Utah’s economic growth is not just about luck

It’s sometimes tempting to think that Utah’s robust economy is a lucky result of hard work — and not much else. This article in Forbes magazine is a good reminder that our current good fortune, economically, results from decades of strategic planning and investment by Utah’s political and business leaders. For instance, Utah’s technology industry would not be where it is today —one in every $7 of the state’s GDP is from the tech industry —if not for the Utah Engineering Initiative. It was launched in the 1990s to double the number of engineering students at state universities.

Utah has had solid leadership when it comes to managing the state’s finances — and in recognizing the value of small business. To help them succeed, the state has 14 Utah Small Business Development Centers (SBDCs). The SBDCs can help with everything from business plans to customer relations to e-commerce. You can find their locations at this link.

The Utah Governor’s Economic Development Office offers Business Resource Centers, “one-stop-shops” to help new or growing businesses throughout the state. These centers, formed in partnership with a local college or university, offer services to help businesses expand. The development office itself is also a great resource.

First Utah Bank, as well, can help your small business succeed. We offer great checking and savings accounts for businesses — and so much more! Our Merchant Services division can help businesses choose and implement a system for accepting credit cards, mobile payments, online sales or other electronic forms of payment. Our Treasury Management services help you efficiently manage your company’s cash position. We offer tools to help you monitor account balances, transfer funds, obtain copies of checks, deposits, statements, and more. Moreover, our business loan officers get to know you and your business, so they can identify the right financing needs for your business.

Reach out to us anytime by completing our contact form here, or calling 801-308-2265. We look forward to helping you contribute to this great state’s economy!