Small business loans on the rise in Utah, as ‘Startup State’ also sees new business growth

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Zions Bank ニュース

Small Business Saturday,Small Business Administration,Hodgepodge Sneakers

The pandemic has ushered in a new wave of entrepreneurs to Utah and has 'changed how people view earning money.'

was conceived in 2023 as a custom shoe shop that sends customers home with a new pair of sneakers they personalized themselves in a sneaker customization workshop.Hodgepodge Sneakers is part of a wave of small businesses that have opened in Utah in the wake of the coronavirus pandemic., some in the business community are celebrating the fact that small business loan applications have skyrocketed since March 2022, according to data from Zions Bank, the U.S.

In the pandemic’s first year, 2020, the number of small businesses established in Utah grew by more than 2,000, according to SBA data. And the growth hasn’t slowed. New business applications increased by 21.5% in Utah from December 2022 to December 2023. New businesses run the gamut, from retail to restaurants to manufacturing facilities, Dahl said. And they support the local workforce. Zions’ loan applicants in both Utah and Idaho created 868 new jobs and retained 1,544 existing ones, according to the bank.

Makai Matagi and Keilara McCormick customize a pair of shoes, at Hodgepodge Sneakers, on Friday, Nov 29, 2024.

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