Issuu

May 2026 | Volume 1, Issue 2

BUSINESS JOURNAL

Small Business Focus

S P O N S O R E D

B Y :

2 | May 2026 • Small Business Focus

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Small Business Focus • May 2026 | 3

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4 | May 2026 • Small Business Focus

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BUSINESS JOURNAL Editor’s Letter Publisher

Bryan Scott

Editor-in-Chief Rebecca Olds

Editor

Tom Haraldsen

Design

Stacey LaMont

Associate Publisher David Gregersen

Senior Account Executive Dale Dimond

Director of Marketing Mieka Sawatzki

List Development Director Lydia Rice

Editorial Team Brice Wallace Peri Kinder Becky Ginos

Industry Focus Magazines are published yearly by the Salt Lake Business Journal, owned by Loyal Perch Media LLC, 9500 S. 500 West, Suite 205, Sandy, Utah 84070. Periodical Postage paid at Salt Lake City, Utah. Send address changes to the Salt Lake Business Journal at the above address or by email at subscribe@ thecityjournals.com. Subscription rates included with print and digital Salt Lake Business Journal: $85 one year. Submit subscription orders at slbusinessjournal.com. Copyright © 2026 Loyal Perch Media, LLC.

Dear readers, Small businesses are not only the majority of businesses in Utah, they also employ 45.4 percent of the state’s workforce — a remarkable testament to their impact on our economy and communities. This issue is an ode to your tenacity, your grit and your willingness to build something from the ground up and sustain it year after year. Small-business ownership is deeply personal. My husband is part of that community, and I’ve seen firsthand that it’s never truly easy. And yet, you continue to adapt and push forward. For that, you have our deepest respect and admiration. We are also incredibly grateful to you, our readers. Your support allows us to continue telling the stories that matter — stories of innovation, resilience and growth happening right here in our local business community. A special thank-you as well to this issue’s Small Business Focus sponsors, Bank of Utah and Mountain West Small Business, for their continued commitment to supporting small businesses. Their partnership helps make this publication — and the stories within it — possible. In this edition, you’ll find feature stories highlighting the Small Business Administration’s 2026 Utah award winners, recognizing their outstanding dedication and achievement. Among those honored are Cedar Bear Naturales, Western Timber Frame and Beacon Commercial Door and Lock — businesses that exemplify the strength and spirit of Utah entrepreneurship. You’ll also find a thoughtful roundtable discussion with leaders from both small and large organizations, exploring employee mental health’s critical role in the overall success of a company — a topic that continues to shape workplaces across every industry. We hope this issue leaves you informed and inspired. As always, please connect with me at editor@slbusinessjournal.com. Sincerely,

Rebecca Olds Editor-in-Chief

SALT LAKE

BUSINESS JOURNAL IN FOCUS SMALL BUSINESS LISTS

12, 14

Chambers of Commerce

16, 18

SBA Lenders

ARTICLES resources 6 Local support local entrepreneurs

business case 9 The for mental health: A roundtable

an SBA loan 21 What taught Western

Timber Frame about its own business

relationships 25 Bank can elevate small businesses

Utah’s Cedar 28 Eastern Bear earns a top honor from SBA

names Utah’s 30 SBA 2026 top lenders

business insurance 33 Why must be treated as a strategic asset, not a transaction

Door & Lock 34 Beacon named Utah’s Small Business of the Year

at manufac36 Women turing conference list leadership lessons

a business in 38 Opening Salt Lake County?

Your costs may depend on the city

Focus

Small Business Focus • May 2026 | 5

SALT LAKE BUSINESS JOURNAL

6 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

Small-business owners in Utah have many resources and organizations available to help make their dreams a reality. (Stock photo)

Local resources support entrepreneurs By Peri Kinder | The City Journals Starting a new business can be a massive undertaking. Creating a business plan, obtaining loans and developing marketing strategies can feel overwhelming. But in Utah, several organizations want you to succeed and offer resources, mentoring and connections to help build a sustainable business. Here are six places to start. Utah Small Business Development Center. Located at Salt Lake Community College Miller Campus in Sandy and in Kaysville at Davis Technical College, the SBDC offers free business consulting. Whether your business is just an idea or a built-out concept, working with SBDC professionals can increase your chance of success. SBDC also provides information about financing, customer relations, employee management and business accounting through the Entrepreneur Academy, workshops and training

classes. It also hosts networking events to build support so your business can thrive. To learn more, visit utahsbdc.org. Suazo Business Center. Nearly 10 percent of Utah businesses are owned by Latino or Hispanic entrepreneurs. Suazo Business Center is often a first step for members of underserved communities to help them build and grow a thriving company. Bilingual consultants offer advising appointments to create an understanding of small business while providing guidance and mentorship. With locations in Salt Lake and Ogden, Suazo Business Center has classes in Spanish and English to cover topics like QuickBooks, business development, legal structure, accounting and financing. It also has a series of workshops to tackle issues from HR to government contracts. For more information, visit suazocenter.org.

SALT LAKE BUSINESS JOURNAL

SCORE Utah. With free business mentoring and lowcost educational workshops, SCORE Utah can help expand your network and grow your business. Its online courses allow entrepreneurs to explore all areas of business ownership, including e-commerce, customer service, crisis management and online marketing. Score Academy premium courses offer inexpensive training in grant writing, AI for business or sales, and marketing strategy. Additionally, SCORE will provide a free mentor who will partner with you on your business journey. Mentors give advice and educate business owners to help them feel supported. To learn more, visit score.org/utah. Utah Microloan Fund. For business owners who might have a low credit score or no access to collateral, the Utah Microloan Fund is a “lender of last resort” that can help entrepreneurs who can’t get traditional business loans. It can offer lending to higher-risk clients because its purpose is about creating impact, not profit. For 35 years, the organization has funded microloans to help people build their dreams. By providing training and financing to businesses that don’t qualify for traditional funding, the Utah Microloan Fund is a resource for those who have been declined for a bank loan. The microloans are set at a fixed rate, with up to six years for repayment. Plus, its popular Banking on Women program helps women create a business plan and apply for funding to make it a success. Visit utahmicroloanfund.org/orientation for more information.

Small Business Focus • May 2026 | 7

Local chambers of commerce. For advocacy and networking, the local chamber of commerce is a great place to connect with like-minded business owners, find opportunities for promotion and get your company involved with volunteer activities. The Salt Lake Chamber is the biggest in Utah, while the South Valley Chamber represents many communities in Salt Lake County, including Sandy, Draper and Riverton. ChamberWest serves businesses in Taylorsville, West Valley, Kearns and West Jordan, and several smaller chambers serve individual cities, like Murray or South Salt Lake. The Davis Chamber is the primary organization for businesses in Davis County. There are also specialized chambers, including the Utah Black Chamber, the Utah Hispanic Chamber, the Utah Asian Chamber and the Utah LGBTQ+ Chamber. For a complete list of chambers of commerce, visit utahassociationofchambers.com. Spice Kitchen Incubator. If you have an idea for a food truck or restaurant, but can’t invest in a truck or brick-and-mortar location, the Spice Kitchen Incubator is an answer to your prayers. Spice Kitchen provides hands-on learning for refugees and other disadvantaged community members interested in creating a food business. Part of the incubation program includes access to affordable kitchen space, plus capital, operations development and technical assistance. Graduates of the program include Bhutan House, IndieGo Coffee, Wings on Wheels and Waterwheel Kitchen. To learn more, visit spicekitchenincubator.org.

Local chambers of commerce are a great place to connect with like-minded business owners, find opportunities for promotion and get your company involved with volunteer activities. (Courtesy South Valley Chamber)

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Small Business Focus • May 2026 | 9

The business case for mental health What company leaders say is really at stake A Salt Lake Business Journal event hosted at NeuroHealth Utah in South Jordan

When employees are struggling, it’s not just morale that suffers — it’s their brains. “When people are silently suffering, they’re also not as creative. They’re not as productive,” Michael Nelson, a licensed clinical mental health counselor, said during a recent Salt Lake Business Journal roundtable at Neurohealth Utah. “It’s literally shutting down those parts of the brain. … Over long periods of time, you’re starting to create a less able brain.” Around the table sat a construction executive, a software pricing chief, a CEO of a women leadership company, a spa and wellness founder, a director of service revenue and operations, a dance‑studio owner and a landscape contractor — people who live and die by project margins, customer satisfaction and whether they can keep good talent. None of them talked about mental health as a perk or a PR line. They talked about it as company infrastructure: the thing that keeps people safe on job sites, call centers staffed, and companies from hemorrhaging their best performers. Across industries, workers are more vocal about burnout, boundaries

MODERATOR: Jason Corbridge, owner, NeuroHealth Utah PARTICIPANTS: Britney Beardmore, co-founder, Acrely Farms Bryan Brothers, director of service revenue and operations, Vivint Jamie Adams, owner, Gotta Dance Creative Arts Studio Jason Alleger, head of pricing, Weave Michael Nelson, CMHC, Nelson Counseling Services Sarah Narjes, general manager, Mortenson Utah Shelten Wells, owner, Wells Cutting Edge Melanie Jones, CEO, Women’s Leadership Institute

10 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

and what they will tolerate from a workplace. The Utah leadenough to make those decisions, that person exits and there’s ers in this room said that pressure is now reshaping how they suddenly a collective sigh of relief from the remaining emhire, how they manage and even how they keep people alive. ployees who sometimes didn’t even realize how heavy it was Mental health is affecting all fields, whether that’s a conweighing on them.” struction general manager flagging suicide rates in her field, “Culture” can be a powerful tool in any company’s toolbelt. or the owner of a landscape business who fired two gossiping After buying two companies, landscape contractor Shelten employees and watched the culture “snap back.” Wells watched the tone of his long‑standing team start to shift In construction, suicide rates are roughly four times the as gossip took hold among a few employees. national average, and substance abuse is common. That re“We ended up letting them go, and the culture just came ality has pushed companies like back immediately, which was Mortenson to start treating menamazing,” Wells said. “The big“When people are silently suffering, tal health as part of the safety gest thing that I learned from that they’re also not as creative. They’re program, not just an HR topic. is, you’ve got to guard your culnot as productive. It’s literally shutToolbox talks and PPE are no ture with everything you have.” longer enough if workers are He guards his by doing weekly ting down those parts of the brain. coming to the site exhausted, one‑on‑ones with crew leaders, … Over long periods of time, you’re depressed or using substances required one‑on‑ones between starting to create a less able brain.” to cope. those leaders and their teams, Other leaders around the table and Monday‑morning meetings – Michael Nelson, CMHC, echoed the cost of letting probthat focus as much on commuNelson Counseling Services lems linger. nication and stress as on reve“The biggest regrets that I nue. “Those three things, I make have in my career have been censure that I guard tremendoustered around waiting too long to make hard choices,” said ly, because they will help a company grow. They will help Melanie Jones, CEO of the Women Leadership Institute and a company thrive. The mental health of all the employees one of the executives at the roundtable. “Even when somewill be strong.” body is misbehaving, it’s the worst thing you ever have to do For Wells, the connection between mental health and outas a leader. … But I’ve found that when I have been brave comes is straightforward.

Bryan Brothers speaks about differentiating the performance of employees from their identities to make corrections less personal and more beneficial. (Photo by Alex Jenkins)

SALT LAKE BUSINESS JOURNAL

Small Business Focus • May 2026 | 11

A licensed clinical mental health counselor, Michael Nelson (right), speaks about how brains suffer when employees are struggling. (Photo by Alex Jenkins) “Our business goals are actually our secondary run, because if the mental capacity of your employees are up to par, all their business goals will be met,” he said. “We’re hitting all of our goals because everybody is calm, ready to run.” National data helps explain why this is on executives’ radar. In a 2022 survey cited by U.S. Surgeon General Vivek Murthy, 84 percent of employees said their workplace conditions had contributed to at least one mental health challenge. Murthy has argued that healthy workers are the foundation for thriving organizations and communities — not an afterthought once profits are secured. On a company level, it’s still common to frame investments in mental health as a moral decision, but Jamie Adams, owner of Gotta Dance Creative Arts Studio, sees it also as a financial one. “If I’m pouring into my employees, then that trickles out like a drop in the puddle — they just ripple out to their students and their families,” Adams said. “Whatever it costs, I usually make it back financially.” For her, regular check‑ins, flexible scheduling and development opportunities show up later as fuller classes and more loyal customers. Other leaders framed mental health in terms of retention and “coachability.” Several said they see more employees who struggle to separate feedback on performance from judgment on their worth as a person — a dynamic that can make even basic course corrections feel like a minefield. “They can’t differentiate between ‘my performance is not necessarily my identity,’” said Bryan Brothers, director of ser-

vice revenue and operations at Vivint. “You told me I’m deficient, therefore I’m less motivated than when we walked in.” That’s pushing managers toward more frequent, specific feedback and toward systems that help employees name their own gaps. Some use agile‑style “retrospectives” where team members list what went well and what didn’t each cycle. Others rely on weekly one‑on‑ones that deliberately ask about workload, stress and communication, not just sales numbers. For Nelson, the counselor, the stakes go beyond feelings. “When people are silently suffering,” he said, “you’re starting to create a less able brain.” Over time, that doesn’t just hurt individuals; it leaves companies with a smaller, less creative and less productive brain trust to run the business. The common thread across very different companies was that mental health shows up not only in benefits brochures, but in the daily rhythms of management: who gets hired and fired, how quickly gossip is addressed, whether leaders are willing to admit their own mistakes, and whether anyone notices when an employee quietly starts to withdraw. For these executives, the business case for mental health is no longer theoretical. It’s in the crews that come back next season, the call‑center agents who stay long enough to get good, the students and customers who feel cared for, and the accidents and crises that never happen because someone was well enough to speak up. In other words, the companies that treat mental health as infrastructure may be the ones still standing when treating it as a perk stops working.

12 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL SALT LAKE

CHAMBERS OF COMMERCE

BUSINESS JOURNAL

Number of Memaers

2025 Annual Membership Fees/Rates

Year Est.

Listed Alphabetically

Membership Services & Programs

American Fork Chamber 31 N. Church St. American Fork, UT 84003

801-472-7467 americanfork chamber.org

450

$250$15,000

1946

Networking, business-to-business relations, community events, advocacy

Brad Frost President & CEO

Box Elder Chamber 75 S. Main St. Brigham, City UT 84302

435-723-3931 boxelder chamber.com

380

$75$4,000

1945

Networking, advocacy, sponsorship opportunities

Shelley Bywater President

Cache Valley Chamber PO Box 3338 Logan, UT 84323

435-752-2161 cache chamber.com

584*

See Website

1911

Certiﬁcates of origin, general problemsolving, marketing opportunities, networking opportunities & resources for business in our community

Jamie Andrus President & CEO

Cedar City Chamber 510 W. 800 S. Cedar City, UT 84720

435-586-4484 cedarcity chamber.org

335

$500

1915

Business relationships & connections, advocacy, training, referrals, counseling, advertisement, etc.

Tessa Douglas President & CEO

1961

Representing businesses in West Valley, West Jordan, Taylorsville, Kearns, Magna, and others. Business advocacy, leadership program, ribbon cuttings, monthly luncheons, certiﬁcates of origin, networking, Women in Business events, annual conferences, golf tournament, awards gala and more

Barbara Riddle President & CEO

2001

Legislative Affairs Committee, Women in Business Committee, Leadership Institute Program, Military Affairs Committee, Monthly Luncheons, Networking Groups, Lakesiders Ambassador Group & Ribbon Cuttings, Annual Awards Banquet, Business to Business Expo, Economic Summit, Golf Tournament, Board of Governors, etc.

Angie Osguthorpe President & CEO

Press opportunities, discounts, referrals, advertising, workshops, networking, etc.

Kathy Carr Board Chair

Chamber Name Address

Chamber West 3540 S. 4000 W., Ste. 240 West Valley City, UT 84120

Phone Web

801-977-8755 chamber west.com

420

$350$20,000

Top Local Executive

Davis Chamber of Commerce 450 S. Simmons Way, Ste. 220 Kaysville, UT 84037

801-593-2200 davischamberof commerce.com

500

$445$12,795

Heber Valley Chamber 475 N. Main St. Heber, UT 84032

435-654-3666 gohebervalley. com

377

$100-$400 2012

Holladay Business Advisory Board 4580 S. 2300 E. Holladay, UT 84117

801-272-9450 All active holladayut.gov/ city departments/ Proprietary businesses 2003 economic_ are development/ members

The Holladay Business Advisory Board was established to serve as a forum for our local businesses and community partners to come together and discuss opportunities to improve communication and collaboration

Zac Wilson Chair

Hurricane Valley Chamber 63 S. 100 W. Hurricane, UT 84737

435-635-3402 hvchamber.com

Business promotion–listed on HVCC website. Business education & updates. Free advertising on Chamber website, FB page, newsletters, etc. Promotional opportunities. Monthly luncheons, networking opportunities, referrals

Sarah Strickley President

Murray Area Chamber 141 E. 5600 S., Ste. 300 Murray, UT 84107

801-263-2632 themurray chamber.com

1948

Business education and updates. Free advertising on Chamber website, FB page, newsletters, etc. Business promotional opportunities. Referrals. Networking opportunities, etc.

Kathy White President & CEO

182

Varies

145

$275$7,500

*Did not disclose. Please note that some ﬁrms chose not to respond, or failed to respond in time to our inquiries. All rights reserved. Copyright 2026 by Salt Lake Business Journal. The Business Journal strives for accuracy in its list publications. If you see errors or omissions in this list, please contact us at lists@slbusinessjournal.com.

SALT LAKE BUSINESS JOURNAL

Small Business Focus • May 2026 | 13

14 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL SALT LAKE

CHAMBERS OF COMMERCE

BUSINESS JOURNAL

Number of Memaers

2025 Annual Membership Fees/Rates

Year Est.

Listed Alphabetically

Membership Services & Programs

Ogden-Weber Chamber 2380 Washington Blvd., Ste. 290 Ogden, UT 84401

801-621-8300 ogdenweber chamber.com

990+

$275$25,000

1887

Business connections, information, operational savings, promotional opportunities, legislative connections, etc.

Chuck Leonhardt President & CEO

Park City Chamber/Convention & Visitors Bureau 1850 Sidewinder Dr., #200 Park City, UT 84060

800-453-1360 parkcity chamber.com

1,150

$240

1981

Exposure to visitors, website listings, B2B referrals, communications, government affairs, events, professional development

Jennifer Wesselhoff President & CEO

Pleasant Grove– Lindon Chamber 70 S. 100 E. Pleasant Grove, UT 84062

801-922-4540 pglindon chamber.org

270

$100$5,000

1921

Marketing, network with local businesses, etc.

Eric Jensen President & CEO

Point of the Mountain Chamber 225 E. State Road Lehi, UT 84043

801-901-6664 thepoint chamber.com

1955

Regional & local business networking, online visibility, advocate for cities, legislative issues, educational & training, motivational speakers, promotional with sponsorship opportunities

Marcee Gundry President & CEO

St. George Area Chamber 136 N. 100 E., St. George, UT 84770

435-628-1650 stgeorge chamber.com

1954

Advertising & marketing, business & professional services, commercial & residential services, government advocacy, networking

Shawn Christensen President & CEO

Salt Lake Chamber 201 S. Main St., Ste. 2300 SLC, UT 84111

801-364-3631 Proprietary slchamber.com

1887

Leadership programs, professional development, speakers bureau, advertising opportunities, sponsorship opportunities, certiﬁcates of origin

Derek Miller CEO

$300 Bronze, $500 Silver, 1952 $750 Gold, $1K Executive

Business & civic leader engagement, Board of Directors; annual golf tourney & awards banquet, networking & visibility, business growth through involvement, business open houses

Tereza Bagdasarova President & CEO

Chamber Name Address

South Salt Lake Chamber 2531 S. 400 E. South Salt Lake, UT 84115

Phone Web

801-466-3377 sslchamber.com

530

See Website

1,000+

$375$1,520

112

South Valley Chamber 9800 S. Monroe St., Ste. 806 Sandy, UT 84070

801-566-0344 southvalley chamber.com

571

Spanish Fork Area Chamber 726 S. Main St., Ste. 201-A Spanish Fork Utah 84660

801-798-8352 spanishforkchamber.com

280

Sugarhouse Chamber & Community Alliance P.O. Box 530356 SLC, UT 84152

801-448-7292 sugarhouse chamber.org

Utah Valley Chamber 2696 N. University Ave., Ste. 220 Provo, UT 84604

385-482-2555 thechamber.org

Variable

$400$16,500

$400$5,500

2019

Top Local Executive

Business Institute, Business Accelerator Academy, Women in Business Network, Leadership South Valley, Young Tereza Bagdasarova Entrepreneurs Academy, Silicon Slopes– President & CEO Sandy/Draper Chapter, Executive Forums, 'In the Know' series, Titan Awards, Peak Awards, golf tournaments, Business After Hours

1883

Networking, marketing, promotions, etc.

Kathleen Leavitt President & CEO

$300-$600 1940's

Advocacy, large scale marketing campaigns, video services, "Business Beet", highlight businesses, "Sugarhouse Rocks concerts" in Monuments Plaza

Brandon Hill Erika Wiggins Co-chairs

336

$1,500$30,000

The Utah Valley Chamber of Commerce is a member-driven organization whose mission is to build relationships, advocate principle-based public policy, promote business & community prosperity

Curtis Blair President & CEO

1985

Small Business Focus • May 2026 | 15

SALT LAKE BUSINESS JOURNAL

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16 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

SBA LENDERS

SALT LAKE

BUSINESS JOURNAL

Ranked by SBA Utah Loan Dollar Volume 2025 Company Name Address

Phone Web

Number of SBA Loans in 2025

Total 2025 SBA Loan Volume

Headquarters (City/State)

SBA Loan Contact

Mountain West Small Business Finance 2595 E. 3300 S. SLC, UT 84109

801-474-3232 mwsbf.com

186

$324.5M

Salt Lake City, UT

Judd Blakesley SVP Senior Lending Ofﬁcer

Mountain America Federal Credit Union 9800 Monroe St. Sandy, UT 84070

801-300-2000 macu.com

190

$86.5M

Sandy, UT

Keller Soffe Manager, SBA Sales

Bank of Utah 2605 Washington Blvd., 1st Floor Ogden, UT 84401

801-409-5000 bankofutah.com

$57.7M

Ogden, UT

Taft Meyer, EVP Chief Lending Ofﬁcer

Central Bank 75 N. University Ave. Provo, UT 84601

801-655-2152 centralbankutah.com

$52.8M

Provo, UT

Deborah Lamb SBA Manager

Zions Bank 1 S. Main St. SLC, UT 84133

801-844-7909 zionsbank.com

272

$52.2M

Salt Lake City, UT

Jill Searle, Commercial/ Business Banking Underwriting Manager

Intermountain Business Lending 5333 S. Adams Ave., Ste. B Ogden, UT 84405

801-627-1333 im504.com

$47.8M

Ogden, UT

Caryl Eriksson President

Celtic Bank 268 State St., #300 Salt Lake City, UT 84111

800-509-6191 celticbank.com

$47.6M

Salt Lake City, UT

Jody Niko SVP, Business Development Ofﬁcer

Capital Community Bank 1835 W. State St. Pleasant Grove, UT 84062

801-763-5066 ccbank.com

$46.6M

Pleasant Grove, UT

Steven Drakulich Commercial Lending Team Lead

U.S. Bank 448 E. 6400 S., Ste 150 SLC, UT 84107

801-513-6576 usbank.com

$39.6M

Minneapolis, MN

Kevin Corless, Business Development Ofﬁcer

Altabank – a division of Glacier Bank

800-815-2265 altabank.com

$38M

American Fork, UT

Clint Norcross VP Commercial Relationship Mgr.

801-308-2265 ﬁrstutahbank.com

$37.3M

Salt Lake City, UT

Roger Shumway, Sr. Vice President, Business Loan Ofﬁcer & SBA Lead

888-418-5333 cachevalleybank.com

$36.8M

Logan, UT

Cody Jarrett SBA Operations Manager

800-999-3961 americaﬁrst.com

$33.3M

Riverdale, UT

David Doria Small Business Manager

14 377 N. Main St.,

435-865-2300 sbsu.com

$31.6M

Cedar City, UT

Shannon Walker VP Commercial Lending

Key Bank

801-297-5800 key.com

$24.1M

Cleveland, OH

Ryan Shaw Business Banking Sales Leader – Utah

720-616-4000 fortisbankus.com

$19.3M

Denver, CO

Melanie Finnell SBA Operations Manager

801-481-8800 canyonviewcu.com

$19M

Salt Lake City, UT

Steven Mathews, Business Lending Manager

801-364-3101 chase.com

$16.8M

New York, NY

Jordan Pearce VP, SBA Solutions Consultant Sr.

10 2691 W. 12600 S.

Riverton, UT 84065 First Utah Bank

11 3826 S. 2300 E., SLC, UT 84109

Cache Valley Bank

12 101 N. Main St.

Logan, UT 84321 America First Federal Credit Union

13 1344 W. 4675 S. Riverdale, UT

State Bank of Southern Utah Cedar City, UT 84721

15 36 S. State St.

SLC, UT 84111 Fortis Bank

16 6975 Union Park Ave., #180 Midvale, UT 84047

Canyon View Federal Credit Union

17 3450 S. Highland Dr., #201 SLC, UT 84106

J.P. Morgan Chase Bank

18 201 S. Main St., Ste. 300 SLC, UT 84111

*Did not disclose. Please note that some ﬁrms chose not to respond, or failed to respond in time to our inquiries. All rights reserved. Copyright 2026 by Salt Lake Business Journal. List information taken from SBA Lenders survey (www.sbalenders.com/top-sba-lenders-utah/). The Business Journal strives for accuracy in its list publications. If you see errors or omissions in this list, please contact us at lists@slbusinessjournal.com.

SALT LAKE BUSINESS JOURNAL

YOUR NAME YOUR NAME ON THE ON THE DEED

DEED

It’s more than a building.

It’s yours.

You’ve worked hard to put your name on the door. Now it’s time to put your name on the deed. With an SBA 504 loan from Mountain West Small Business Finance—complete with a fixed rate, a low monthly payment, and a minimal down payment—you can stop renting and start owning the space your business deserves!

UTAH’S #1 UTAH’S #1 SSMALL A US BUSINESS SS LENDER 801.474.3232 | mwsbf.com

Small Business Focus • May 2026 | 17

18 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

SBA LENDERS (CONTINUED)

SALT LAKE

BUSINESS JOURNAL

Ranked by SBA Utah Loan Dollar Volume 2025 Company Name Address

Phone Web

Number of SBA Loans in 2025

Total 2025 SBA Loan Volume

Headquarters (City/State)

SBA Loan Contact

19 322 E. 12300 S.

801-619-8840 wellsfargoworks.com

$16.1M

Sioux Falls, SD

Curtis Cannon Sr. Business Development Ofﬁcer

Meadows Bank

801-890-3016 meadowsbank.com

$15.5M

Las Vegas, NV

Scott Snow VP, SBA Business Development Ofﬁcer

21 5025 S. Adams Ave.

801-621-4550 gwcu.org

$13M

Ogden, UT

Diana Windley Senior Vice President

Northwest Bank

801-416-4800 northwest-bank.com

$12.3M

Warren, PA

Katherine Bourne SBA Construction Loan Manager

800-342-9129 umb.com

$11.3M

Kansas City, MO

Dennis Singleton VP, Relationship Ofﬁcer

385-361-5000 midﬁrst.com

$10.6M

Oklahoma City, OK

Jeff Cromar VP, SBA Business Development Ofﬁcer

801-829-9958 wasatchpeaks.com

$6.1M

Ogden, UT

Brandi Kirksey Marketing Mgr.

801-260-7600 cypruscu.com

$4.7M

West Jordan, UT

Austin McLain Business Banking Sales Manager

866-661-5463 dlevans.com

$2.9M

Burley, ID

Grant Roper Vice President Commercial & Ag. Lending

801-467-5411 brightonbank.com

$2.4M

Cottonwood Heights, UT

John Briggs SBA Manager & Commercial Loan Ofﬁcer

29 360 W. 4800 N., Ste. E160

801-223-8188 uccu.com

$1.8M

Provo, UT

Brett Bulow Commercial Loan Ofﬁcer

Washington Federal Bank

801-366-2238 wafdbank.com

$1.6M

Seattle, WA

Ryan Hoffman Relationship Mgr.

801-528-2600 utahﬁrst.com

$1.5M

Salt Lake City, UT

Jeff Stringham, VP Commercial Services

32 675 E. 100 N.

435-637-2443 euccu.com

$1.5M

Price, UT

Mark Jesperson

33 1750 W. 11400 S., #200

Jordan FCU

801-566-4195 jordan-cu.org

$1.3M

South Jordan, UT

Alex Ludwig, Business Relationship Ofﬁcer

Redemption Bank

801-272-4275 redemptionbank.com

$1.2M

Salt Lake City, UT

Carisa Mitchell AVP, Lead Loan Processor

435-259-6124 desertriverscu.com

$927.5K

Moab, UT

Lonnie Campbell Senior Business Banker

801-456-7000 dfcu.com

$925K

West Valley City, UT

Brady Smith VP, Business Services

Wells Fargo Bank Draper, UT 84020

20 4001 S. 700 E., Ste. 500 SLC, UT 84107

Goldenwest Credit Union South Ogden, UT 84403

22 6975 S. Union Park Center

Cottonwood Heights, UT 84047 UMB Bank

23 222 S. Main St., Ste. 210 SLC, UT 84101 MidFirst Bank

24 10653 S. River Front Pkwy., #140 South Jordan, UT 84095 Wasatch Peaks CU

25 4723 Harrison Blvd. Ogden UT 84403

Cyprus Federal Credit Union

26 3876 W. Center View Way West Jordan, UT 84084 D.L. Evans Bank

27 360 E. Gentile St.

Layton, UT 84041 Brighton Bank

28 93 W. 3300 S.

SLC, UT 84115 Utah Community FCU Provo, UT 84604

30 405 S. Main St., Ste. 100

Salt Lake City, Utah 84111 Utah First Federal Credit Union

31 200 E. South Temple SLC, UT 84111

Eastern Utah Community FCU Price, UT 84501

South Jordan, UT 840951

34 2020 E. Murray-Holladay Rd. Holladay, UT 84117 Desert Rivers FCU

35 725 N. Main

Moab, UT 84532

Deseret First Credit Union 3999 Parkway Blvd. West Valley City, UT 84120

*Did not disclose. Please note that some ﬁrms chose not to respond, or failed to respond in time to our inquiries. All rights reserved. Copyright 2026 by Salt Lake Business Journal. List information taken from SBA Lenders survey (www.sbalenders.com/top-sba-lenders-utah/). The Business Journal strives for accuracy in its list publications. If you see errors or omissions in this list, please contact us at lists@slbusinessjournal.com.

Small Business Focus • May 2026 | 19

SALT LAKE BUSINESS JOURNAL

www.im504.com www.im504.com

SBA 504 SBA 504 LOANS LOANS IMBL has been making SBA 504 loans for nearly 45 years and we’d love to help you make owning your own building a reality. Our CEO has over 30 years of SBA lending experience, and our sales team and back office are committed to providing a personalized experience and FAST turnaround times. Let us show you how choosing IMBL will benefit you.

Long term, low down payment financing for real estate or equipment. Contact us any time with SBA 504 questions, and reach out if you’d like personalized service from our team. We love helping small business and local economies grow, and hope you’ll join us in our mission!

Caryl Eriksson CEO & President

Chase Carver

Brandon Toyn

Jordan Jacobs

Cody Gibson

VP, Loan Officer

ceriksson@im504.com ccarver@im504.com 801.897.4937 801.721.5105

btoyn@im504.com 801.458.4214

jjacobs@im504.com cgibson@im504.com 208.380.3487 801.503.6269

Proudly serving small business in Utah and Idaho.

20 | May 2026 • Small Business Focus

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Small Business Focus • May 2026 | 21

J. Hyrum Thompson, Western Timber Frame co-founder, and Laurence Bunker, president, pose at the site of a custom backyard haven in Sandy completed by Western Timber Frame, designed by Darren Dunn and carried out by project manager David Jessop. (Rebecca Olds, Salt Lake Business Journal)

What an SBA loan taught a Utah manufacturer about its own business By Rebecca Olds | Salt Lake Business Journal In 2009, when J. Hyrum Thompson co-founded Western Timber Frame, what’s become known as Utah’s premier heavy timber manufacturer, he saw himself as a builder of beautiful wood structures. But as projects went up, the feedback the company got from customers wasn’t just about the quality but about how their lives changed. “We had one lady come in and tell us how her husband spent more time in the backyard, outside, in the last year than he did in the last 10 years,” Thompson said. “He got off his blood pressure medicines and lost 20 pounds.” He told another story where the outside structure they built for a family became a gathering place to grieve and later heal when they lost their daughter.

“Our bigger game is to make heavy timber the first choice for builders, developers and homeowners who want to build something that lasts — not just a structure, but a legacy.” That shift in identity landed against a sobering backdrop of how little time people spend outdoors. “I think it’s 92 or 93 percent of the time people spend in an indoor environment,” said Laurence Bunker, Western Timber Frame’s president and chief marketing officer, citing numbers often attributed to the National Human Activity Pattern Survey. That’s what drove Western Timber Frame’s leaders to talk more about creating places to help families and guests use their outdoor spaces. “We realized how much the difference it makes in people’s lives that are getting outside and changing them,” said Bun-

22 | May 2026 • Small Business Focus ker. “We’re not just trying to build a nice structure; we’re trying to figure out how to make it function for you, and how it’ll make your life different.” Thompson compares it to learning an instrument. “It’s like playing a musical instrument. If you’ve got to dig it out of a closet, you’re gonna have a hard time actually learning how to play,” said Thompson. “That’s where we try to integrate it seamlessly into their lifestyle, so that indoor living and outdoor living can be combined.” As that realization became a big part of the company, it also started moving more into commercial structures. The National Restaurant Association, Bunker said, found that eating establishments get a “huge boost” of about 27 percent in business, when adding outdoor seating options. Western Timber Frame still roots its identity in heavy timber and craft. Their “kit” model is about control and consistency, not commoditization. “We try to do as much as possible, so there’s very little cutting [on-site]; it’s stained and finished before we go out there,” said Thompson. “That’s why we call them a kit, because it’s premade. “But you see, it’s not a kit in the traditional sense. It’s not going to come in a bunch of cardboard boxes.” Thompson contrasts their work with what customers might find at warehouse stores: “You’re better off having a Costco kit than nothing at all. I’m not trying to criticize it, but our stain weighs more than their whole kit does.” Delivering on their experience‑first promise also depends on operations. Project managers like David Jessop work to

SALT LAKE BUSINESS JOURNAL anticipate problems before a crew ever shows up. “Once they do renderings, it falls onto my table, and I come out to make sure that the project gets executed correctly,” said Jessop. “I come out to try and anticipate anything that might be in the way.”

“We realized how much the difference it makes in people’s lives that are getting outside and changing them,” said Bunker. “We’re not just trying to build a nice structure; we’re trying to figure out how to make it function for you, and how it’ll make your life different.”

– Laurence Bunker Bunker calls Jessop’s role “really integral.” The company has completed more than 7,000 projects across the country. “He’s looking how, like, for anything the designer missed, and then he also coordinates the different aspects that we have to do.” In 2025, they turned to an SBA‑backed loan through Mountain America to buy and convert an old bowling alley in Payson into their new headquarters and fabrication facility, effectively relocating from their previous location in Lehi.

Zion Canyon Hot Springs in Le Verkin is just one of several high-profile projects the company has worked on across the nation. (Courtesy Western Timber Frame)

SALT LAKE BUSINESS JOURNAL

Small Business Focus • May 2026 | 23

Western Timber Frame is known for custom outdoor structures, fit to the space and lifestyle of its clients. (Courtesy Western Timber Frame)

Even though what was pitched as a quick process became a long, difficult eight‑month one, Bunker said the process was beneficial for him, Thompson and the company as a whole. Because the building was non‑standard, Bunker said. Then the federal government shut down, and things got even harder. “Everything that could go wrong with us in the process went wrong,” said Bunker. “Jared DeVroom and Mountain America Credit Union believed in us when the numbers were scary. That kind of institutional support — where your bank actually shows up for you — that’s not something you take for granted.” The delays meant redoing paperwork, yet they describe the SBA process as transformative.

“I will say, the SBA process and going through it … it truly made us better,” said Bunker. “It made us ask a lot of questions of ourselves and what we were doing, and made us put it down on paper.” Western Timber Frame was named the SBA’s 2026 Small Business Manufacturer of the Year. From the outside, Western Timber Frame now looks like a classic SBA success story: a manufacturer that survived a partner split, a forced move and a shutdown, and came out stronger. From the inside, its leaders describe something simpler: learning, under pressure, exactly what they sell — and exactly how their business works.

Small Business Focus • May 2026 | 25

SALT LAKE BUSINESS JOURNAL

Bank relationships can elevate small businesses Most small-business owners are chief everything officers. Even when outsourcing or hiring to fill needs, their hands run deep in operations, finance, marketing, technology, and sales. Consequently, some meaningful relationships go underdeveloped—including the important relationship between a smallbusiness owner and a bank. It’s not that small-business owners don’t value their bank. Most do. Rather, for time-crunched owner-operators, the relationship is transactional. The bank is home to their accounts and the place to deposit and withdraw money. It’s where they turn to access capital and loans. For some, the bank is even a resource for managing cash flow. Yet for many, the bank— and by extension their banker—is not a trusted business advisor. It should be. Conversations lead to more targeted solutions At the close of 2024, there were nearly 4,000 FDIC-insured banks in the U.S. Most offer a range of similar solutions. Even rates and terms tend not to vary dramatically. So, what differentiates one bank from another? What makes a bank feel more than simply a checking or savings account? The answer is simple. It is the relationship. It is a banker understanding the specific demands of a business and being able to provide much-needed advice and a tailored solution to a unique problem to achieve a specific outcome to help the business run better. In addition to being the wearer of many hats, business owners are experts in their trade. Often, that expertise is not financial.

“Small businesses are the backbone of our economy. And with greater commitment from banks to collaborate more than sell, small businesses are equipped for greater resiliency and success.” – Ryan Shaw But that’s where business bankers come in. Their knowledge equips them to address a range of complex scenarios. From a knowledge of products that may improve efficiency and profitability to experience helping address a host of financial challenges, business bankers can offer advice and

expertise that small-business owners neither have themselves nor can easily access. Examples include payments and receivables, invoicing, liquidity management, process automation, and fraud protection. Business bankers are also well versed in cash flow management—the lifeline of every successful enterprise. Ryan Shaw The challenge is that financial opSVP, Business erations is a bridge typically not Banking Leader for crossed together. And this is a misKeyBank in Utah take, for the business…and the bank. In fact, the shift to a more consultative approach to business banking falls more on the bank than the business. Banks thrive when their clients thrive. Helping business owners understand how the money flows through their operation and where there may be opportunities to benefit from managing their collection and payable processes differently creates opportunities for all. Of course, this starts with conversations and building a relationship. Transforming the relationship between business and bank Banks realize differentiation is about more than the products and solutions they offer. Differentiation is about changing the relationship from transactional to consultative. KeyBank, for example, has launched a Certified Cash Flow Advisor Program. The program empowers business owners to navigate their financial operations by providing them with a highly trained advisor who can work with them holistically across the business to help reduce friction, improve efficiency, and identify and act on opportunities for growth. This advice-driven approach goes beyond traditional banking and offers strategic insights that help owner-operators make informed decisions towards their financial goals. It puts small-business owners first and product-driven solutions second. This is as it should be. If business owners view their banks only through the lens of product catalogs to navigate and choose from, banking is just another ball to juggle and hat to wear. Conversations that matter Small-business owners are accustomed to facing more challenges than their larger counterparts—the impact of COVID-19, high-interest rates, and tariffs are recent examples. Yet what makes small-businesses vulnerable—size and

26 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

(Courtesy KeyBank in Utah) scope—is also their strength. Typically free from the red tape and stakeholder interests, they can be nimbler and more quickly embrace innovative practices. Here are some conversations small-businesses should be having with their banks. Assessing the health of the business. What are concerns? How are payments? Exploring ways to improve cash flow. Capital is extremely valuable. Are business operations insulated from supply chain disruption? Can the business pivot to invest in technology to streamline operations? Addressing workforce challenges. Banks can offer a platform of benefits and specialized products to attract and retain employees.

Small-businesses are the backbone of our economy. As the challenges continue to grow, there is no doubt they are up to the challenge. And with greater commitment from banks to collaborate more than sell, small-businesses are equipped for greater resiliency and success. Ryan Shaw is the SVP, Business Banking Leader of KeyBank in Utah. He can be reached at ryan_d_shaw@keybank.com. This is designed to provide general information only. All credit products are subject to collateral and/or credit approval, terms, conditions, availability and subject to change. ©2025 KeyCorp. All rights reserved. CFMA #250521-3232428

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Partnering with you on the road to financial success

Small Business Focus • May 2026 | 27

• Payroll • Bookkeeping • Tax Solutions • Licenses

(385) 237-4795

lopezassociatesllc.com

28 | May 2026 • Small Business Focus

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Eastern Utah’s Cedar Bear earns a top honor from the SBA By Peri Kinder | Salt Lake Business Journal Cedar Bear Naturales has spent more than 26 years establishing its reputation as a leader in herbal and dietary supplements, using proprietary processes and formulations created by CEO Carl Robinson. That commitment to quality, product integrity and rural entrepreneurship has earned Cedar Bear the U.S. Small Business Administration’s 2026 Rural Small Business Award for Utah. The company’s president and COO, Jhoane Robinson, said the prestigious award recognizes the business’s contribution to the local economy and pays tribute to its resilience and growth. “We were founded on innovation,” she said. “We are a botanical micronutrient company; it goes way beyond thinking of it as supplements.” Located in Roosevelt, Utah, Cedar Bear has 16 employees working to create its alcohol-free, liquid herbal products. Carl Robinson grew up in a small town in Utah, where he gained a respect for the land and developed a commitment to natural wellness. He created the TincTract products — which combine a tincture and an extract — to devise concentrated, clean, glycerin-based liquid formulas to promote balance and support for the body’s systems. “I ended up having to literally come up with a whole new process outside the books, the typical standards for making liquid herds, and had to develop a whole new multi-step process,” he said. “To this day, of all the liquid herbal product companies out there, we’re the only one that emphasizes the micronutrient aspect of herbs. Part of the reason for that is because our process does not denature or render any of those components inert.” Cedar Bear’s dedication to clean production and sustainable practices won them the Environmental Stewardship Award by the Utah Manufacturers Association in 2025. While the company has developed more than 500 products, 150 are currently available for purchase online at CedarBear.com A few years ago, the company restructured its manufacturing and leadership. The Robinsons had stepped back from running the business due to health concerns, but didn’t like the direction the company was moving. Jhoane Robinson stepped up to take over the role of president/COO and her husband took the CEO title to get Cedar Bear back on track. They dropped from 35 employees to 16 and created a flow that was more efficient and used their employees’ talents in a better way. “We followed the tenets of lean manufacturing so our team works as a flex team,” Jhoane Robinson said. “It’s a very complex business, but with a third of the number of people, we’re doing twice as much productivity and output.” Over the years, the company experienced steady growth, increasing annual revenue from $500,000 to $3 million before an in-

Carl and Jhoane Robinson own and operate Cedar Bear Naturales in Roosevelt, Utah. The company received the 2026 Rural Small Business Award for Utah from the U.S. Small Business Administration. (Courtesy Cedar Bear) dustry setback in 2022 resulted in a revenue drop. In 2024, Cedar Bear stabilized its growth and positioned itself for a strong future. That same year, the company was named as “One of 100 Companies Championing Women in Utah” by the Governor’s Office of Economic Opportunity and received the Utah Manufacturers Association Women in Manufacturing Award. The Robinsons are active participants in the local community, as well as members of the Uintah County/Vernal Area and Duchesne County chambers of commerce. Cedar Bear continues to create innovative products and was the first liquid herbal supplement to become halal certified. The company offers products for men, women, children and even pets. “What was the original nutritional supplement? Traditionally, going back hundreds and thousands of years, it was herbs and spices,” Carl Robinson said. “So we brought that back around, especially being alcohol-free. It takes a team. It really does take a team to make things happen.” The first product Carl Robinson created was to help pregnant women with their mineral levels. He worked with midwives from around the country to develop the supplement. That then expanded into products to support the adrenals; boost immunity; balance blood sugar; help the thyroid; and address issues with joints, cholesterol and brain function. “Our products are pretty darn exciting,” Jhoane Robinson said. “What we do is the herb, glycerin and water — that’s all that’s in our bottles. It’s the process that does the magic.”

SALT LAKE BUSINESS JOURNAL

Small Business Focus • May 2026 | 29

Promotion is for new members, ages 18 and above only. You must open this account with a Financial Service Representative and mention this promotion for enrollment. Must meet membership requirements and a minimum balance of $10 must be maintained. With the exception of the mortgage loan bonus, eligibility for payouts is limited to 6 months from the primary savings open date. Contact us for more information, and full terms and conditions. Promotion cannot be combined with other new member offers and is valid thru 12/31/26. This offer is subject to change without notice, and other restrictions may apply. Fees could reduce earnings. Equal Housing Lender. NMLS #654272. Federally insured by NCUA.

30 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

Utah’s 2026 top lenders

The Small Business Administration recommends four Utah financial institutions for small businesses Top Export Lender Bank of Utah supports local businesses in growing their business internationally by providing access to specialized SBA loan programs. Through solutions like Export Express and International Trade Loans, the bank helps businesses fund production, fulfill purchase orders and expand operations into new global markets. These programs also reduce risk through strong SBA guarantees, making it easier for exporters to qualify for financing, secure better terms and access the capital needed to grow. Beyond funding, Bank of Utah takes a relationship-driven approach, working closely with clients to structure financing around real trade cycles and improve cash flow. By helping businesses bridge the gap between upfront costs and delayed international payments, the bank enables borrowers to operate with confidence and scale sustainably. This combination of expertise, responsiveness and tailored solutions is what has earned Bank of Utah recognition as Utah’s SBA Top Export Lender in both 2024 and 2025.

Top 504 Lender For nearly 50 years, Mountain West Small Business Finance (MWSBF) has been a cornerstone of Utah’s small-business community, helping companies fulfill their dreams through accessible financing solutions and personalized support. As one of the nation’s top 10 administrators of the SBA’s 504 Loan Program, MWSBF and its lending partners play a pivotal role in providing access to capital, ensuring that small-business owners have the resources they need to thrive and succeed. MWSBF has provided thousands of loans totaling more than $1 billion. Their team of experienced professionals have close ties to partners and an unwavering dedication to clients. The 504 Loan Program itself provides small businesses looking to expand, purchase real estate, or acquire fixed assets with extremely flexible financing that includes a low, fixed rate, a low monthly payment and a minimal down payment.

Small Business Focus • May 2026 | 31

SALT LAKE BUSINESS JOURNAL

Every year, the Small Business Administration highlights Utah lenders known for their ability to support and sustain local small businesses through federal loan programs.

The following includes each financial institution and their awarded recognition, along with a statement from each institution with the exception of Mountain America Credit Union.

Top 7(a) Lender by Number of Loans In a year marked by cautious optimism and renewed entrepreneurial momentum, Utah small businesses proved their staying power and seized opportunities to expand in 2025 with support from Zions Bank. With an average 7(a) loan size of just over $153,000, Zions Bank demonstrated its support of Utah’s mom-andpop shops, solo entrepreneurs and early-stage ventures that are critical to the state’s economy. More than 99 percent of the state’s businesses are considered small businesses, and we’re honored to support them as they innovate, create jobs and build a brighter future. Top 7(a) Rural Lender Small businesses don’t just fuel our economy — they are the heart of our communities. Nowhere is this more evident than in rural places, where local businesses provide essential jobs, drive economic growth, and give back to the communities they serve. Every entrepreneur needs a bank they can count on. We’re proud to serve small businesses in rural Utah through our statewide network of branches, from Richfield to Roosevelt and Coalville to Castle Dale.

Top 7(a) Lender by Dollar Volume For over 80 years, Mountain America Credit Union has focused on serving local Utah communities and helping small businesses grow, which has made it one of the most trusted lenders not just in Utah but in the entire nation. MACU offers SBA 7(a) loans up to $5 million for working capital, equipment, or real estate, with flexible repayment terms and support from application through closing. Top 504 Third Party Lender MACU works with local lenders who are familiar with Utah’s small business economy and provides a range of financing options for both new and established businesses. Their offerings include competitive rates with clear terms, as well as relatively quick turnaround and closing timelines. Financing solutions are available to support businesses at different stages of growth.

32 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

make life happen

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Small Business Focus • May 2026 | 33

Why business insurance must be treated as a strategic asset, not a transaction In today’s economic environment — defined by uncertainty, rapid technological change, and evolving regulatory expectations — business insurance has become far more than a compliance requirement; it is a strategic necessity. Yet despite its importance, many companies continue to approach insurance as a transactional purchase rather than an essential component of risk management and financial planning. This disconnect can leave organizations exposed to significant and often preventable vulnerabilities, particularly when policies are selected without sufficient guidance or ongoing consultation. At its core, business insurance exists to protect an organization’s financial stability against unexpected events: property damage, liability claims, cyber incidents and other operational disruptions. However, the true effectiveness of any insurance program is not determined solely by the policies themselves, but by how well those policies align with the unique risks a business faces in its day-to-day operations. No two businesses are identical, and coverage should reflect that reality. Equally important as the policy itself is the accessibility and responsiveness of the advisor behind it. In a business environment where change is constant — whether through growth, staffing adjustments, new equipment investments, or shifting operational models — having a knowledgeable, local insurance advisor readily available is invaluable. When questions arise or claims occur, business owners benefit from working with someone who understands their operation and can respond in real time, rather than navigating an impersonal call center experience. This level of accessibility allows for timely adjustments and more confident decision-making. Beyond accessibility, experienced advisors serve as interpreters of what can often feel like a complex and technical landscape. Insurance policies are filled with endorsements, exclusions, certificates and specialized language that can obscure critical details. Without proper guidance, business owners may believe they are fully protected, only to discover gaps in coverage when it matters most. A trusted advisor helps translate these complexities into clear, actionable insights — ensuring business leaders understand not just what is covered, but what is not. One of the most common challenges arises from misunderstanding policy exclusions. Many standard policies exclude specific risks such as floods, earthquakes or cyber-related incidents. Unless additional coverage is secured, businesses operating under the assumption that “everything is covered” may find themselves unprotected in precisely the scenarios that pose the greatest threat. Identifying these gaps proactively — and addressing them through endorsements or stand-alone policies — is a critical step in building a resilient insurance strategy. Cyber liability represents a particularly significant and growing area of concern. As businesses increasingly rely on digital systems, cloud-based platforms and customer data, the potential impact of a cyber incident has grown exponentially. Despite this, many small and mid-sized businesses either lack cyber coverage altogether or carry limits that are insufficient to address the true costs of a breach. These costs can include legal expenses, regulatory fines, customer notification requirements, reputational damage and extended oper-

Mason Harrison Managing Partner, Granite Insurance Services

ational downtime. In today’s environment, cyber risk is not a distant possibility; it is an active and evolving threat that requires thoughtful protection. Contractual risk is another area where businesses frequently encounter challenges. Lease agreements, vendor contracts and client relationships often include detailed insurance requirements that must be met to maintain compliance. Failure to meet these obligations can result in financial penalties, strained partnerships or even lost business opportunities. An experienced advisor helps ensure that coverage aligns not only with operational risks but also with contractual commitments, reducing the likelihood

of costly oversights. Given these complexities, the relationship between a business and its insurance advisor should be ongoing rather than transactional. Regular policy reviews are essential to account for changes in operations, market conditions and regulatory requirements. Businesses that adopt a “set it and forget it” approach to insurance often discover — too late — that their coverage has not kept pace with their growth or evolving risk profile. Proactive engagement helps ensure that protection remains aligned with reality. Trust is a foundational element of this relationship. A reliable advisor operates with transparency, clearly explaining coverage options, associated costs and potential trade-offs. They prioritize the long-term interests of the client over short-term sales objectives and are willing to engage in candid conversations about risk tolerance and financial exposure. This level of honesty fosters confidence and enables business owners to make informed, strategic decisions. Ultimately, the purpose of business insurance extends beyond simply transferring risk. At its best, it enables resilience. Organizations that invest in well-structured, thoughtfully designed insurance programs are better positioned to navigate disruption, recover from unexpected events, and pursue growth opportunities with greater confidence. Insurance, when approached strategically, becomes a tool for stability and long-term success rather than a reactive expense. For executives and decision-makers, this means approaching insurance with the same level of diligence and strategic consideration as any other core business function. It involves selecting a knowledgeable, local advisor who understands the nuances of the regional market and can provide ongoing guidance as those dynamics evolve. It also requires a willingness to engage in regular conversations about risk, coverage and future planning. Mason Harrison is a managing partner at Granite Insurance Services and Unified Insurance Partners, with more than 15 years of experience serving business owners across Utah. He specializes in helping organizations identify risk, strengthen coverage strategies and navigate the complexities of today’s insurance landscape.

34 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

Beacon Door & Lock named Utah’s Small Business of the Year By Tom Haraldsen | Salt Lake Business Journal For Chad Riches, the commercial doors and locks business he has been running for the past nine years is a passion and family tradition more than anything else — a continuance of his family’s 59-year legacy of providing safety and security for clients and families. Beacon Commercial Door & Lock has been named Utah’s Small Business of the Year by the Small Business Administration and will now compete for national recognition during an SBA ceremony in Washington, D.C., in May. “We found out about this honor about a month ago,” said Riches, president and CEO of Beacon. “This is a great honor for our company and employees, because it certainly takes more than just an individual to make us successful.” Beacon manufactures and sells commercial and industrial doors and hardware, as well as facilitating public access security and helping its customers meet rigorous life safety and fire codes. The company serves hospitals, schools and universities, military bases, shopping centers and malls, airports and religious buildings like churches and temples, as well as industrial treatment facilities, hotels, offices, arenas, prisons and conference centers. “My grandfather started the business, my father took over, and I’ve been running it since 2017,” Riches said. “Maybe there was an expectation that I’d continue in the company, but I never felt much pressure. I love the fact that we’re not selling something that’s abstract — we’re helping to build schools and hospitals and commercial businesses that people use every day. It’s a business that when you work hard and solve problems, it directly translates into growth. This is an industry that really rewards, and it’s the reason I’ve been in it for 32 years.” He has seen a lot of changes in terms of technology over three-plus decades, much of it still unseen by the average person. “When they go into a building, they see a door, a lock and hinges, and that’s what we do on the surface,” he said. “We provide security and life safety through our products, so underneath in the core of that wooden door or metal door are the components they can’t see that keep all the danger on the outside and people safe on the inside. Smoke, fire, any kind of emergency situation that might arise, we work using technology that focuses on security and safety. We don’t want any of our products to be on the 10 o’clock news.” Riches’ company has about 70 employees. He said that critical to his company’s growth has been help from the SBA, particularly the 504 loan program that provides long-

term, fixed-rate financing for equipment, real estate, promoting business growth and job creation. “We have an amazing partner in Cache Valley Bank,” Riches said. “They were the ones who referred us to Mountain West Small Business Finance, and those two really helped us to start working with SBA about five or six years ago. They have Chad Riches been an invaluable partner in our Beacon Door & Lock growth. That 504 loan program has been essential, along with other SBA programs like the PPP that helped us out during times of COVID or bumps in the economy. All have been great partners and motivators for our employees.” Riches sees continued bright days ahead for Beacon, perhaps expanding into other markets and remaining independent. He personally is engaged in community programs such as Rebuilding Together, a nonprofit focused on safe homes and communities; Boys & Girls Clubs of Salt Lake City; Habitat for Humanity; local high school athletic and education foundations; the Door Security & Safety Foundation; and waterfowl conservation efforts along the Great Salt Lake. Beacon Commercial Door & Lock is located at 2770 S. West Temple, Salt Lake City.

(Tom Haraldsen, Salt Lake Business Journal)

SALT LAKE BUSINESS JOURNAL

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36 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

Women manufacturing executives share leadership tips and lessons during a panel discussion at the recent “Lace Up & Lead” event, hosted by the Utah Manufacturing Association in Midvale. (Brice Wallace, Salt Lake Business Journal)

Women at manufacturing conference list leadership lessons The event was titled “Lace Up & Lead,” and it lived up to its billing. The “Lace Up” part was tangible, as members of the Utah Manufactures Association came to the women in manufacturing conference sporting the latest comfortable, colorful, stylish kicks. And while the less-tangible “Lead” part was sprinkled throughout the daylong program, one question during a panel discussion had leadership as its focus. Asked by moderator Erin Barry, vice president of government affairs at Merit Medical Systems, about leadership lessons that had shaped their careers, here are the panelists’ replies: Jhoane Robinson, president, owner, COO and co-founder at Cedar Bear Naturales: “I have taken my experience from when I was a teenager on the horse show circuit and ended up on the Arabian national championships — western and English — in the U.S. and Canada, placing [as] a teenager above all the professionals and such. But I learned several lessons then that I bring to now, and that is: focus, have a goal, stick with it, and it takes a team. There’s no such thing as a champion without a team around them, and it’s so vitally important in manufacturing as well as all the other aspects, the team that we have.” Leann Bice, over finance OPEX at Traeger Inc.: “One of the most important things for me as I continue on as a career attorney is to rely on the people around me and my team, and know that I don’t know everything. And there are experts around me that know a lot more than I do and I lean on them and I ask questions, and that has helped

me so much more than going into a room and thinking that I know it all, and leaning on those other experts and those SMEs and really admitting that I need to lean on them. And it’s been absolutely fantastic and a huge learning lesson.” Tiffany Clason, senior director of public relations and government affairs at Swire Coca-Cola: “In my leadership journey, I think one of the most important things and it’s taken a bit to get there and to learn that, is there’s not a one-size-fits-all approach to leadership and there’s also not a one-size-fits-all approach to how you lead individual team members or teams or even how you would lead on one project versus another project. You want to be consistent. That is really important and you want to have all of the qualities: consistency, integrity, honesty, accountability. But it’s OK to tailor either your leadership for a specific project, as you’re leading different members of your team. You all are not one-sizefits-all. When I’m looking at this audience here, everyone looks different, everyone’s work style is different, your perspective, your background, your experiences are very different. And being able to understand that and lead in a way that finds people’s gifts, talents and experiences in that way and leverages them and not trying to make that fit through your entire team or for projects across the board, I think is really important in leadership, and being OK with that is a really important thing, and I try to carry that all every day.” Kalecia Hulsey, human resources manager at Compass Minerals: “I don’t know if I can echo much more than what you all have already assured, but, yeah, relying on your team,

SALT LAKE BUSINESS JOURNAL

finding people that you can ask questions, knowing who’s there around you and in your corner, and then being in the corner for those people as well. Yeah, we’re all on a journey, we’re all works in progress, and remembering that if you’re trying, you’re making that step forward each day.” Brit Merrill, employment attorney at Holland & Hart: “As an employer lawyer, I’ve worked with a ton of business leaders, HR professionals, managers, and I’m constantly telling clients, ‘Culture eats strategy for breakfast,’ right? You can have the best strategy in the world, but it really comes down to culture, and who does culture come from? Our leaders and our managers, right? And so, when employment issues get really tricky and you have disgruntled employees, oftentimes we’re able to resolve that because of good leaders who are empathetic and bring it to the table and when we have the opposite of that, that’s when we get into really murky employment law areas.” Angela Trego, president and founder of Angela Trago: “Kind of tagging on to a lot of these folks is, as a leader, there’s kind of two ways to help yourself and your organization get ahead. One way is to push everybody else down so that you’re the only one left standing. But the other way is to lift everybody up and your entire organization and everybody around you up, thinking of that ‘blue ocean-type’ strategy. And I find that that’s a much better way, a much more successful way, and a much more sustainable way to actually be a leader.” Ruth Garcia, human resources manager at Rise Baking Co.: “Just to add on to everybody else, one of the biggest lessons I’ve learned is that people need more than direction. They need to feel heard, they need to feel supported. You can have all the processes in place, but if your employees aren’t being heard and supported in the right way, they’re not bought into it, you’re just not going to get anywhere.” Lauren Frisch, vice president of administration at Wasatch Container: “People want direction and people want to hear from

Small Business Focus • May 2026 | 37

you. They want to know the pulls, the expectations that we were talking about earlier. And really you’ve just got to guide them and then listen to them and it’s simple: Treat people like humans, because just like you need help along your journey, other people need help along theirs as well. And how cool is it that some people come to you in their careers to get your advice and your feedback?”

“I’ve worked with a ton of business leaders, HR professionals, managers, and I’m constantly telling clients, ‘Culture eats strategy for breakfast,’ right? You can have the best strategy in the world, but it really comes down to culture, and who does culture come from? Our leaders and our managers.” - Brit Merrill, employment attorney at Holland & Hart Jess Toolson, co-founder and CEO of MixHERS: “Well, I agree with everything that was shared and I have to say, as a first-time founder and CEO and a firsttime woman entering the workplace — MixHERS being my first real job — I feel like I could write a whole book series on lessons I’ve had to learn, honestly, the hard way, with learning how to lead [in] live time. I would say that while I agree with everyone, I’d share something that I think is innate in women that I wish I would not have ignored quite a few times, [which] is actually we are very intuitive. And while I’ve had to learn how to, you know, take data and write information and have proper team members surrounding me, it’s also something that I think women at times can shy away from, is that we have an innate understanding of what good decisions are and having the courage to stand by them.”

38 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

Opening a business in Salt Lake County? Your costs may depend on the city By Peri Kinder | Salt Lake Business Journal For entrepreneurs looking to start a company in Salt Lake County, location can shape the cost of opening that business. Licensing fees vary drastically as cities determine costs and define regulations. Fees can fluctuate based on the type of business, number of employees, impact on city services and required inspections. On one end of the scale is Riverton, which in 2018 became the first city in Utah to eliminate all business licensing fees. The move was orchestrated by the mayor at the time, Trent Staggs, who wanted to let companies know the city was open for business. “He wanted Riverton to be a business-friendly community,” said Riverton Business Licensing Coordinator Angie Keller. “We’re also very user-friendly when it comes to getting a license. They click on our website and it guides them through the process. I don’t get many phone calls asking for help. … I feel like Riverton has gone above and beyond, as far as pointing them in the right direction and giving them all the information they need.” Draper’s base fee for a commercial license is $82, with additional fees for alcohol or firework sales, sexually-oriented businesses and solicitors. Murray charges $100 for a commercial license, with regulatory fees on companies like auto towing, tobacco retailers, tattoo parlors and convalescent homes. Midvale has a base fee of $137 for commercial businesses, with add-on charges for industries including bars, hotels, pawn shops and restaurants. For companies in the county’s newly incorporated areas, including Kearns, Magna and Copperton, the Greater Salt Lake Municipal Services District administers those business licenses. The district charges a $150 base fee for commercial businesses and home-based locations that have customers coming to the home. On the higher end of the scale, South Jordan charges $337 for a general business license application fee, with additional charges for hotels ($2,700), restaurants ($633), big-box stores ($3,331) and entertainment/recreation facilities ($1,727). Brian Preece serves as South Jordan’s director of planning and economic development. He said the city’s licensing fee structure wasn’t put together haphazardly, but was based on a feasibility study that determined the cost impact of specific businesses to the city. More fees are placed on businesses that have a higher volume of calls for police or fire services. “We have a fire inspection for most businesses and that’s part of the [licensing] fees,” Preece said. “Even though Riverton doesn’t have a business licensing fee … it’s being paid for somewhere. The general fund is paying for it.”

The process of getting a business license changes from city to city. If you’re looking to open a business, sometimes a little research pays off. (Adobe stock) South Jordan Public Information Officer Rachael Van Cleave added, “If we weren’t to charge these fees, taxpayer dollars would be subsidizing these costs for businesses. So the fees help to take that off the general taxpayer.” For home-based businesses, Utah code states that cities cannot charge a licensing fee unless the business impacts the neighborhood, such as having customers or an unusually high number of home deliveries. However, several cities, including Taylorsville and South Salt Lake, charge administrative processing fees of $100 and $59, respectively, for home-based businesses. Riverton requires every home-based business to have a license, but there is no fee. South Jordan does not require homebased businesses to have licenses unless they operate a daycare/ preschool or if they have regular clients coming to the home. “We made the decision to not charge for or even require a home license business,” Preece said. “If somebody wants one, then we’ll get you a license, but you have to go through the regular process, and that’s your choice.” While getting a business license is certainly an important step in starting a business, it’s not the only step. Business owners need to make sure that the company is registered with the state and, if sales are involved, with the Utah State Tax Commission. Owners must ensure all licenses and inspections are complete before a business license can be issued. Most cities have license approval completed in two weeks or less. The wide-ranging business licensing fees and processes across the county impact business owners and municipalities differently. For some entrepreneurs, that difference could be the deciding factor on where they ultimately locate their business.

40 | May 2026 • Small Business Focus

SALT LAKE BUSINESS JOURNAL

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Small Business Focus | Salt Lake Business Journal | May 2026