Liberty Bank of Utah

326 South 500 East, Salt Lake City, UT 84102
Visit us 24/7 at Liberty Bank / Contact us (801) 355-7411/ Email us

Wednesday, October 24, 2012

The time for an SBA loan is now!!

SBA Loan Dollars in FY 2012 Reach Second Largest Total Ever; $30.25 Billion Second Only to FY 2011

WASHINGTON – With loan volume steadily increasing for the past six quarters, the U.S. Small Business Administration’s loan programs posted the second largest dollar volume ever in FY 2012, supporting $30.25 billion in loans to small businesses. That amount was surpassed only by FY 2011, which was heavily boosted by the loan incentives under the Small Business Jobs Act of 2010.

Read Article:

Monday, October 22, 2012

What's New is SLC..

To Bike or Not to Bike.
The question at City Hall is, how much influence should bicyclists have in shaping Salt Lake City’s future transportation strategies?
One group argues that bicycling is more than transportation: It also takes into account recreation, environment (clean air), land use and economic development. They argue that bicycling should have its own advisory board within city government to bring a strong cycling voice to all those topics.
The other side, including Mayor Ralph Becker, contends that bicycling is a transportation mode and must be integrated into the city’s overall transportation planning. As such, they say bicycling could have its own subcommittee, but must be within the Transportation Advisory Board.
The debate is more than political hair-splitting, according to those tussling with the issue for the past six months.
In April, Becker dissolved the decades-old Mayor’s Bicycling Advisory Committee that was independent of City Hall and staffed with volunteers.
The decision was met with strong criticism from the cycling community that has worked hard to get bike lanes, trails, signs and a bike safety program in Salt Lake City.  
But David Everitt, Becker’s chief of staff, said dissolving the ad hoc committee was necessary. "The current informal approach simply does not work anymore," he said in a letter to the volunteers.
Becker had earlier appointed bicycle advocate Jonathan Springmeyer to sit on the city’s Transportation Advisory Board.
Nonetheless, members of the defunct Mayor’s Bicycle Advisory Committee said they believed bicycling needed a bigger voice in city government. They proposed creating a Bicycling Advisory Board within city government.
"Salt Lake City is poised to become a great American bicycling city," said Dave Iltis, the former chairman of the Mayor’s Bicycle Advisory Committee. "In order to get there, we need an independent city board."
In the coming weeks, Iltis will make that case to the City Council, which ultimately will decide how much sway bicyclists have in planning the city’s future.
City Councilman Luke Garrott agrees that bicycling cuts across many aspects of society. He favors creating a Bicycling Advisory Board, rather than a subcommittee under the Transportation Advisory Board.
"Making it a subcommittee is doing it a great disservice," he said. "It’s taking something that has multiple dimensions and squashing it into a flat box."
But Everitt contended that all modes of transportation affect land use, economics and environment. "The mayor believes that issues surrounding all forms of transportation should be integrated," he said.
He added that a subcommittee approach would not push bicycle advocates out of strategic planning.

Wednesday, October 17, 2012

Cash Flow From Day One....

No really!  You can with Liberty Bank.  It is a great time to finance the equipment you need for your business!

  • Financing equipment offers your business a competitive edge by minimizing tax liability, conserving credit and capital, and protecting against equipment obsolescence.
  • It is a convenient way to acquire the equipment your business needs-without all the hassles. In many instances, the leasing application is all you'll need to apply.
  • Moreover, approvals can be as fast as two business hours, up to 24 hours.

Contact us today to speak with a financing representative so you can decide which best meets your business requirements. 
  • Equipment Finance from $5000 - $100,000
  • Competitive Rates/ Direct Lender
  • Quick Approvals/ Instant Quotes
  • No Hidden Fees/Include soft costs (OAC)

Wednesday, October 3, 2012

Small Business Lending and Growth in our Community

Start-Ups Create Jobs, Right? So Let’s Stop Praising Small Businesses — and Fund More

By pretty much any measure, lending to American small businesses is weak.  According to the SBA, for example, a small business is defined in one of the following ways, depending on industry:
  • Annual revenues of $750,000 or less for most agricultural industries
  • $33.5 million or less for heavy construction industries
  • $14 million or less for specialty trade contractors
  • 500 employees of fewer for most manufacturing and mining industries
  • 100 employees or fewer  for wholesale trade industries
  • $7 million or less for most retail and service industries
That’s a wide range of range of definitions, especially given the way politicians and Chamber of Commerce types like portray entrepreneurs as an urban version of the family farmer. In fact, even the SBA’s small-business loan data is based on a a sort of proxy measure. The agency defines a loan to small business as any business loan of $1 million or less. So a $1.1 million loan to a chain of dry cleaners with $5 million in revenues doesn’t get counted, while a $500,00o loan to a 150-worker auto parts wholesaler does.
Small businesses often have a relatively thin barrier between success and failure. Facing minimal economic growth—not to mention uncertainty about the effects of healthcare reform and other regulatory and legislative agendas—only the most confident and/or desperate of entrepreneurs will increase their borrowing. 
The real Little Engine That Could when it comes to job creation, as shown in a 2010 study from the National Bureau of Economic Research—”Who Creates Jobs? Small vs. Large vs. Young”—is new companies, regardless of their size. As the authors (John Haltiwanger, Ron JarminJavier Miranda) concluded: ”Firm startups account for only 3% of employment but almost 20% of gross job creation. The fastest growing continuing firms are young firms under the age of five.”  
This distinction might seem nuanced—very few business launches start with 1,000 employees—but it’s important. When politicians criticize government for small-business-strangling regulation, they’re being disingenuous. Most small businesses fail to grow because that’s the nature of the beast. What you want, from a job-creation perspective, is government to foster an environment in which starting a business—period—is easy. It’s a numbers game really; since most small businesses will fail or stall, you want to throw as many ideas on the pavement as possible so that the small percentage of start-ups that thrive is part of an increasing  pool of new companies. The success rate may not change, but the absolute number of successes will.
Judging by that measure, the state of U.S. entrepreneurship is ripe for meaningful discussion. On the one hand, the Romney campaign might focus on the most recent annual data for U.S. business start-ups, which dropped to a record low in 201o. Conversely, the Obama campaign might highlight the World Bank‘s most recent “Doing Business” annual report, which ranks the ease of organized commerce in 183 countries, based on business-friendly regulations. The U.S.—which finished 4th overall—ranks 13th when it comes to starting a business. That’s the second-highest ranking among the world’s 10 biggest economies.
Rather than arguing over who’s more supportive of existing small-business owners—or harping on regulations, which are not the problem; or worrying about weak borrowing, which is most likely a cyclical phenomenon—both candidates should explain how they’d help wannabe entrepreneurs take the big leap. Because the more of those folks we can guide from fantasy to reality, the more jobs we’ll create down the line.