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As Utah soars in job growth, we can help with your business banking

The economic news for Utah continues to be robust. One of the most respected economic news and information sites has named the state as one of two with the fastest job growth in America.

The Kiplinger website recently identified the Beehive State as tied with its neighbor in Nevada for having jobs in many of the thriving industries around the country, including tech, dining and health care. The high rating is part of the Kiplinger Letter’s annual forecast of economic growth for each state.

When it comes to business banking to help you maximize your efforts to grow, First Utah Bank can be there. As your hometown bank, we understand how the economy in our state works and can help you through your own distinctive situation when it comes to fostering continued success.

Ways in which Utah is thriving in business

The Kiplinger article notes that Utah has a 2.8% unemployment rate. Hiring is staying steady, around 3% per year for the past two years.

From manufacturing jobs to tech-heavy health businesses, Utah is showing growth in major sectors. This also includes areas such as cloud computing and software development. In fact, the article cites that one in every seven jobs in Utah are with technology companies, and those often pay more than other sectors. That’s a total, by the way, of 300,000 jobs alone in the high-tech realm.

You’ve likely seen terms like these if you have been following Utah’s rapid industry growth, but all of this technology based new work has led to use of phrases like “Silicon Slopes” and “Bionic Valley” when it comes to the cloud and bioengineering companies that have moved to Salt Lake City.

There are several factors that the article cites as reasons Utah has become so attractive to businesses. They include:

  • plentiful and relatively affordable real estate
  • a growing pool of specialty employees
  • proximity to high-tech centers in large Western cities

It’s not just computer chips and big data businesses that are doing well, though. According to the Kiplinger article, Amazon has added a new warehouse with about 1,500 employees and use of robotic tech to help keep those orders humming.

The tourism sector is also doing well, and construction is also up. Part of that last sector doing so well is the new $3.6 million international airport that’s being built in Salt Lake City. It should be open around September 2020, just in time for the outdoor season that draws thousands to the Beehive State every year.

The article also points out that there has been continued growth in other Utah cities as well. St. George in southern Utah is the fastest-growing city in the country with 4.5%, with Ogden at 3.8% and Provo-Orem at 3.5%.

Business banking for a still-growing Utah

There are many ways that First Utah Bank can help you continue to thrive when it comes to the business world. One of the ways to keep momentum going is through business lines of credit, which we offer to businesses in Salt Lake City and the surrounding areas.

A business line of credit is ideal if you need short-term funding or quick cash. Maybe there is a big one-time purchase you need in order to maintain progress, or there are some day-to-day operating expenses that need funding, or maybe some additional inventory needs to be increased to meet demand. No matter the need, the revolving line of credit that First Utah Bank offers is an ideal way to manage cash flow in the short-term.

Here’s how it works: You are pre-authorized to borrow a specific amount of funding, depending on how much eligible collateral your business has available. Lines of credit are usually secured by your business assets, and you can access them whenever your business needs extra cash.

Among the types of collateral that are used for a business line of credit are inventory and accounts receivable. Equipment can be used, but there are some limitations. Some unsecured lines of credit are available, but only if certain conditions are met.

As for uses for your line of credit, typical ones include unplanned events, financing your accounts receivable, purchasing materials or additional inventory, funding payroll, improving cash flow, or funding seasonal working capital.

When it comes to the interest on business lines of credit, you only accrue it on the amount that you have advanced, and there is no penalty for reducing your interest by paying down the principal balance. This gives you the flexibility you need to continue fostering growth for your business.

First Utah Bank can be the source for all of your business banking needs and help you continue on the pathway to greater growth and success. Learn more at our website, or call First Utah Bank at 801-308-2265.