Industry Briefs are provided as a free service to our readers. Company news information may be sent to brice@slenterprise.com. The submission deadline is one week before publication.
BANKING
- FinWise Bancorp, a Murray-based parent company of FinWise Bank, has entered into a membership interest purchase agreement with Business Funding Group LLC and four members of BFG. FinWise will acquire an additional 10 percent ownership and voting interest in BFG, bringing the total ownership to 20 percent upon closing. The transaction is subject to regulatory approval and other customary closing conditions. BFG, based in Connecticut, was founded in 2011 and provides financing solutions to businesses in all stages of their growth.
DIVIDENDS
- The board of directors of Nu Skin Enterprises Inc., Provo, has declared a quarterly cash dividend of 39 cents per share. The dividend will be paid Sept. 6 to shareholders of record Aug. 25. Nu Skin offers personal care, nutrition and anti-aging products.
- The board of directors of Clarus Corp., Salt Lake City, has declared a regular quarterly cash dividend of 2.5 cents per share. The dividend will be paid Aug. 25 to stockholders of record Aug. 14. Clarus designs, develops, manufactures and distributes outdoor equipment and lifestyle products.
ECONOMIC INDICATORS
- Salt Lake City is among six cities named “best American cities for entrepreneurs,” compiled by Business Chief. Salt Lake is joined by Seattle, Las Vegas, Nashville, Tampa and Austin. Details are at https://businesschief.com/technology-and-ai/six-of-the-best-us-cities-for-entrepreneurs.
- Utah is ranked No. 46 on a list of “Cheapest States to Buy a House,” compiled by Scholaroo. It weighed several factors, including median home values, mortgage payment to monthly income ratio, and property taxes. Utah was No. 44 for median home value, No. 46 for mortgage payment to monthly income ratio, No. 12 for average monthly household income, No. 47 for average monthly mortgage payment, and No. 9 for property taxes. The top-ranked state is Minnesota. Details are at https://scholaroo.com/report/cheapest-states-to-buy-a-house/.
- The average Utahn has a “debt anxiety threshold” of $22,500, according to a study by personal finance website Well Kept Wallet. The study pinpoints the amount when debt becomes so significant that it starts to induce anxiety. The national average is $22,514. The amount is highest in Delaware, at $41,666.67. The amount is lowest in South Dakota, at $4,000. Details are at https://wellkeptwallet.com/debt-anxiety-index/.
- Utah is ranked No. 4 on a list of states where student loan forgiveness would be most beneficial, compiled by Scholaroo. Its projection indicates Utah borrowers would receive, on average, $53,807 per eligible borrower, which is $5,666 more than the national average. Details are at https://scholaroo.com/report/student-loan-forgiveness-index/.
- Utah scored 6.5 out of 10 for locals’ friendliness to roadtrippers, according to a survey by Gunther Kia. The highest score, 7.9, is in Missouri. The lowest, 5.6, was in California. Details are at https://www.guntherkia.com/most-hospitable-states.html.
- Salt Lake City is ranked No. 33 and West Valley City is No. 126 on a list of “Best Cities for Pickleball Lovers,” compiled by Lawn Love. It compared the 200 biggest U.S. cities based on several factors, including access to pickleball courts and tournaments, the size of the pickleball community, and local interest in the sport. The top-ranked city is New York City. The No. 200 city is Paterson, New Jersey. Details are at https://www.lawnlove.com/blog/best-cities-playing-pickleball-usa/#rankings.
- Salt Lake City is ranked No. 46 and West Valley City is No. 187 on a list of “Best Cities for Cat Lovers,” compiled by LawnStarter. It compared the 200 biggest U.S. cities based on four categories, including access to animal shelters, vets and cat-friendly housing, and it factored in affordability. On a breakout list, West Valley City was No. 3 for fewest cat boarding options per 100,000 residents. The top-ranked city overall is Orlando, Florida. The No. 200 city is Detroit. Details are at https://www.lawnstarter.com/blog/studies/best-cities-cat-lovers/#rankings.
- Park City is ranked No. 14 on a list of “America’s Hidden Gems of Live Music,” compiled by CheapoTicketing.com. It surveyed 3,000 live-music lovers. The top-ranked location is Modesto, California. The No. 120 location is Burlington, Iowa. Details are at https://www.cheapoticketing.com/americas-hidden-gems-of-live-music.
EDUCATION
- Students in the Annie Taylor Dee School of Nursing at Weber State University are honing their skill set by participating in virtual reality triage exercises to respond to mass casualty incidents or emergency events. Throughout the VR exercises, students can engage with victims of vehicle crashes, active shooter scenarios or similar events. The scenarios allow students to triage patients and perform emergency treatments like opening an airway or stopping major bleeding. After 9/11, Weber State launched a disaster nursing course that teaches students how to respond to natural disasters, mass incidents and other accidents. The course was one of the first in the nation, and since then, over 3,000 nurses have completed it. Previously, Weber State hosted in-person mock disaster training with Corey Barton, Ogden City Fire Department, which included volunteers acting as casualties. However, the old training came with challenges due to space, location, supplies and scheduling. The virtual reality program was made possible through grants secured by WSU Online, an entity in the university’s Division of Online & Continuing Education, and a gift from a private donor.
INSURANCE
- PCF Insurance Services, a Lehi-based insurance brokerage, has secured $400 million in incremental debt financing led by Blue Owl, which acted as lead arranger and admin agent. The financing was upsized from $300 million to $400 million in response to strong lender demand from new and existing lenders, PCF said. The deal included incremental term debt to fund near-term acquisitions and a delayed draw term loan to support mergers and acquisitions.
- The Buckner Co., a Salt Lake City-based insurance brokerage, has appointed Lisa Levy as chief operating officer. She will oversee Buckner’s operations and management teams responsible for providing service to clients. Levy has over 45 years of experience in the insurance industry, including previously serving as a commercial lines underwriter with a large national insurer.
NONPROFITS
- Sutherland Institute, a nonpartisan policy and educational think tank, has added Beth Akers as a feature contributor to the Sutherland podcast “Defending Ideas.” Akers is an economist and a senior fellow for the American Enterprise Institute. Her contributions to Sutherland will include a new monthly feature for the “Defending Ideas” podcast, called “Defending Enterprise,” that will focus on educating voters about economic issues and the importance of defending free enterprise principles. Akers also will provide analysis through written contributions and participation at key Sutherland events.
- Philippines Humanitarian, a Salt Lake City-based nonprofit, has named Dr. Monica Wannacott as a member of its governing body. Wonnacott has more than 16 years of experience as a pediatrician in Riverton and has served as the pediatrics department chair on the executive committee for Riverton Hospital. She also serves on the school board for Renaissance Academy and as founder of PediatricAnswers.com, an organization dedicated to healthcare education, philanthropy and innovation. Founded in 2012, Philippines Humanitarian is a non-denominational nonprofit organization dedicated to helping children from indigent families in the Philippines get the resources they need to attend elementary school through college in order to escape the intergenerational cycle of poverty.
PARTNERSHIPS
- Instanda has announced a partnership with InsCipher, a Pleasant Grove-based insurtech company specializing in automation of surplus tax calculation and tax filing for surplus lines. Through the partnership, carriers and MGAs can access surplus lines tax rates across all 50 states, speeding the time on both implementation and ongoing data maintenance.
- Quansys Biosciences, a Logan-based developer of immunoassays, has partnered with nonprofit The Michael J. Fox Foundation for Parkinson’s Research to accelerate Parkinson’s disease research. The partnership will leverage Quansys’ expertise in multiplex ELISAs and MJFF’s expansive understanding of PD to develop a new generation of immunoassays to monitor disease progression and target engagement for therapeutics in clinical trials.
PHILANTHROPY
- Employees at Ken Garff dealerships (Southtowne Hyundai, Nate Wade Subaru, Downtown Hyundai, Honda & Nissan) recently purchased and assembled 150 bicycles for children in the Utah Foster Care system. Families and children picked out a bike their size and also decorate a new helmet. The event took place at Southtowne Hyundai Used Auto Lot in Sandy. It was part of Ken Garff’s “We’re ‘Hear’ for You” initiative, now in its third year.
- Chartway Credit Union, Tooele, and its charitable arm, the Chartway Promise Foundation, recently partnered with Make-A-Wish Utah and Roc Solid Foundation to grant the wishes of two children. An 8-year-old girl with an incurable, progressive nervous disorder recently was told that her wish to visit Disney World and other Florida theme parks with her family will come true, thanks to a charitable grant from the Chartway Promise Foundation to Make-A-Wish Utah. A 3-year-old boy suffering from Wilms Tumor has received a backyard playset at his home in Lindon. The playset was built by team members and leaders from Chartway, the Chartway Promise Foundation and Roc Solid Foundation.
REAL ESTATE
- The Outpost at Conestoga Ranch, a new community of 34 cabins, has officially launched the initial phase of sales. Overlooking Bear Lake in Garden City, The Outpost was developed by the founders of glamping resort Conestoga Ranch. The Conestoga Ranch team will manage the cabins, amenities and nightly rentals integrated with the Conestoga Ranch reservations systems. Available homesites with cabin buildout at The Outpost at Conestoga Ranch begin at $845,000. The first phase of 12 cabins will have construction set to begin this fall, with completion scheduled for summer 2024.
RECOGNITIONS
- Gov. Spencer Cox recently recognized several individuals and organizations as recipients of the second annual Governor’s Spirit of Service Award. The recipients were selected from hundreds of nominations submitted to the Governor’s Office earlier this year. Individual recipients are Jared Quan, a writer, mentor and advocate who has served as a volunteer for numerous events and organizations; Jill Anderson, the CEO of CAPSA (Citizens Against Physical and Sexual Abuse) who has dedicated her career to providing support and resources to survivors of domestic violence and sexual abuse in Northern Utah; Mary Anne Andersen, who has devoted herself to building the arts community in Cedar City; and Stephanie Benally, the Native American specialist for Utah Foster Care. Organization recipients are Switchpoint, whose Switchpoint Community Resource Center is a stepping stone for individuals experiencing homelessness; Alianza Venezolana de Utah, formed in 2018 to help Venezuelan immigrants resettle in Utah; Wasatch Wanderers Animal Rescue, a nonprofit that rescues farm animals that have been abandoned, neglected and abused; and Friends of Snow Canyon, a nonprofit established in 2011 to support the mission of Snow Canyon State Park.
- The Davis Chamber of Commerce has announced the finalists for its annual Business Awards. Winners in each category will be announced at a banquet Sept. 28 at the Davis Conference Center in Layton. Finalists for Business of the Year are First Community Bank, Grassroots Salon and Medical Spa and Mountain America Credit Union. Finalists for Small Business of the Year are Connection Publishing, Java Espress Beverage Co. and On Pitch Performing Arts. Finalists for Employer of the Year are Boondocks, Davis Technical College and UMortgage. Finalists for Business Innovation of the Year are Bonnell Aluminum, Davis School District (Davis Connect Online School K-12 Program) and Eco Green Equipment LLC.
- Weber State University has been selected by the American Association of State Colleges and Universities to receive the 2023 AASCU Excellence & Innovation Award for Sustainability and Sustainable Development. The university earned the honor for its “Five-Point Carbon Neutrality Strategy” initiative. In 2007, Weber State signed the American College & University Presidents’ Climate Commitment, aiming to eliminate emissions and become carbon neutral by 2050, now moved to 2040. As of last year, Weber has cut electricity consumption by 35 percent, natural gas consumption by 43 percent and total greenhouse gas emissions by 42 percent, saving over $21 million.
SERVICES
- Woofie’s first franchise in Utah has opened. Woofie’s of Sandy Utah offers mobile services to care for pets, including a pet spa, dog walking, pet sitting, pet sitting, pet taxi and more for dogs, cats, birds, reptiles and exotic animals. The grand opening will be during Dockdogs Scheels Hunting Expo at Scheels Sporting Goods in Sandy on Aug. 18, noon to 6 p.m., and Aug. 19, 10 a.m. to 5 p.m. The franchise is owned and operated by Michelle Bower of West Jordan. Bower worked in the large chain restaurant industry for more than 20 years.
- Top Rail Fence, focused on fence design, installation and service, has opened its first Utah branch with a location in Utah serving the Wasatch Front. The franchise owner is Rudy Bennett, partnering with Julia Shepherd. Bennett has worked in the education, finance and management sectors and has had experience in the home service sector as a project manager in the solar industry.
TECHNOLOGY
- Avetta, an Orem-based provider of supply chain risk management software, has named Raj Amin as chief financial officer. Amin has more than 25 years of experience in high-growth tech companies, most recently serving as CFO at Ganacus. He also served as vice president of FP&A for Plex Systems. He was part of the executive team that took Eloqua to an IPO in 2012 and subsequent acquisition by Oracle.