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CU System
Mountain America SBA loans create 700 jobs
SALT LAKE CITY, Utah (3/17/09)--Mountain America CU helped create more than 700 jobs in Utah last year through Small Business Administration (SBA) loans. The $2.772 billion asset, West Jordan, Utah-based credit union has been a top lender since the inception of its SBA program in 2003, Mountain America said. Some financial institutions--such as Mountain America--have slightly altered their application requirements, but continue to lend. The Wall Street Journal recently noted credit unions’ role in small business lending in an article titled, “Small Businesses Find a New Source for Funding. “We’re one of the only solutions for a start-up, and we want to be a part of that,” Mountain America spokesman Curtis Anderson said in the article. Experts agree that small businesses are the key to job creation, the credit union said. Utah had more than 230,000 small businesses in 2006, and from 2004 through 2005 created 86.5% of the state’s new jobs, according to the most recent statistics from the SBA. “Utah has a strong entrepreneurial spirit,” said Mike Turner, senior vice president of Mountain America’s Business Services. “Small businesses are the backbone of our society and we need to support them and generate capital to keep Utah going strong.”
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