Utah Stem Cells

Utah Stem Cells

“As part of the CARES Act the SBA accommodated small business owners by giving them fee relief and other benefits on their SBA financed projects,” explained Danny Mangum, COO Mountain West Small Business Finance, (MWSBF) a certified development company based in Salt Lake City.  “These benefits pushed demand for SBA loans to never-before seen levels. One unintended consequence of this demand was that the government ran out of money for SBA loans in that fiscal year. And when the government decided to not appropriate more, lenders like Mountain West were unable to increase loans as businesses went throughout the construction project.”

In 2021, MWSBF helped Utah Stem Cells Joint Treatment and Wellness Center (dba. “Utah Stem Cells”) secure an SBA 504 loan for a new building in Sandy, Utah. The company—part biological therapies and wellness, part med spa—utilizes the latest advancements in stem cell technology, regenerative orthopedic medicine and medical-grade spa offerings to help patients feel stronger, live pain free, and improve health, wellness and beauty outcomes.

From utahstemcells.com “William Cimikoski, MD the Director of Utah Stem Cells is a Medical Toxicologist that specializes in Prolotherapy Joint Regeneration, Bioidentical Hormone Replacement Therapy, Medical Aesthetics, and Medical Weight Loss. With seven years of medical Residency and Fellowship specialty training, he is a foremost authority featured ON Healthline TV, ABC News, Fox 13, CBS, KSL Studio 5, and Good Things Utah.”

Like most construction projects during this time, Utah Stems Cells incurred cost overruns due to supply chain issues and other unforeseen delays including increased costs for materials and labor.

“Costs increased drastically during the pandemic,” Mangum continued. “So many small business owners were left needing an influx of capital to finish off the construction projects that were previously financed by an SBA 504. But, as aforementioned, we were not able to do that given the lack of SBA appropriated budget.”

This meant that the increased costs had to be covered by Utah Stems Cells’ operating capital. While the business was able to keep some cash on hand due to growing sales, their reserves were left depleted.

Enter Utah Small Business Loan Fund.

“Simply put,” Mangum said, “without the EDA funds from USBLF coming in, business like Utah Stem Cells just wouldn’t have the cash flexibility to grow and expand at their desired rate.”

Utah Stem Cells did not respond to multiple requests for comment, but their building and operation is a beautiful thing to behold: located at 9035 S 700 E in Sandy, Utah. You can visit them online to learn more about their offerings at utahstemcells.com.