Zions Bank has processed and obtained approval on nearly 13,000 Paycheck Protection Program (PPP) loans, totaling $1.74 billion, as of Tuesday, May 26. These loans were made to small businesses in Utah, Idaho and Wyoming.
Nearly 13,000 Businesses in Idaho, Utah and Wyoming Receive Paycheck Protection Program Loans Through Zions Bank
The top SBA lender for Idaho and Utah received approval on nearly 13,000 loans totaling $1.74 billion.
Funding preserves payrolls for 142,000 Utah workers
In Utah, Zions Bank has received approvals on 9,888 loans, totaling $1.3 billion — nearly a quarter (24.8%) of PPP funding approved in the state since the U.S. Small Business Administration (SBA) loan program began on April 3. The funding will help preserve payrolls for 142,000 Utah workers, based on applicant data.
- 77% of loans approved were for amounts less than $100,000
- 70% of loans were made to businesses with 10 employees or fewer
- The median size of the loans processed by Zions Bank in Utah was $32,000
Median loan size in Idaho was about $30,000
In Idaho, Zions Bank has received approvals on nearly 2,200 loans, totaling nearly $253 million — nearly 10% of PPP funding approved in the state since April 3. The funding will help preserve payrolls for more than 30,000 Idaho workers, based on applicant data.
- 80% of loans approved were for amounts less than $100,0007
- 3% of loans were made to businesses with 10 employees or fewer
- The median size of the loans processed by Zions Bank in Idaho was $29,650
Top SBA lender delivers for local entrepreneurs
As small businesses struggle for much-needed capital in the wake of the coronavirus crisis, Zions Bank knew it had to help entrepreneurs as the top SBA lender in its market.
“Our deep and longstanding relationships in the communities we serve allowed the bank to process Paycheck Protection Program loan applications on an unprecedented level, both for existing clients and new clients,” said Scott Anderson, Zions Bank president and CEO.
“Employees have worked around the clock and through weekends on behalf of businesses that represent a broad cross section or demographic groups and geographic areas,” Anderson said. “We did it because, as the top SBA lender in our market, we knew we had to deliver for local entrepreneurs facing economic challenges.”
Funding a lifeline for small businesses, nonprofits
Claudia Lamas, owner of Claudia’s Child Care in Salt Lake City, said she spent weeks seeking help from various financial institutions, including the one she has an account with, before she emailed a Zions Bank employee who responded to her within hours. Lamas applied for the loan through Zions on the afternoon of April 29 and her $5,100 loan application was approved the next morning.
“I wasn’t a customer, I wasn’t a big business,” Lamas said. “My budget is tiny, but they said you qualify, and they treated me like an important client.”
The PPP loans also benefitted non-profit organizations, including the Sun Valley Museum of Art, the largest arts organization in the Wood River Valley. Idaho’s stay-at-home order was implemented right before several fundraisers were scheduled, but thanks to a Paycheck Protection Program loan, the museum was able to retain staff and pivot many of its community programs online.
“The PPP loan provided us the resources to serve our community at a critical time,” said Executive Director Christine Davis-Jeffers. “Our staff has exponentially increased our digital platform and served thousands through our online classrooms, podcast and other resources. We’re grateful to Zions Bank for helping us through the application process and for being a great resource for our organization.”