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Utah Makes it Easier for Small Businesses to Gain CapitalFebruary 14 2013 - 4:46 pm
For Immediate Release
February 14, 2013
Allison+Partners for Capital Access Network
GOED Communications Director
Utah Makes it Easier for Small Businesses to Gain Capital
Salt Lake City gets 108 new jobs in the finance industry
Salt Lake City, UTAH – Utah’s finance industry is growing again. Capital Access Network, Inc. (CAN), along with the Governor’s Office of Economic Development (GOED), announced today that CAN is opening a new office in Utah for itself and its subsidiary company, NewLogic Business Loans, Inc., bringing 108 new jobs to the state over the next five to seven years.
The company will be located in Salt Lake City, with the exact location yet to be determined. CAN has entered into an agreement with the state for seven years and will invest approximately $1.9MM in capital investment.
“We are delighted that Capital Access Network will be expanding their business and locating in Salt Lake City. As the financial center for the Intermountain West, downtown Salt Lake City is a great fit for a growing, tech savvy company, that provides access to capital for our small business community,” Salt Lake City mayor, Ralph Becker said.
Over the lifetime of the state incentive, the company will pay over $38 million in new state wages and benefits to 108 incented jobs. These wages will be at least 125 percent of Salt Lake County’s average annual wage including benefits.
CAN has provided small businesses with access to nearly $3B in capital and New Logic grew by over 100% in 2012. New Logic provides small businesses with access to an alternative business loan that integrates speed, high approval rates and flexibility. Skilled and highly-trained employees consult with business owners to facilitate the provision of financial products and services that help businesses achieve their goals.
“Capital Access Network will be a great addition to the small business resources the state already provides,” GOED executive director Spencer Eccles said. “We look forward to working with this company as a partner in assisting the small business community in our state.”
Throughout the incentive’s lifetime, CAN will pay an estimated $8 million in new state taxes.
The GOED Board of Directors has approved a $2,028,359 Economic Development Tax Increment Financing (EDTIF) post-performance refundable tax credit, or 25 percent of Capital Access Network’s new state revenues over the incentive’s seven year lifetime.
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 firstname.lastname@example.org.
About Capital Access Network
Since 1998, Capital Access Network, Inc. (CAN) has provided small businesses access to nearly $3 billion in working capital through its subsidiaries, NewLogic Business Loans, Inc. and AdvanceMe, Inc. CAN’s award-winning technology platform automatically evaluates a multitude of business performance variables by integrating big data from firmographic, banking, and credit card processing sources with proprietary risk models built from over 100,000 transactions over multiple business cycles in over 650 SIC codes. This enables CAN to have unparalleled insight into the strength of the business and provide access to capital based on business performance rather than personal credit scores of the business owners. CAN also supports small business finance providers desiring more finance options for their own customers in the U.S. and internationally. All business loans obtained through NewLogic Business Loans are made by WebBank, a Utah-chartered Industrial Bank, Member FDIC. Learn more atCapitalAccessNetwork.com.