Capital Provided to Businesses Created and Retained 5,532 Utah Jobs in 2011
WVC-based B&D Dental Corp. Generates Ten New Jobs with SBA Loan from Zions
SALT LAKE CITY, Utah; November 9, 2011 — Zions First National Bank today announced its rank as the top lender of U.S. Small Business Administration (SBA) 7(a) loans in Utah during 2011. Zions has ranked as Utah’s No.1 SBA lender for the past 18 consecutive years, and has been the top SBA lender in Idaho’s Boise District for the past ten consecutive years.
Zions Bank and its affiliates approved 555 SBA 7(a) loans in Utah, totaling $77.3 million for the fiscal year ended Sept. 30, 2011. These loans represent 35 percent of the 1,561 SBA-backed loans approved in the state during fiscal year 2011.
Capital provided through Zions Bank’s SBA loans helped Utah businesses grow so that they could hire 1,218 new employees and retain 4,314 positions, totaling 5,532 jobs, according to SBA data.
Small businesses like B&D Dental Corporation in West Valley City are helping the Utah economy during a time of slow economic recovery. Entrepreneur Benjamin Jung launched his wholesale dental manufacturing and supply company in 2002 with a single line of consumable dental lab products, called Artimax articulators, for which he received a patent. Since the initial start up, B&D Dental has additionally grown into a CAD/CAM equipment and material manufacturer and is recognized in its industry as a leader of dental laboratory CAD/CAM technology. As a result, it has steadily grown to 43 employees, ten of whom were hired in 2011. After receiving an SBA 7(a) loan from Zions in June 2011, the business is poised to add additional jobs.
“As a result of positioning B&D Dental as a technology leader at the forefront of our evolving industry, we anticipate continued increase in sales, production and hiring. The successful growth of companies like B&D Dental rely on solid financial partners like Zions Bank that can provide the resources and financial backing necessary to facilitate this growth,” said Jung.
Because they hire workers, small businesses like B&D Dental Corp. are key drivers of the economy, according to Scott Anderson, Zions Bank president and CEO. “Roughly 97 percent of companies in Utah 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, 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 Utah in marketing SBA loans to women-owned businesses and new start-ups. During fiscal year 2011, 30 percent of the SBA loans approved by Zions Bank were to women, and 30 percent 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.
Zions Bank, a subsidiary of Zions Bancorporation (NASDAQ: ZION), is Utah’s oldest financial institution and is the only local bank with a statewide distribution of financial centers, Zions Bank operates locations in communities 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 ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 18 consecutive years. Founded in 1873, Zions Bank has been serving the communities of Utah for more than 135 years. Additional information is available at www.zionsbank.com.