Zions Bank has again been named the top provider of U.S. Small Business Administration (SBA) 7(a) loans in the Utah District.
The 2017 fiscal year represents the 24th consecutive year for Zions to be the top lender in the district.
During the fiscal year, which ended Sept. 30, Zions approved 187 of the SBA 7(a) loans in the district, totaling more than $30.7 million and representing 17 percent of the 1,074 SBA-backed loans approved during the year. Thirty-seven percent of Zions Bank SBA loans were to women- and minority-owned businesses.
Zions provided loans to Utah businesses that resulted in the hiring of 544 employees and maintaining of 1,016 positions, according to SBA data.
“Small businesses are the lifeblood of our economy. They create jobs and fuel growth that makes Utah a vibrant place to live and work,” said Scott Anderson, Zions Bank president and chief executive officer. “We are proud to be ranked as Utah’s top SBA lender because we are committed to providing capital to entrepreneurs to help bring their innovations to fruition.”
The 7(a) program offers up to 25-year, fully amortized loans that may be used for most business purposes, including the purchase of real estate for business operations, acquisition of equipment and working capital.