Pub. 5 2017 Issue 1

www.uba.org 6 THE BEST NUMBER TO HELP YOU DRIVE YOUR SMALL BUSINESS CLIENTS TO NEW HEIGHTS. For operating capital needs, talk to us about SBA Community Advantage (7a) Loans. 801.474.3232 | mwsbf.com Partner with us on SBA 504 Loans • Purchase land and equipment • Buy, build or remodel a building • Lower monthly payments • 10- to 20-year fixed rates • As little as 10% down Utah’s #1 Small Business Lender B anking can be stressful. There are accounts to reconcile, balances to keep track of, credit to be established. Even with all of the technological tools available like online and mobile banking, many people struggle to keep financially afloat. Now imagine trying to piece this complex puzzle together in a new country, having no understanding of the currency used or the established banking system. Sound intimidating? Well, this is the situation that thousands of refugees find themselves in on a daily basis. Recognizing this need, the UBA’s Financial Liter- acy Committee recently set out to offer service on a local level. Teaming up with Salt Lake’s Catholic Community Services, the committee conducted a three week financial literacy course for local refugees. The course focused on the basics of banking in the US, including understanding US currency, how to open a bank account, and the basics of everyday budgeting. The banker’s on the committee worked with a translator to teach the lessons in Swahili. The refugees in attendance varied in their financial background and experience. Some had been in the US for more than a year; others had arrived in Utah the morning of the lesson. At the completion of the course, each refugee was awarded a Certificate of Achievement from the Utah Bankers Association. “The whole experience was eye opening for the banker’s involved,” remarked Brady Stratton who serves as committee chair. “There are so many things that we take for granted in regards to transacting everyday business. Being able to help our new neighbors start on the path to finan- cial literacy and success was beyond fulfilling.” Participating bankers included: Brandon Powers (Merrick Bank), Diana Mathis (Central Bank), Frank Magana (UBS Bank), Lisa Andrues (Sallie Mae), ToNhu Tran (American Express), Kevin Stocking (Heber Valley Bank), Junior Banza (Comenity Capital Bank), Brady Stratton (First National Bank of Layton) and Lindsay Scott (Utah Bankers Association). n EMPOWERING REFUGEES THROUGH FINANCIAL LITERACY By Brady Stratton, Business Development Officer; First National Bank of Layton