Small Business Lending

ARE BANKS LENDING MONEY TO SMALL BUSINESSES?
ZIONS AD CAMPAIGN SAYS “YES” |

At a time when media reports reflect concern over banks’ ability to lend during the credit crunch, Zions Bank has launched an aggressive advertising campaign to let small business owners know it has funds to help them succeed. The campaign includes radio spots on several stations throughout Utah and Idaho and print advertisements in major daily and weekly publications across the bank’s market area.

“In uncertain economic times, many people choose to go into business for themselves — to finally act on the business plan they’ve been hatching for years and to realize their dreams. These courageous entrepreneurs need not only the support of consumers, but also the help of financial experts at Zions Bank who know the ins and outs of business finance,” said Scott Anderson, president and CEO of Zions Bank.

One intrepid entrepreneur in Utah County (Utah) is Laura Jarman, who launched the La De Da! Baby Chic boutique in Highland last November. Located at 5374 W. 11000 N. Alpine Hwy., La De Da! offers unique apparel, gifts and accessories for infants and children as well as mommy-to-be. In addition, Jarman already operates the Dear Lizzie boutique and bistro in Highland, where lunch and sweet treats are served daily and product for sale range from European-inspired home accents and gifts to women’s apparel.

In November, Jarman received a U.S. Small Business Administration 7(a) loan from Zions Bank.
In today’s economic climate, small business owners like Jarman are in a unique position to help create jobs and add fuel to the market. Small businesses play a fundamental role in the economy. They employ about half of the private workforce, pay nearly 45 percent of the total private payroll, and create 70 percent of the new jobs in the country, according to the U.S. Small Business Administration. In Utah, about 97 percent of businesses qualify as “small businesses” (businesses with fewer than 500 workers).

“We all need small businesses to succeed,” said Anderson. “That’s why banks like Zions are working hard to help infuse small businesses with the capital they need to grow and create jobs.”

He adds that when consumers support locally owned businesses like La De Da! and Dear Lizzie, they help boost the local tax base and improve the quality of life in their neighborhood’s schools and parks.

At a time when questions are being raised about banks’ willingness to make loans, Zions Bank recently announced that it ranked as the top lender of U.S. Small Business Administration 7(a) loans in Utah for the fifteenth consecutive year. The bank also leads all other financial institutions in Utah in marketing SBA loans to women- and minority-owned businesses.

Zions Bank Press Release – February 10, 2009

*Artwork from ramsey everydaypants under Creative Commons license at Flickr.com.