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2003 Annual Report
Fiscal year 2003 was a year of records at Utah's SBA office with SBA assistance reaching record highs in serveral areas. The number of Utah SBA loans (7a and 504) increased by 51% to an all-time high of 1174 loans benefiting borrowers in almost every Utah county. 504 loans and loans to businesses owned by veterans, women, and minorities also reached all-time highs. 8(a) contracts reached all time highs in both number of contracts and dollar amounts benefiting Utah's 8(a) minority-owned contractors in the astonishing amount of $84.8 million. SBA and its resource partners counseled or trained over 24,000 clients, another all-time record.
As SBA celebrates its 50th anniversary, it is interesting to review SBA's contribution to the Utah economy over the years. Since SBA's creation in 1953, Utah small businesses have received more than $2.3 billion in loans, a formidable economic impact enabling Utah small business owners to bring innovations to market, to expand businesses, to hire employees, and to pursue the American dream to make a living by following one's passion.
On behalf of the SBA staff, may I extend a thank you to all of the lenders, counseling organizations, and economic development organizations for your continued support and assistance to our Utah small businesses.
Stan Nakano, District Director
FY 2003 IN A GLANCE
| 7(a) Loans Approvals |
2002
|
2003
|
|
Number
|
573
|
946
|
|
Amount
|
$117M
|
$118M
|
|
PLP
|
149
|
220
|
|
LowDoc
|
157
|
83
|
| Express |
103
|
558
|
| Star |
67
|
0
|
|
|
|
| 504 Loan Approvals |
2002
|
2003
|
|
Number
|
207
|
228
|
|
504 Loan Amount
|
$78M
|
$74M
|
|
|
|
|
"New Market" Loans
|
2002
|
2003
|
|
Minority-Number
|
90
|
116
|
|
Minority-Amount
|
$17.8M
|
$16M
|
|
Woman-Number
|
133
|
182
|
|
Woman-Amount
|
$31.5M
|
$31M
|
|
Veteran-Number
|
74
|
89
|
|
Veteran-Amount
|
$27.1M
|
$15M
|
|
Total
|
$76.4M
|
$62M
|
|
|
|
| 8(a) Contracts Approved |
2002
|
2003
|
|
Number
|
139
|
186
|
|
Amount
|
$51.7M
|
$84.8M
|
|
|
|
| Counseling/Training |
2002
|
2003
|
|
SCORE
|
3,554
|
3,948
|
|
SBDC
|
10,392
|
11,971
|
|
BIC
|
4,586
|
5,724
|
|
WBC
|
1,090
|
2,223
|
| District |
|
915
|
|
Total
|
19,622
|
24,781
|
|
|
|
| Total SBA-Utah Impact |
2002
|
2003
|
|
8(a) Contracts
|
$51.7M
|
$84.8M
|
|
7(a ) Loans
|
$117M
|
$118M
|
|
504 Project Amount
|
$210.9M
|
$201M
|
|
EIDL
|
$1.6M
|
0
|
|
Federal contracts to small businesses
|
$349M
|
$379M
|
|
TOTAL
|
$730.2M
|
$782.8M
|
|
|
|
| Estimated Jobs Created/Preserved |
10,886
|
11,537
|
TOTAL LOANS
|
# Loans
|
Loan Amount
|
|
7(a) Loans
|
946
|
$118,179,750
|
| 504 Loans |
228
|
$74,408,000
|
|
TOTAL
|
1174
|
$192,587,750
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7(a) LOAN APPROVALS
|
Lender
|
# Loans
|
Loan Amount
|
|
AmBank
|
3
|
445,000
|
|
America West Bank
|
14
|
716,000
|
|
Amer. Express Centurion Bank
|
2
|
50,000
|
|
Bank of America
|
1
|
20,000
|
|
Bank of American Fork
|
29
|
4,132,900
|
|
Bank of Utah
|
21
|
2,656,700
|
|
Bank One, Utah, N.A.
|
19
|
2,168,100
|
|
Barnes Banking Company
|
12
|
1,448,000
|
| Brighton Bank |
12
|
942,700
|
|
Business Loan Center, Inc.
|
1
|
1,150,000
|
|
Cache Valley Bank
|
1
|
208,000
|
|
Capital Community Bank
|
13
|
1,548,000
|
|
Capital One, Federal Savings
|
24
|
1,345,000
|
|
Celtic Bank
|
32
|
9,517,100
|
|
Central Bank
|
17
|
2,766,600
|
| CIT Small Business Lending |
2
|
1,173,000
|
|
Comerica Bank/California
|
2
|
1,913,000
|
| Community First Nat?l.Bank |
15
|
4,776,400
|
| Far West Bank |
24
|
4,415,000
|
|
First Fed. Savings Bank, Twin Falls
|
1
|
320,000
|
|
First Nat?l Bank of Layton
|
15
|
5,470,200
|
|
First Nat?l Bank of Morgan
|
2
|
65,000
|
|
First Nat?l Bank of Rockies
|
2
|
472,000
|
| First Utah Bank |
18
|
3,176,000
|
|
First Western SBLC, Inc.
|
1
|
1,134,000
|
|
Frontier Bank, FSB
|
1
|
30,000
|
|
GE Capital Small Business
|
7
|
2,735,000
|
|
KeyBank NA
|
7
|
1,549,000
|
|
Matrix Capital Bank
|
2
|
811,000
|
|
Mountain America FCU
|
89
|
3,328,500
|
|
Mountain West Bank
|
4
|
835,000
|
|
Newtek Small Business Finance, Inc.
|
1
|
225,000
|
|
Premier Bank
|
1
|
250,000
|
|
Silver State Bank
|
3
|
952,000
|
|
State Bank of So. Utah
|
20
|
3,260,700
|
|
Stearns Bank Nat. Assoc.
|
1
|
74,300
|
|
SunFirst Bank
|
11
|
1,725,350
|
|
Temecula Valley Bank, NA
|
1
|
1,319,200
|
|
Transportation Alliance Bank, Inc.
|
2
|
1,220,000
|
|
USU Community FCU
|
2
|
316,500
|
|
US Bank N.A.
|
23
|
2,081,900
|
|
Utah Community Bank
|
2
|
135,000
|
| Washington Mutual Bank |
5
|
714,500
|
|
Wells Fargo Bank
|
123
|
13,856,500
|
|
Zions First National Bank
|
355
|
27,751,300
|
|
TOTAL
|
946
|
$118,179,750
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504 LOAN APPROVALS
|
CDC
|
# Loans
|
Loan Amount
|
Project Amount
|
|
Deseret CDC
|
162
|
$57,551,000
|
$156,804,990
|
|
N. Utah Capital
|
66
|
16,857,000
|
44,537,736
|
|
TOTAL
|
228
|
$74,408,000
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$201,342,726
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7(a) & 504 LOANS BY COUNTY
|
County
|
# Loans
|
Loan Amount
|
|
Beaver
|
1
|
$15,000
|
|
Box Elder
|
17
|
2,017,000
|
|
Cache
|
36
|
5,300,000
|
|
Carbon
|
3
|
728,000
|
|
Daggett
|
0
|
0
|
|
Davis
|
110
|
18,672,000
|
|
Duchesne
|
17
|
1,384,000
|
|
Emery
|
3
|
285,000
|
|
Garfield
|
2
|
230,000
|
|
Grand
|
7
|
836,000
|
|
Iron
|
26
|
3,663,000
|
|
Juab
|
2
|
663,000
|
|
Kane
|
9
|
1,199,000
|
|
Millard
|
6
|
1,572,000
|
|
Morgan
|
3
|
163,000
|
|
Piute
|
1
|
75,000
|
|
Rich
|
2
|
471,000
|
|
Salt Lake
|
495
|
81,963,000
|
|
San Juan
|
4
|
127,000
|
|
Sanpete
|
4
|
458,000
|
|
Sevier
|
9
|
1,984,000
|
|
Summit
|
24
|
2,568,000
|
|
Tooele
|
15
|
1,308,000
|
|
Uintah
|
12
|
959,000
|
|
Utah
|
221
|
37,752,000
|
|
Wasatch
|
13
|
2,530,000
|
|
Washington
|
51
|
13,477,000
|
|
Wayne
|
1
|
1,300,000
|
|
Weber
|
78
|
10,490,000
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2003 Award Winners
Stephen Steed, Sheldon Steed
Scott Steed, Shane Steed, & Shannon Steed, Steed Brothers
Small Business Person of the Year
Lee B. Taylor, HRP Distributing, Inc.
Small Business Exporter of the Year
Bill Boyle, San Juan Record
Small Business Journalist of the Year
Karl Fletcher Kraync,
Kraync Motor Company & District Director,
Division of Rehabilitation Services
Financial Services Advocate of the Year
Gary Lee Anderson, USU Extension Area Agent
Home-Based Business Advocate of the Year
Gretta Spendlove, Durham Jones & Pinegar
Women In Business Advocate of the Year
Gaylen N. Chandler, PhD,
Professor of Management, Utah State University
Research Advocate of the Year
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