This is Rob Brough, Zions Bank, speaking on business.

Becoming a small business owner is a daunting task. Not only do you have to create a solid business plan and secure financing, but you have to figure out how to market your new business, develop a strong customer base and establish yourself as a viable company. That's a lot to tackle for any small business!

However, small business owners in Utah may have an extra resource available to help them. The Utah Fund of Funds is an economic development program designed to increase access to alternative assets for Utah businesses. This typically includes private equity dollars, angel investing and anything outside of traditional bank investing.

Jeremy Neilson, managing director of the Utah Fund of Funds, said the state decided a few years ago it wanted to do something to assist small business owners. Jeremy has a law degree and a master's degree in business administration. He had spent time working with a university venture fund before the state approached him in 2003 with the idea of starting an economic development program to aid Utah business owners.

It took a few years to get everything in place, but the Utah Fund of Funds launched in 2006. The Salt Lake City-based organization has been warmly received, especially with an offering of more than 500 funds available for patrons to utilize. Jeremy estimates that each year the program helps 150 to 200 businesses identify new funding sources.

The Utah Fund of Funds is highly unique in that there's no comparable organization anywhere in the United States. The staff also specializes in getting positive responses from private equity professionals throughout the United States, with the goal of seeing capital come back into the state through equity investments. Jeremy says the organization has been impacted by the economy but not with losing funds or financing. He anticipates it will continue to grow and help even more business owners.

For Zions Bank, I'm Rob Brough. I'm speaking on business.

Utah Fund of Funds
310 S. Main Street
Salt Lake City, UT 84101
801-521-3078
www.utahfundoffunds.com

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