Utah Fund of Funds Supports, Applauds Zions Bank Venture Lending Progress

The Utah Fund of Funds (Utah FoF), a major Utah economic development program designed to maximize the diversity and quality of capital available to Utah entrepreneurs and growth companies, today voiced its strong support for Zions Bank’s growing new venture lending program.

In late 2006, the Utah FoF deposited $7.5 million in Zions Bank. Zions executives met frequently with members of the Utah FoF Board and members of local venture capital firms to explore options for developing a venture lending arm. In venture lending, the financing institution provides debt capital sometimes accompanied by relatively small warrants (options to purchase equity) rather than the straight equity ownership characteristic of traditional venture capital.

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