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
Showing posts with label Liberty Bank of Utah. Show all posts
Showing posts with label Liberty Bank of Utah. Show all posts
Wednesday, October 24, 2012
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.
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Thursday, September 13, 2012
All of our customers are private banking clients...
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.
Wednesday, September 12, 2012
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
Thursday, August 16, 2012
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.
Wednesday, July 18, 2012
Business Owners Turn to Bank Loans, Not Business Cards, for Financing
Small-business owners seeking funding now see bank loans as their first option, not business credit cards, says a June 2012 Pepperdine University study
, reversing the findings of the same survey in 2011, when credit cards were seen as the business owners' first choice for loans.
, reversing the findings of the same survey in 2011, when credit cards were seen as the business owners' first choice for loans.
According to the survey, which included responses from 6,000 business owners, 68% of those seeking financing in the next six months said they will pursue a bank loan. Business credit cards were the choice of 40% and 36% said they will look to a credit union or community development fund for a loan.
were the choice of 40% and 36% said they will look to a credit union or community development fund for a loan.
The study, conducted as part of Pepperdine University's Private Capital Access Index study, also found that of the respondents who were unable to obtain a bank loan, 67% said they thought the bank loan financing was still a good fit for them.
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Owners of lower revenue businesses (less than $5 million) were found to be less optimistic about receiving financing from banks than owners of businesses bringing in between $5 million and $100 million.
The preference for bank loans reverses the sentiment business owners expressed in the same study in December 2011, when only 37% of respondents said they had tried to receive bank loans in the past 12 months. The survey then found 49% of respondents sought to use credit cards.
http://www.foxbusiness.com/personal-finance/2012/07/03/business-owners-turn-to-bank-loans-not-business-cards-for-financing/#ixzz20zPDXQua
Thursday, July 12, 2012
Small Banks Approving More Small-Business Loans
A monthly analysis of 1,000 loan applications on Biz2credit.com found that loan approvals in June by banks with less than $10 billion of assets totaled 47.5%, up two percentage points from May and five percentage points from a year earlier.
Approvals by banks with at least $10 billion of assets, rose half a percentage point from May, to 11.1%, Biz2Credit said Tuesday. This also was significantly higher than the 8.9% approval rate recorded in June 2011.
"Small banks are the big story this month," Rohit Arora, Biz2Credit's chief executive, said in a press release. "They have made a lot of SBA 7(a) express loans, which used to be the strength of the largest banks."
The June loan approval rate for credit unions totaled 55.8%, down from 57.6% in May. Some credit unions reported that they had reached their yearly lending limit, which is roughly 12.3% of their total assets, Biz2Credit said.
Approvals from alternate lenders, such as accounts receivables financers, merchant cash advance lenders and mirco lenders, also decreased to 62.9% from a peak of 63.2% in May.
"When traditional lenders, get back into the game, it impacts the alternative funders, such as factoring and merchant cash advance companies, which generally charge higher interest rates than banks do," Arora said. "If banks are lending, small business owners are less likely to look for other options."
Tuesday, June 19, 2012
Supporting our Community
It is a well known fact that small businesses are the backbone of America. They provide jobs for over 60% of the private-sector. They remain strong, yet they are not able to obtain financing to support their needs. Without the growth of the small businesses in our community we are loosing jobs for our friends and neighbors.
Join us in supporting community businesses and shop locally. Keeping funds in the community will help the businesses we love. From our local shops and restaurants to our schools and community centers, show your support.
Liberty Bank provides small businesses loans in Utah. We are a community bank that specializes in helping people realize their dream of small business ownership. We also support businesses through growth and expansion. Come in and realize your small business dreams today.
Monday, June 11, 2012
Liberty Bank Loves Small Businesses!
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| Visit the girls at Dailey Method in Cottonwood Heights. www.daileymethod.com |
Sunday, April 15, 2012
Small Business Lending on the Rise
To date, banks participating in SBLF have increased lending $4.8 billion over baseline levels — the average lending reported in the four quarters prior to the program's enactment. More than 68% of the program's 332 participants have increased lending by at least 10%, according to Treasury's latest report to Congress released Monday on the use of SBLF funds.
"The loans the participating institutions make mark important progress toward helping to support small businesses and local economies across the nation," Don Graves, Treasury's deputy assistant secretary for small business, community development and housing policy, said in a blog post on the Treasury website Monday.
SBLF participants also increased small business lending by a median of 21.5% over baseline levels, compared to a 1.1% median increase for comparable banks who are not in the program, Graves said.
The program was enacted in September 2010 as part of the Small Business Jobs Act, which allocated $30 billion in capital for eligible community banks, credit unions and community development financial institutions with less than $10 billion in assets.
Liberty Bank of Utah is ready to support small business growth in Utah. A community bank for over 60 years that has brought many business dreams to reality.
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