The U.S. Small Business Administration has recognized ‘Bank of Utah’ for its contribution to the volume of SBA 504 loans made in 2011. Every year SBA recognizes lending institutions for using SBA funds and to extend loans to businesses in the state.
SBA has found ‘Bank of Utah’ to play a very dominant role in guiding businesses in 2011. Financing has been made possible through traditional bank loan or SBA government-backed loans. Other Community banks inUtahalso played a huge role in small business financing. TheUtah’s financial community has processed 1561 SBA loans that totals to $435.8 million. Out of this, $22 million alone is funded by ‘Bank of Utah’ in 2011. This is a 64 percent increase since 2010.
SBA keeps on recognizing lenders for their contribution in providing loans to Small Business organizations. Community banks, credit unions and private financers can become eligible to be placed within the frame of SBA recognition. This can also include online support like Biz2credit and other financers that are capable of being recognized. Lenders can provide loans under the various SBA schemes like the 7(a) lending and 504 program.
The 7(a) lending program of the SBA backs $2 million and can be used for increasing working capital, buying equipment, meeting expansion plan, and for purchase of real estates. SBA 504 program is designed to help small businesses buy large equipments and real estates.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com