The Utah Governor’s Office of Economic Opportunity (Go Utah) is pleased to announce that LoanPro Software, LLC will expand its Farmington headquarters, bringing up to 459 new high-paying jobs in the next 16 years.
“As a fintech company, LoanPro is experiencing significant growth,” said Dan Hemmert, the Office of Economic Opportunity’s executive director. “With this Davis County expansion, the company has the opportunity to create new high-paying jobs above the average county wage. This expansion is a big win for Utah.”
LoanPro is a fintech SaaS company, providing both mid-market and enterprise lenders with a best-in-class Lending Core (software and cloud configuration). Its SaaS product provides a next-generation lending platform enabling lenders to be more efficient, organized, and streamlined. By simplifying the lending process and lifecycle for lenders, borrowers have improved app-based and online visibility to view their loan account, interact with their lender, and keep track of their loans. LoanPro manages over 3.25 million loans with over $17 billion serviced. With 800+ lender clients throughout the U.S. and Canada, LoanPro helps lenders provide better products and services to their borrowers.
“We love living in and growing our business in Utah,” said Lloyd Roberts, co-founder and chief revenue officer of LoanPro. “Utah provides the perfect environment to grow a fintech company. Amazing people, a business-friendly environment, growth-oriented leadership, and a culture that values progress and innovation make it possible to build something that can make a real difference. It’s so exciting to be a part of something bigger than any one individual. That improves the marketplace we all rely on and has a positive impact in the world we live in.”
LoanPro may receive up to 20% of the additional state taxes it will pay over the 16-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. Each year that LoanPro meets the criteria in its contract with the state, it will qualify for a portion of the total tax credit.
“LoanPro choosing to expand its headquarters operation in Davis County will be a catalyst for the tech sector in Northern Utah,” said Chris Roybal, president of the Northern Utah Economic Alliance. “We’re confident that LoanPro will find the skilled workforce and quality of life for their success in our region.”
“Farmington is proud of what LoanPro has accomplished as part of Utah’s fintech revolution,” said Brigham Mellor, Farmington City assistant manager. “We love seeing LoanPro team members riding Lagoon roller coasters on their lunch break or hiking and biking our beautiful trails. What a great and fun place to work.”
State of Utah Tax Credit Projections by the Numbers
|Capital investment:||$45 million|
|Projected new state tax revenue:||$20,485,192|
|EDTIF new state taxes:||20%|
About Utah Corporate Incentives
The state’s incentive program is called Economic Development Tax Increment Finance (EDTIF). The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits, which effectively function as temporary, marginal tax reductions. Utah does not provide up-front EDTIF cash payments for corporate retention and recruitment. It provides a limited post-performance tax credit after the company meets specific obligations, including capital investment, new high-paying jobs, and additional state tax payments. Eligible companies operate in one of Go Utah’s five targeted industries and work with the Governor’s Office of Economic Opportunity to outline performance criteria. Once the office confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of a percentage of the new, additional state taxes they paid for a finite period.