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)

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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 Jarmin, Javier 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.

Read more:  http://business.time.com/2012/08/06/start-ups-create-jobs-right-so-why-arent-we-funding-more-small-businesses/

All of our customers are private banking clients...

Remember when you called up a business and someone answered?  I am talking a real, live, living, breathing person.  Guess what?  I know of a place that still actually answers their phone and knows their clients. Not by file # or account #, but actually knows them on a first name basis.   Liberty Bank is proud of this!

By being a local community bank we have the opportunity to support local small businesses.  We get to know our neighbors and support our community and organizations.

Liberty Bank is proud to be "old fashioned" and of the adage that bigger is not always better.  After all, isn't it all about relationships, trust and loyalty?  We think so.

We think you will agree.  Come in and see for yourself.  Visit the "Mad Men" of small business lending at Liberty Bank.

Liberty Bank Hires New Business Development/Loan Officer

SALT LAKE CITY, UTAH  Liberty Bank announces the hiring of Joseph Porter as a Business Development/Loan Officer.  He will is responsible for the development and services of small business loans and commercial loans throughout the Wasatch Front.

Mr. Porter brings his experience in commercial loan marketing and fiance, as well as community bank development and growth strategies.  Mr. Porter has been a consultant in developing local community banking programs and services for over a decade.  He has been a part of several strong banking corporations throughout his career, including: Zions BankCorp and First Security Bank.

“I look forward to working with Liberty Bank in developing their small business lending and commercial loans”, said Mr. Porter.  ”I am focused on developing new business and growth  for Liberty Bank, servicing customers, and working to become a community contributor.”

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About Liberty Bank:  Liberty Bank, a locally owned community bank was founded in 1956 to provide personalized financial services for the Salt Lake City area.  Our experienced professionals are dedicated to providing our customers the highest quality of customized attention based on your needs.  At Liberty Bank we have in-depth knowledge of financial products, as well as our local and national economic conditions.  Our values stand for integrity, fairness and honesty throughout our business.

Media Contact:

julie@libertybankofutah.com

(801) 355-7411

www.libertybankofutah.com

Some Things You Should Know About Community Banks

• Community banks focus attention on the needs of local families, businesses and farmers. Conversely, many of the nation's megabanks are structured to place a priority on serving large corporations.



• Unlike many larger banks that may take deposits in one state and lend in others, community banks channel most of their loans to the neighborhoods where their depositors live and work, helping to keep local communities vibrant and growing. 



• Community bank officers are generally accessible to their customers on-site. CEOs at megabanks are often headquartered in office suites, away from daily customer dealings.



• Community bank officers are typically deeply involved in local community affairs, while large-bank officers are likely to be detached physically and emotionally from the communities where their branches are located.  



• Many community banks are willing to consider character, family history and discretionary spending in making loans. Megabanks, on the other hand, often apply impersonal qualification criteria, such as credit scoring, to all loan decisions without regard to individual circumstances.



• Community banks offer nimble decision-making on business loans because decisions are made locally. Megabanks must often convene loan-approval committees in another state.



• Because community banks are themselves small businesses, they understand the needs of small-business owners. Their core concern is lending to small businesses and farms. The core concern of the mega banks is corporate America.

A Great State For Business

The national brokerage network NAI West has just come out with a midyear report for 2012, evaluating the commercial market, real estate market, and others, across the state. We highlighted before that Utah is the number one place in the country to do business right now, but now multiple sources confirm that if you want your business to do well, you’ll move it to Utah.

In addition to Forbes’ number one ranking for Utah, CNBC also said Utah was the second best state in the nation for doing business. Again, we highlighted that Provo was at the top of Forbes Best Cities for Business, but in addition to Provo, Ogden was also highlighted as the sixth best city in the nation for business. Overall, Salt Lake City was in the 15 Hottest American Cities of the Future list, in the Business Insider magazine.

And the good numbers and good news just keep on coming, from NAI West. Utah is in the top third of the nation for the lowest unemployment rates. Currently, the unemployment rate for the state is six percent. Last summer it was 7.3 percent. The national average at the moment is 8.2 percent. Naturally this is a great spot to do business, and to expand your current Utah business.

In addition to being a tech-friendly state in general, Utah’s office space is also a notable revenue stream across multiple counties. Of course this can be easily linked to the rise in tech-related businesses throughout the state that require space for employees and meetings. Recognizable names that have started constructing their own office space throughout the state include: Adobe, eBay, and Savage Industries. The current percentage of vacant office spaces is 13.98 percent, which is the lowest it’s been since 2007. Additionally, the total number of square footage bought for owner-occupied buildings doubled during the last half of 2011.

LOCAL BUSINESSES RETURN MORE TO THE SALT LAKE CITY ECONOMY THAN CHAIN RETAILERS

Local First Utah has released a new research study by Civic Economics detailing the amount of revenue returned to the local community by locally owned, independent businesses. The analysis shows locally owned retailers return 52 percent of their revenues to the local economy.  read entire press release at http://dev.utahbusiness.com/articles/view/local_businesses_return_more_to_the_salt_lake_city 

For comparison purposes, national chain retailers return just 14 percent of revenues. That means every dollar spent at a locally owned, independent business returns almost four times more to the local economy than a dollar spent at a national chain retailer.

The study also looked at restaurants, where Salt Lake City eateries returned 79 percent of revenues to the local economy. National chain restaurants return just 30 percent, meaning a dollar spent enjoying a meal at a local restaurant means more than two and one half times as much to the local economy than a meal at a chain restaurant.

The study concluded that shifting just 10 percent of purchases from national chains to local retailers and restaurants would keep $487 million in the Utah economy - money that currently leaves the state to be spent elsewhere. 

“Most of us have a natural sense that local businesses are good for communities,” said Betsy Burton, co-chair of the Local First Utah Board and owner of the Kings English Bookstore. “And studies in other parts of the country have borne this out over the past decade. Now we have hard evidence right here in our own city that consumers can have a huge impact on the local economy, just by shifting some of their purchases to local businesses.”

The Civic Economics analysis looked at detailed financial reports from 15 retailers and seven restaurateurs from Salt Lake City's neighborhood business districts. Similar studies have been conducted in Austin, Chicago, San Francisco, Phoenix, Grand Rapids, and New Orleans.  

“Every study we've conducted around the country has shown that shopping locally can keep at least three times more revenue in the local economy,” said Daniel Houston, partner at Civic Economics. “Salt Lake City is no exception. If anything, the 'local effect' may be even stronger in Utah.”

The first of its kind in the Intermountain West, the study came about as a result of the 2011 Neighborhood Business Conference. The analysis was paid for by Salt Lake City government and Local First Utah, with a matching grant from the American Booksellers Association. The on-going support of Zions Bank and Harmons also made the study possible.

“This study confirms what we've known for some time - that our residents have the ability to make a real difference with their purchasing decisions,” said Mayor Becker.  “Our local businesses not only help define the character of our community, but embody the source of a real economic stimulus that can have an immediate, positive impact on our City's economy.”

To download a PDF of the study results, visit www.LocalFirst.org/impactstudy.pdf.