Utah among top 10 states for small business lending
Utah is the ninth most successful state in applying for and securing small business loans, according to a quarterly report from Lendio, an online service that helps business owners find small business loans.
The report shows that small business loan inquiries have grown 2% in Utah, but the number of funded loans has grown by 9%. That means there is a 5% growth in rates moving successfully from applications to funding.
While top small business industries fluctuated throughout the year, the report states that retail, construction, information media and transportation came out on top this quarter.
“Every business needs access to capital, not only to operate but to grow. And with online lenders making it easier for small business owners to get financing, growth has never been more attainable,” Lendio CEO Brock Blake said.
The percentage of women securing small business loans in Utah has grown by 23% in the state, making the state the 11th-fastest growing in the country.
The state also has a younger borrower demographic than the rest of the country, ranking 8th in the percentage of borrowers under 44.
Commercial real estate market still going strong
The commercial real estate market has high transaction dollar volume and construction activity, historically low vacancies and strong positive net absorption, Newmark Grubb ACRES reported.
The 2019 Mid-Year Market Report states the industrial market had lower normal net absorption along the Wasatch Front during the first half of the year as a result of the scarce inventory.
But absorption is expected to meet or exceed the second halves of both 2017 and 2018 as active negotiations and new deliveries complete at the end of the year.
More than 3.8 million square feet of office construction is currently underway while the cost of raw land increases across all property use types as regional developers compete with local developers.
“Demand for multifamily land, both apartment and townhomes, as well as residential land is extremely high,” the report states. “With the nation-wide pressure for more housing, not enough homes or rental housing are being built to keep up with demand, resulting in the continued increasing land and home prices.”
The average price per square foot of all sold investment properties currently averages about $264.95 per square foot.
Employers Council appoints six new members
The Employers Council, which offers professional services in areas such as human resources and employment law to the business community, announced the addition of six new members to its board of directors last week: Dr. Donna Milavetz, CEO of OnSite Care; Melissa Kotrys, CEO of Health Current; Wynne Odell, co-founder and CEO of Odell Brewing Company; Norton Rainey, president and CEO of ACE Scholarships; Adam Sherry, co-founder and Chief Customer Officer of Evolve Vacation Rental; and Marcia Veidmakr, president and CEO of SSC Underground.
These six people were elected to the 32-member board and will each serve a three-year term. Dr. Milavetz is the only board member local to Utah, based in Salt Lake City as the CEO and Chief Medical Officer of OnSite Care. She founded OnSite Care in 2007. Dr. Milavetz previously practiced internal medicine and served as the medical director of McKay-Dee Women’s Health Center, trained at a Harvard training hospital and worked for the Mayo Clinic.
“We are very pleased to welcome Dr. Donna Milavetz to our Board of Directors,” Ryan D. Nelson, president of Employers Council’s Utah office, said. “The passion and wealth of knowledge Dr. Milavetz brings will make her a valuable asset to achieving our overall mission and will significantly improve our connections and insights with employers.”