Don’t Keep Your Banker in the Dark

By Ty Kiisel About 25 or so years ago, my Dad’s small business suffered from some bad press caused by one of his suppliers. His wasn’t the only business in that industry in our area but he was the only supplier severely impacted by the repercussions of the bad news. Likely because he was the only one willing to be interviewed by the local media about it. I wasn’t working there are the time, but watched the interview on TV. It felt to me like the media was on a witch hunt and did thei... read the complete article »

WESTERN INDEPENDENT BANKERS’ ASSOCIATION NAMES RICHARD BEARD NEW CHAIRMAN

AMERICAN FORK, Utah (April 7, 2014) – People’s Utah Bancorp President and CEO Richard Beard has been named the chairman of the board for the Western Independent Bankers’ Association. His experience with and passion for community banking has positioned him to help WIB support community banks throughout the western United States.

Beard has been the president, CEO and a member of the board of directors of People’s Utah Bancorp and Bank of American Fork since 2004.  He currently serves as ... read the complete article »

I’m In Trouble and Need a Loan

By Ty Kiisel Working in the family business as a teenager, it wasn’t uncommon for conversation around the dinner table to include what was going on at work. In fact, more often than not, we talked about business—our successes and challenges. Like most small business, access to capital was one of the biggest challenges we faced. Most of the time, my Dad was an advocate of considering how to best allocate cash flow to meet those challenges, but sometimes he turned to borrowed capital to ... read the complete article »

What Type of Small Business Loan is Right for Your Business?

By Ty Kiisel The first place most business owners go when they’re looking for a small business loan is their local bank. Unfortunately, for most of them, about 90 percent, the local bank isn’t where they’re going to find the loan they’re looking for. The good news is that there are more options today than ever before, small business owners simply need an open mind and need to answer a few relatively simple questions to determine what type of loan is best for them: What do I nee... read the complete article »

What Are The Components Of A Successful Business?

What are the components of a successful business? The typical answer to this question most likely includes phrases like well trained employees, constant innovation, successful marketing, money management, and/or effective leadership. While all of these concepts are truly connected to successful businesses, giving back is another phrase that should be included. Johnny McCoy owns Knotty Alder Cabinets in Lehi, but Johnny is probably best known for his involvement in community causes. Johnny has... read the complete article »

National Association of Women in Construction (NAWIC) Salt Lake Chapter 90 Sponsors CAD/Design/Drafting Competition for High School Students.

The National Association of Women in Construction (NAWIC) Salt Lake Chapter 90 is sponsoring a CAD/Design/Drafting Competition for local high school students. The competition, which is largely supported by Utah-based Big-D Construction, runs through March 24th and introduces students to the construction industry in positive and challenging ways, fosters a sense of self-worth and builds confidence in the participants while encouraging mentoring programs between students, educators and the cons... read the complete article »

What Do Lenders Really Want to Know?

By Ty Kiisel When looking for a small business loan, a quick search on the Internet will yield a lot of advice. And, much of it will be pretty good. Ultimately though, I think lenders really want to know three things. Can you pay? They don’t ask it this way. What they will ask is to see your monthly or annual revenues, your profit and loss statement, six months or more of you business checking account, and the details of any other income you might have. This is one of the big reasons i... read the complete article »

How Do I Improve My Credit Score?

By Ty Kiisel If I could wave a magic wand to fix a bad credit report, I’d be a rich man. Unfortunately, at least in my opinion, there is no quick fix for a bad credit score. That said, there are things you can start doing now that will improve your score over time. If you are consistent and diligent, it’s possible to raise your score a hundred points or so in six months, but it will take diligent effort. The first step is to know what your score is. Because most lenders will look at a ... read the complete article »

MULTILING APPOINTS DAVID URRY AS CHIEF FINANCIAL OFFICER

Expanded Role to Support Company’s Strong Growth – and Continued Global Expansion – In IP Translations and Related Services

 MultiLing, the innovative leader in intellectual property (IP) translations and related services for foreign patent filings, today announced the appointment of David Urry as the company’s chief financial officer. Urry, who spent the last 13 years as the CFO of Aetna Insurance Company subsidiary Medicity, Inc., will drive MultiLing’s financial strategy to manage

... read the complete article »

Did You Know You Had a Business Credit Score?

By Ty Kiisel We’ve talked about how small business owners have a personal credit score as well as a business credit score. For young entrepreneurs, most lenders will be very interested in your personal credit score. In fact, you can expect to sign a personal guarantee on most small business loans if you’re business is under two or three years old. Although your personal credit might be impeccable, it’s just as important to pay attention to your business credit. I’d like to share an... read the complete article »