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This is Fred Ball for Zions Bank, speaking on business.
During the past presidential election, we heard a lot about "Joe the Plumber." Why was this guy a big deal? Because small business owners like Joe are responsible for the backbone of the economy. Now, more than ever, small business owners are in a unique position to aid our economy because they can create jobs and add fuel to the market.
Small businesses play a fundamental role in the economy. They employ about half of the private workforce, pay nearly 45 percent of the total private payroll and create 70 percent of the new jobs in the country, according to the U.S. Small Business Administration. In Utah, about 97 percent of businesses qualify as "small businesses" (companies with fewer than 500 workers).
We all need small businesses to succeed. As consumers making decisions about where to spend our dollars, we should remember that small and locally owned businesses boost the local tax base, helping to improve our quality of life, our schools and our parks.
That's why banks like Zions are working hard to help infuse small businesses with the capital they need to grow and create jobs. While the media and consumers are expressing concern about banks lending money during the credit crunch, Zions Bank is proud to continue its commitment to supporting small businesses as they build and drive our economies.
At a time when questions are being raised about banks' willingness to make loans, Zions Bank recently announced that it ranked as the top lender of U.S. Small Business Administration 7(a) loans in Utah for the 15th consecutive year. The bank also leads all other financial institutions in Utah in marketing SBA loans to women- and minority-owned businesses.
In uncertain economic times, many people choose to go into business for themselves — to finally act on the business plan they've been hatching for years. These courageous entrepreneurs need not only consumer support, but also help from financial experts. Zions bankers are willing to help small business owners navigate the world of lending as they launch ventures that help stimulate the economy and make our communities vibrant.
For Zions Bank, I'm Fred Ball. I'm speaking on business.
