Bank of Utah Congratulates Azure Elite LLC-Wescor INC for ARRA Project of the Year Award

The US Department of Agriculture Rural Development Program and Bank of Utah recognized Azure Elite LLC, Wescor INC as American Recovery and Reinvestment Act (ARRA) Project of the Year at a recent presentation event and tour of the company at 370 West 1700 South, Logan, Utah.

Wescor, a local 40-year-old company was honored for its community leadership, vision, success and contribution to the mission of the ARRA.

In April 2010, Bank of Utah financed a $3.7 million loan for Azure Elite LLC, Wescor INC, backed by the ARRA and guaranteed through the USDA Rural Development Business and Industry Loan Guarantee Program.

The loan allowed the company to purchase property and a warehouse in order to expand. The biomedical technology manufacturing facility in southwest Logan. Wescor remodeled the warehouse to create a more efficient production process. As a result, Wescor has increased revenues by 50 percent, saved more than 100 jobs and maintained profitability. The company plans to expand further in 2011.

"This project is a prime example of how a public and private partnership can improve the quality of life in a rural community," said Dave Conine, USDA Rural Development state director. "We're so gratified to see Wescor thrive with the help of our program."

Ronald Schulthies, executive vice president and chief lending officer for Bank of Utah said, "We're very pleased to work with the USDA on the Rural Development Business and Industry Loan Guarantee Program and to provide a great local company with the kind of financing it needed to be successful. The government assures up to 80 percent of an outstanding loan and allows us to provide better terms on loans of this nature. Bank of Utah can't make these kinds of long-term loans without USDA support."