Mountain America Home Equity Line Of Credit - SALT LAKE CITY, Dec. 9, 2021 // - The Small Business Administration (SBA) recently named Mountain America Credit Union as Utah's first comprehensive small business lender. Employees and local communities help strengthen Utah's economy.
Brand + support team photo. Renea Nelson, bottom left, said the Mountain America team treated her like royalty during the SBA loan process.
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"We are honored that 130 businesses trust us with their future," said Seth Whatley, vice president of Small Business Lending at American Hill. “With over 85 years of experience, we understand that these small businesses are the lifeblood of the communities we serve. Our vision is to help all our members, whether they are individuals or small businesses, identify and achieve their financial dreams, we believe. I look forward to the opportunity to do so in the years to come.”
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These small business owners received a combination of 7(a) and 504 loans. 7(a) loans, the most common SBA loan program, are suitable for helping small businesses with special needs, such as real estate in a business environment. Purchase, refinance business loans or provide short-term and long-term loans. - Periodic operating capital.
504 loans provide long-term, fixed-income financing for equipment, vehicles, buildings, and other fixed assets associated with a facility or business, as well as other tangible items that support business growth and job creation.
Small businesses play a critical role in the health and growth of local economies. From 2000 to 2019, small businesses created 10.5 million new jobs, or 65.1 percent of all new jobs created since 2000, according to the Bureau of Labor Statistics' Business Employment Dynamics Report. Additionally, the SBA reports that for every $100 spent at a small business, $48 stays in the community, and for every $100 spent at a big box store or national retailer, $14 stays in the community.
In 2020, Brand + Aid CEO Renya Nelson came to the US with a small business loan to help her buy her first commercial property.
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“Mountain America took special care of me and helped me land my first commercial property,” Nelson said. I refer the credit union to the Goldman Sachs 10KSB Alumni Network so they can enjoy the same care I received.”
In addition to being Utah's leading SBA lender, Mountain offers a variety of financing sources and options for small businesses, including business loans. According to the National Credit Union Administration (NCUA), Mountain America is the second largest credit union in the United States. Business deposits include checking accounts, savings accounts, and corporate bonds. As of September 2021, American Mountain had $2.341 billion in corporate deposits.
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