SALT LAKE CITY, Utah; November 4, 2013 — Zions First National Bank was the top provider of U.S. Small Business Administration (SBA) 7(a) loans in Utah during 2013, marking its 20th consecutive year as Utah’s No. 1 SBA lender.
Zions Bank and its affiliates approved 372 SBA 7(a) loans in Utah, totaling $45.3 million for the fiscal year ended Sept. 30, 2013. These loans represent 35 percent of the 1,049 SBA-backed loans approved in the state during fiscal year 2013.
Capital provided through Zions Bank’s SBA loans helped Utah businesses grow so that they could hire 858 new employees and retain 1,732 positions, according to SBA data. Small businesses like DPS, a Salt Lake City-based manufacturer and international distributor of high performance carbon fiber skis, received an SBA loan from Zions Bank and are helping to fuel the state’s economic recovery. DPS founder and president Stephan Drake has been expanding his company and has grown his Utah workforce from 4 to 20 since 2005. In 2013, DPS was recognized as Exporter of the Year by the SBA’s Utah District office.
“We’re thrilled to be working with Zions Bank as our SBA lender. They've made the process extraordinarily smooth, with careful attention to our needs and details along the way. We're equally thrilled to contribute to the Utah economy, having recently added many valuable employees to our team. Our prospects remain strong,” said Drake.
Because they hire workers, small businesses like DPS 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 and minority-owned businesses and new start-ups. During fiscal year 2013, 39 percent of the SBA loans approved by Zions Bank were to women and minorities, and 31 percent were made to
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. On Oct. 1, the SBA announced a reduction in the annual service fee for all 7(a) loans in fiscal year 2014 and a reduction in the up front guaranty fee for all 7(a) loans in the amount of $150,000 or less. These reduced fees allow borrowers to retain more of their funds for operating capital.
DPS designs the world’s most advanced skis. Inspired by a vision to make perfect skis worthy of those who live and breathe the sport, and located at the base of the Wasatch Mountains in Salt Lake City, DPS introduced the world’s first and only Pure prepreg carbon fiber sandwich ski, the first 120mm powder pintail, transferred the word “rocker” from surfing to skiing—then built the first rockered ski with side cut—and now have unleashed the Spoon. The fusion of space-age carbon technology and groundbreaking shaping has resulted in the world’s most advanced quiver of skis. DPS Skis are sold on four continents and are a trusted brand of serious skiers worldwide.
About Zions Bank
Zions Bank, a subsidiary of Zions Bancorporation (NASDAQ: ZION), is Utah’s oldest financial institution and operates 124 full-service financial centers in Utah, Idaho and Jackson, Wyoming. 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 22 years and Idaho’s Boise District for the past 14 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.