June 29, 2009

Scott Frazier, Greg Warnock Honored at First Annual Angel Investor of the Year Awards Luncheon

The business community united to show their support of entrepreneurism last week in anticipation of the announcement of the first annual Utah Angel Investor of the Year. After narrowing the field to the 3 finalists of Scott Frazier, Nobu Mutaguchi, and Alan Hall; the capacity crowd applauded as Scott Frazier was named the 2009 Angel Investor of the Year.

As Frazier accepted his award, it was easy to see why he has been so successful in his business career. He quickly shifted the attention from himself and pointed out several colleagues who have also made significant contributions to the entrepreneurial community here in Utah. Frazier said, “If they were giving this award out for being good at specific aspects of investing, there are many others who are more qualified than me.”

Along with the Investor of the Year Award, we thought it was fitting to recognize an individual who may not be making significant monetary contributions to entrepreneurs, but provides significant guidance and education to help them fulfill their dreams. Though many were qualified to win this award, Greg Warnock stood out for his years of mentorship through Junto, Mercato Partners and other worthwhile endeavors.

It was incredible to see the business community come together to recognize these individuals and support the entrepreneurial spirit here in Utah. While we were expecting anywhere from 150-200, we were pleased to see almost 300 in attendance and packing the room to the limit. Next year we will definitely have to find a bigger venue to host the luncheon.

June 26, 2009

Changes to SBA 504 loan allows refinancing current debt

Through the recently announced American Recovery & Reinvestment Act of 2009, the SBA has just announced changes to the standard SBA 504 loan program that will allow businesses to refinance high-interest-rate debt. Here are the details:

Debt Refinancing: Legislation allows 504 program projects to include a limited amount of debt refinancing if there is a business expansion and the debt refinanced does not exceed 50 percent of the projected cost of the expansion. “Expansion” includes any project that involves the acquisition, construction or improvement of land, building or equipment for use by the small business. The following are some of the conditions under which borrowers will be eligible for refinancing:

• The debt being refinanced was incurred to acquire land, to construct a building or to purchase equipment. The assets acquired must be eligible for financing under the 504 program.
• The existing debt is collateralized by fixed assets.
• The existing debt was incurred for the benefit of the small business.
• The new financing provides a substantial benefit to the borrower when prepayment penalties, financing fees, and other financing costs are taken into account.
• The borrower has been current on all payments of existing debt for one year prior to the date of refinancing.

June 18, 2009

Angel Investor of the Year Finalists Announced

FundingUniverse is the host and sponsor of the first annual Angel Investor of the Year award here in Utah. This has been a great program to recognize those individuals that are investing in tomorrow’s successful companies. We’ve had many nominees and, today, have announced the 15 finalists. Here is the list:

  • Alan Hall
  • Craig Earnshaw
  • David Carter
  • Gary Williams
  • Hal Widlansky
  • JD Gardner
  • John Richards
  • Kent Thomas
  • Kyle Love
  • Mark Madsen
  • Martin Frey
  • Nobu Mutaguchi
  • Robert Kunz
  • Scott Frazier
  • Warren Osborn

If you are in Utah, the event is next Tuesday!

  • Tuesday June 23rd
  • 11:30 am to 1:30 pm
  • Hilton Alpine Room, 255 S. West Temple, SLC, UT
  • $25/seat, $200/table (includes lunch)
  • www.investoroftheyear.org