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.