Your Local SBA
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For years I have felt privileged to lead a remarkable group of public servants in a remarkable state with a community of remarkable lenders and business partners. My feelings were confirmed at a recent District Directors meeting in Washington DC. I was honored and humbled to accept from Agency Administrator, Aida Alvarez, the “Best of the Best” award designating the Utah District as the overall best in the entire agency in meeting and exceeding Agency objectives for fiscal year 1999 (FY99).
The award results from a group effort not only of our staff of dedicated employees, but also of our business partners. Utah’s Lenders, Certified Development Companies, Small Business Development Centers, SBA’s Advisory Council, SCORE counselors, the Business Information Center, the Utah Technology Finance Corporation, the Utah Business Resource Network, the Women’s Business Center, the Utah Department of Community and Economic Development, and Chambers of Commerce all contributed to making this a banner year for Utah’s small businesses.
I am especially pleased that we set new records in lending to “new market” clients (women and minority-owned businesses). New market lending truly measures Utah’s contribution to fulfilling the agency’s goal of assisting business sectors historically excluded from capital markets.
Our lenders’ whirlwind of activity was matched by a whirlwind of another kind late in the fiscal year. We were undergoing an internal Quality Service Review when a Kansas-style twister ripped through downtown Salt Lake in full view of the Central Office audit team. The team gave Utah good marks and quickly left town.
At the close of another fiscal year, I am extremely proud of our staff and business partners who consistently deliver SBA’s services efficiently and professionally. With their combined effort, SBA truly works for Utah’s small businesses.
Stan Nakano
District Director FY 99 IN A GLANCE
8(a) Contracts Approved FY 98 FY 99 Change
Number 81 93 +15% Amount $28M $51M +82%
7(a) Loans Approvals FY 98 FY 99 Change
Number 458 523 +14% Amount $89M $88M -1% % PLP 15% 14% NA % LowDoc 19% 15% NA % Express 16% 22% NA
504 Loan Approvals FY 98 FY 99 Change
Number 209 229 +10% 504 Loan Amount $63M $69M +10% Project Amount $183M $195M +7%
Micro Loans FY 98 FY 99 Change
Number 3 14 +467% Amount $.05M $.257M +414%
“New Market” Loans* FY 98 FY 99 Change
Number 162 201 +24% Amount $30M $38M +27% *Loans to Women & Minority-Owned Businesses
Top “New Market” Lenders
Amer. Investment Bank Northern Utah Capital Bank of Utah Orem Community Bank Community First Bank Utah Technology Fin. Corp. Deseret CDC Zions Bank First National Bank of Layton
Small Business Set-Asides FY 98 FY 99 Change
Amount 223M 216M -3% Total SBA-Utah Impact FY 98 FY 99 Change 8(a) Contracts $28M $51M +82% 7(a ) Loans $89M $88M -1% 504 Project Amount $183M $195M +7% Micro Loans $.05M $.257M +414% Contract Set-asides $223M $216M -3% TOTAL $523M $550M +5%
7(a) LOAN APPROVALS
Lender # Loans Loan Amount
Zions First National Bank 162 $18,977,100
First Security Bank 67 $6,720,900 Community First Bank 44 $12,518,800 American Invest. Financial 40 $13,651,450 Western Bank 22 $3,073,300 Bank One, Utah, NA 22 $2,785,000 Key Bank of Utah 18 $2,530,800 Bank of Utah 16 $3,110,500 Draper Bank and Trust 16 $2,038,500 First Nat’l Bank of Layton 16 $1,716,000 Far West Bank 15 $2,124,500 Brighton Bank 13 $779,500 Orem Community Bank 9 $1,121,000 Wells Fargo Bank, NA 9 $2,624,600 American Bk of Commerce 7 $1,529,500 The Money Store 6 $3,645,000 State Bank of So. Utah 5 $210,000 US Bank NA 5 $2,101,000 Bank of Commerce 3 $1,592,500 Frontier Bank 3 $535,900 Newcourt Small Bus. Lending 3 $422,800 Silver State Bank 3 $1,133,000 Village Bank 3 $157,000 Bank of American Fork 2 $244,000 First Western SBLC 2 $184,000 Utah Independent Bank 2 $600,000 Associates Commercial Corp 1 $55,000 Bank of America 1 $63,000 Barnes Banking Company 1 $203,000 Bonneville Bank 1 $560,000 Cache Valley Bank 1 $103,100 First Commerce Bank 1 $175,000 First Utah Bank 1 $37,000 Lusk State Bank 1 $100,000 Nevada State Bank 1 $45,000 Norwest Bank Montana NA 1 $93,400 TOTAL 523 $87,562,550
504 LOAN APPROVALS
CDC # Loans Loan Amount Project Amount
Deseret CDC 196 $55,682,000 $153,996,930
N. Utah Capital 33 $13,025,800 $41,012,037 TOTAL 229 $68,707,000 $195,008,967 7(a) & 504 LOANS BY COUNTY
County # Loans Loan Amount
Beaver 2 $615,000 Box Elder 10 $1,913,000 Cache 21 $4,806,000 Carbon 9 $1,561,000 Daggett 1 $84,000 Davis 75 $15,065,000 Duchesne 11 $3,119,000 Emery 5 $591,000 Garfield 8 $2,563,000 Grand 4 $732,000 Iron 16 $2,618,000 Juab 6 $878,000 Kane 2 $212,000 Millard 1 $20,000 Morgan 1 $70,000 Piute 0 0 Rich 1 $320,000 Salt Lake 281 $61,355,000 San Juan 6 $924,000 Sanpete 3 $834,000 Sevier 9 $3,353,000 Summit 12 $1,440,000 Tooele 6 $1,921,000 Uintah 11 $1,622,000 Utah 145 $29,855,000 Wasatch 13 $3,053,000 Washington 33 $6,689,000 Wayne 1 $68,000 Weber 61 $13,529,000 Small Business Awards
Ruelinda N. Bearnson of Keepsake Kottage, a retailer in Logan, Utah, won top honors as Utah’s 1999 Small Business Person of the Year.
Mary L.C. Flood of Wasatch Planning & Publishing was named Women in Business Advocate of the year. Michael Vowles of Leavitt Group of Spanish Fork was named Minority Advocate of the year. Flood and Vowles also won region-wide competitions. Other award winners included: Young’s Machine Company, Exporter of the Year; Robert D. Richards of Northern Utah Capital Corporation, Financial Services Advocate; Melissa Joy Thomas, Welfare-to-Work Associate; Reshell Lynn Arnall of BrickHouse Cafe, Welfare-to-Work Entrepreneur; Dean & Karen Hill of Timbermine Steakhouse & Restaurant, District Director’s Award; Wayne Stoker, Volunteer Award; Robert Craig of Enmax Corp., 8(a) Contractor of the Year; and Mote Mo’Unga of MVM Enterprises, Minority Small Business Person of the Year.
Business Information Center
The Business Information Center (BIC) served 2,919 clients (a 17% increase over FY98) of which 22% represented “new markets” (women and minority-owned businesses). Western Bank joined American Express Centurion Bank and AlphaGraphics as BIC sponsors, helping the BIC to remain open evenings. Minority Small Business
8(a) contracts and 7(a) loans added $62 million to Utah's minority small business community, an 82% increase over last year. Currently, 42 Utah firms owned by members of all major minority groups participate in the 8(a) program. This represents a 40% increase over last year. 12 of the 42 firms are women-owned.
Legal Division
The Legal Division assisted the Nevada District by closing its 504 loans. Our District Counsel continued chairing nationwide taskforces producing new disaster loan documents for use nationwide. | ||