Women leaders from Utah see bright future ahead
One of the consequences of the pandemic that has been on the minds of many is the “female recession.” This term has been used to point out that more women have left the workforce than in previous years. Despite this trend, there are still many women who remained in their roles. In fact, some have risen to greater heights, despite the challenges of the pandemic.
Take for example the 30 Women to Watch, as released by Utah Business magazine. Among this cohort are several female leaders who offer advice on how business people can weather the storms of economic downturns and make their businesses thrive.
One option a small business would have during challenging times is the SBA loan. Related to this, First Utah Bank has experts on our staff who can guide you through the application process.
The women who top the list represent a varied and diverse group. For instance, consider Deneiva Knight, the external affairs director for Comcast in Utah. An African-American woman, she told Utah Business that mentoring others was a huge part of her own success.
“I enjoy mentoring the young and underrepresented to provide guidance and share learning experiences,” she said. “I did not know anyone who looked like me as I was growing in my career. I strive to be what I did not have in my own life.”
As for advice to other businesswomen, Knight said to make networking in general a priority. “Do not be afraid to take up space and make Utah your refuge,” she continued. “I’ve come to love Utah once I started to make real connections and just invite myself to opportunities.”
Kandice Lambert, the vice president of accounting at Lucid, had a similar take on what makes success for women in Utah. Her words of wisdom are to make sure you’re heard.
“There is a reason you were hired to do your job, so take your seat at the table and use your voice,” she said. “Don’t wait for someone to ask for your thoughts; you have a valuable perspective so offer it.”
Taking action, despite challenges
Another honoree is Ruchi Watson, the managing director for Goff Strategic Leadership Center. She had some specific advice for her younger self that is also key for anyone starting in business today.
“I would tell myself not to hold on to the labels assigned to me or even by me,” Watson said. “What was authentic to me as a child isn’t necessarily authentic to me now, and limiting myself by those labels would have held me back.”
Heidi Goebel, a managing partner and attorney with Goebel Anderson PC, took that idea a step further when asked that same question.
“I’m a strong advocate of doing your due diligence and evaluating potential outcomes before engaging in a course of action, but when I was younger, I didn’t have the courage to trust my abilities,” she said. “I lost out on some opportunities as a result.”
Kylie Kullack, the head of client engagement for Struck, believes that truly listening to your instincts is also a key to finding success. “Don’t worry about the decisions you have to make—or weigh pros and cons and follow logic,” she said. “It’s natural to consult and ask for advice, but at the end of the day, even if you follow logic, you will want to follow your heart.”
SBA loans tailored to the needs of your Utah business
The women honored as part of this annual list clearly learned that embracing tools for growth can be a major stepping stone to success, despite any challenges. Loan from the U.S. Small Business Administration (SBA) can help in this way. Such a program is set up to help businesses with essential needs as they grow or scale.
First Utah Bank is the preferred lender for SBA loans in the Beehive State and we have a department dedicated to these type of loans. The specialists at First Utah Bank can help you navigate the details when applying or an SBA loan. Such financing is intended to help small business owners who find that traditional or conventional bank financing isn’t available or is too difficult to obtain.
The specific needs for which an SBA loan can be used will all look like milestones that every business goes through. SBA loans can be used for:
- Refinancing debt that is maturing
- Consolidating debt to bring in more money
- Managing cash flow during peak buying seasons
- Buying machinery, fixtures and equipment
- Adding to working capital (a term loan or line of credit)
- Financing exports
- Buying or building an owner-occupied commercial building
- Starting expenses for a franchise or a new business
- Money for leasehold improvements
- Buying an existing business
- Purchasing inventory or receivables
- Expanding or refurbishing facilities in order to modernize them
Whatever the future holds for your business, First Bank Utah is in your corner. We can offer assistance via loans and other banking needs. Find out more about what we have to offer at our website, or call us at 801-308-2265.