Mountain America Credit Union Named No. 1 Overall SBA Lender in Utah in 2021

SALT LAKE CITY, Dec. 9, 2021 /PRNewswire/ -- The Small Business Administration (SBA) recently named Mountain America Credit Union Utah's No. 1 overall small-business lender.  Lending more than $90 million total, Mountain America provided 130 small-business owners with the capital needed to grow their businesses, hire more employees and help strengthen Utah's local economy.  

"We are humbled that 130 of these businesses trusted us with their future," said Seth Wheatley, vice president of small business lending at Mountain America. "With more than 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 define and achieve their financial dreams, whether they are individuals or small businesses, and we look forward to the opportunity to do just that for many years to come."  

These small-business owners received a combination of 7(a) and 504 loans. A 7(a) loan, the SBA's most common loan program, is ideal for helping small businesses with special requirements such as real estate as part of a business purchase, refinancing business debt, or providing short and long-term working capital. 

A 504 loan provides long-term, fixed-rate financing for major fixed assets such as equipment, vehicles, buildings and anything else fixed to a location or company as well as other tangible items that promote business growth and job creation.  

Small businesses play a crucial role in the health and growth of local economies. According to the Bureau of Labor Statistics Business Employment Dynamics report, from 2000 – 2019, small businesses created 10.5 million new jobs, accounting for 65.1% of new jobs created since 2000. Additionally, the SBA reports that for every $100 spent at a small business, $48 stays in the community — compared to the $14 that stays local for every $100 spent at a big box store or national retailer.  

In 2020, Renya Nelson, CEO of Brand+Aid, came to Mountain America for a small-business loan to help her purchase her first commercial property.  

"Mountain America took exceptional care of me and helped me land my first commercial property. I will be referring the credit union to my network of Goldman Sachs 10KSB Alumni so they can experience the same level of care I received," said Nelson. 

In addition to being Utah's top SBA lender, Mountain America offers a variety of financial resources and options to small-business owners, including business deposits. According to the National Credit Union Administration (NCUA), Mountain America ranks No. 2 in the United States among all credit unions for business deposits. Business deposits include business checking accounts, savings accounts and certificates. As of September 2021, Mountain America has $2.341 billion in business deposits.  

To apply for a small-business loan or talk to a loan specialist, please visit https://www.macu.com/business/loans. 

SOURCE Mountain America Credit Union

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