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Show Page 12 The Ogden Valley news Volume XV Issue I December 15, 2007 Zions Bank Ranks as Utah’s Top SBA Loan Provider for 14th Consecutive Year For the fiscal year ending September 30, 2007, Zions First National Bank, a subsidiary of Zions Bancorporation (Nasdaq: ZION), approved 935 U.S. Small Business Administration 7(a) loans in Utah, ranking as the state’s top provider of SBA loans to small businesses. Zions has ranked as Utah’s No.1 SBA lender for the past 14 years. It has also ranked as the top SBA lender in Idaho’s Boise District for the past six years. The 935 loans approved by Zions Bank in Utah totaled nearly $72.9 million, and represented 31% of the 2,990 SBA-backed loans approved in the state during fiscal year 2007. “Zions Bank promotes an institution-wide commitment to supporting small businesses as they grow, expand, and create jobs,” said Zions Bank President and CEO Scott Anderson. “We’re proud to be Utah’s leader in helping visionary entrepreneurs gain access to the capital they need.” In addition to its No. 1 ranking in SBA lending, Zions Bank also leads all other financial institutions in Utah in marketing SBA loans to women- and minority-owned businesses. During fiscal year 2007, 33 percent (or 313) of the SBA loans approved by Zions Bank were to women and minorities. Zions Bank made 42 loans to minority-owned businesses, and 271 loans to businesses owned entirely or partially by women. Additionally, 27 percent of the total Utah SBA loans closed by Zions Bank in 2007 were made to rural businesses. SBA 7(a) loans are the most basic and most used type of loan in SBA’s business programs. The loan’s name comes from section 7(a) of the Small Business Act, which authorizes the Agency to provide business loans to American small businesses. The SBA 7(a) loan program offers up to 25year, 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; construction, renovation or leasehold improvements; acquisition of furniture, fixtures, machinery, and equipment; purchase of inventory; and, working capital. In this decade alone, Zions Bank has administered 3,842 SBA 7(a) loans totaling $316.7 million. America’s 27 million small businesses employ more than 50 percent of the private workforce, account for more than half of the nation’s private sector output, and are the principal source of new jobs in the U.S. economy. In Utah, about 97 percent of businesses qualify as “small businesses” (businesses with fewer than 500 workers). To provide entrepreneurs additional support, the Zions Business Resource Center offers small business owners and managers convenient access to information, seminars and workshops. Located at 310 S. Main in Salt Lake City, it provides multi-media business resources, including a computer lab for research and for writing business plans, a library of business startup guides, and other books and publications that offer advice, ideas, and information. Zions Bank is Utah’s oldest financial institution, and is the only local bank with a statewide distribution of branches, operating 114 full-service branches throughout Utah. Additional information on Zions Bank is available at <www.zionsbank.com> Optimism About Financial Future Wanes—Health insurance costs top economic concerns in quarterly economic forecast Utah business leaders appear more guarded in their optimism about the financial future of their companies, according to the latest results from Zions Bank’s Utah Quarterly Economic Forecast, conducted by independent research firm Dan Jones & Associates. The forecast tracks trends in the local marketplace and gauges the health of Utah’s economy from the perspective of high-level executives throughout the state. The third quarter 2007 survey, conducted October 1 to 30, revealed a trend toward waning optimism among panelists. Based on profits and losses over the past three months, business executives rated their levels of optimism at a mean score of 7.05 based on a scale of 1 to 10 (very pessimistic to very optimistic). Their response was down .82 points since the inception of the Utah Quarterly Economic Forecast in the second quarter of 2006. “Even as executives appear less optimistic, four out of five panelists continue to rate their optimism on the positive side of the ten-point scale,” said Pat Jones, co-owner of Dan Jones & Associates. Nearly nine out of ten panelists predict their companies’ economic health will be about the same or better in the upcoming quarter and that the size of their workforce will remain the same. In addition, the cost of employee health insurance emerges as the top concern this quarter for the first time. During all previous quarters, the cost of employee health insurance has ranked as the number two concern. Following are additional highlights from the third quarter 2007 Zions Bank Utah Quarterly Economic Forecast: • Much like the results in the third quarter of last year, results in the third quarter of 2007 reveal a lower anticipated level of capital spending than they did in the preceding quarter. Whether this is a seasonal consistency or due to fluctuations in Utah's economy remains to be seen during upcoming cycles of this study. • Anticipation for an increased workforce continues to be lower, overall, among Utah executives during the third quarters of 2006 and 2007. One out of two panelists (51 percent) predicts that the size of their workforce will remain about the same in the coming three months. • A strong majority of Utah business leaders (71 percent) continue to say that they would absorb some costs and pass on some costs to customers if their budget tightened. • After their top concern of the cost of employee health insurance, panelists indicated they also worry about finding qualified employees, keeping qualified employees, gasoline prices, and the cost of salaries and wages. In 2006, 1,169 business executives were recruited to form the study panel and to complete quarterly surveys. Business owners and high-level executives interested in joining the panel may learn more information at <https://utaheconomicforecast.com> Zions Bank is Utah’s oldest financial institution, and is the only local bank with a statewide distribution of branches, operating 114 full-service branches throughout Utah. Additional information on Zions Bank is available at <www.zionsbank.com> |
