Zions leads Utah's lenders once again

11/10/2011

Entrepreneur Carlos Soto opened his sit-down Mexican restaurant Burrito Grande in Utah 10 years ago, and its success resulted in an expansion to 25 tables and 10 employees, the Standard-Examiner reports. This past February, Soto received a 7(a) loan from the U.S. Small Business Association and used the funds to build a new location expected to open this December. The funds also allowed him to hire an additional 15 employees for the store.

The bank that granted the loan - Zions First National Bank - has been the leading SBA loan provider in the state for the past 18 years, as well as the top SBA lender in Idaho's Boise District for the past 10.

"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," Scott Anderson, Zions Bank president and CEO, told the news source. "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."

For the fiscal year ending September 30, Zions approved 555 SBA loans in the state totaling $77.3 million - 35 percent of Utah banks' total approvals during that time period. Through Zions loans, state businesses were able to hire 1,218 new employees and retain 4,314 positions.