SALT LAKE CITY, Nov. 9, 2016 /PRNewswire/ -- Veterans are among hundreds of entrepreneurs in Utah and Idaho who are discovering perks associated with the U.S. Small Business Administration (SBA) Advantage Loan Program, which was previously known as 7(a). The SBA announced the name change Nov. 1, 2016, to better reflect the loan's purpose for borrowers.
Zions Bank approved the largest number of Advantage Loans in the SBA's Utah District and in its Boise District, representing 20 percent of the total loans in each market approved during the fiscal year ended Sept. 30, 2016. In Utah, Zions approved 227 loans totaling more than $54.9 million. In the SBA's Boise District, Zions Bank approved 85 loans totaling $22.6 million. Additionally, Zions Bank approved 16 SBA Advantage Loans totaling more than $4.7 million in North Idaho in the SBA's Seattle/Spokane District.
Zions Bank has ranked as the top provider of small business loans in Utah for the past 23 consecutive years and in Idaho for the past 15 consecutive years.
Retired Air Force Lt. Col. Robert Stevenson created two new jobs when he launched Bridgerland Audiology and Hearing in Logan, Utah, this year. Stevenson served his country for 22 years, but experienced hearing loss as a KC-135 pilot. As he researched his own condition, he became interested in studying hearing and later became a certified audiologist. In April, he launched Bridgerland Audiology to serve hearing-impaired patients with the help of an SBA loan through Zions.
"The SBA loan offered me the best interest rate, and I wanted to capitalize on the positive veteran loan opportunity so I decided to pursue it," said Stevenson. "The people at Zions Bank are really good to work with."
"We honor veterans like Lt. Col. Stevenson, who take the skills they learned through their military service and apply them to their new business enterprises, and in doing so, help grow the local economy," said Zions Bank President and CEO Scott Anderson. "Zions Bank is proud that the SBA loans we made in 2016 are helping businesses like Bridgerland Audiology create jobs that provide a foundation for economic growth in our communities."
About the SBA Advantage Loan Program
The SBA's Advantage Loan 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.
About Zions Bank
Zions Bank, a division of ZB, N.A., operates 123 full-service financial centers throughout Idaho, Utah and Wyoming. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has consistently ranked as the No. 1 lender of U.S. Small Business Administration Advantage Loans in Utah for the past 23 years and Idaho's Boise District for the past 15 years. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for more than 140 years. ZB, N.A.'s parent company is Zions Bancorporation, which is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION). Additional information is available at www.zionsbank.com.
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SOURCE Zions Bancorporation