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: http://www.sba.gov/about-sba-services/7367/329571

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.

See entire article at: http://www.sltrib.com/sltrib/neighborhoodcity/55045632-135/advisory-bicycling-transportation-bicycle.html.csp

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.