SALT LAKE CITY - Davis County entrepreneurs should have better access to capital following recent changes to two main loan programs.
The programs are offered by the Small Business Administration. Several requirements are revised for its 7(a) and 504 loan programs, a press release from Zions First National Bank said.
Changes take effect April 21 and eliminate the personal resource test the nine-month rule for the 504 loan program, the release said.
“As a result of this rule change, we expect to see an increased number of businesses who qualify for SBA-guaranteed funding,” said Cece Mitchell, senior vice president and SBA lending manager for Zions Bank.
“This translates to better access to capital for small businesses,” she said. “That's important because small businesses are key drivers of economic growth and the principal source of new jobs.”
For more information, visit www.zionsbank.com.