 percent (or 30 loans) were made to new businesses.
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.
About Zions Bank
Zions Bank, a subsidiary of Zions Bancorporation (NASDAQ: ZION), is Utah’s oldest financial institution and operates 127 full-service financial centers throughout Utah and Idaho. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has consistently ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 20 years and Idaho’s Boise District for the past 12 years. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for more than 140 years. Additional information is available at www.zionsbank.com.