Perfect Timing



Convenience store expanding to meet its economic upturn

Justin Jacobson owns Jake’s Brookside, a convenience store on the corner of 4th South and 4th East in Springville. It sells all the things you’d expect — gas, candy, potato chips — as well as great hamburgers.

As the food has grown more popular, the space for seating has become more and more crowded. Justin knew expanding the dining area was his best option. Throw in the lower construction costs associated with the recent economic downturn nationally, and the stars had aligned.

“I just felt like it was a good time to start the expansion,” Justin says.

That’s when Justin relied on his relationship with Family First Federal Credit Union.

Justin opened a low-interest line of credit, making it possible to pay for the expansion. The low interest rate, combined with the lower construction costs made the decision an easier one.

But what about all this talk of financial institutions not lending?

“As long as you have a decent (credit) score and a solid plan, it isn’t too hard to get,” Justin says.



The University Mall is enjoying continued growth and success, despite reports of national economic downturn. Shoppers are still spending, even if they’re being more careful about it. In fact, the University Mall gift certificate program has remained stable over the past couple of years, says Cindy Koenig of the University Mall.


Provo-based eFileCabinet, launched in 2001, has become a national leader in digital document storage. In fact, from 2007 to 2008, the company grew 39 percent. And last quarter, the company had its best quarter ever. The company also launched a new channel program and a major product upgrade. Now that’s good news.

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Taylor’s Take

REALTORS® are making a difference one family at a time by pressing lawmakers to protect property rights. As government officials debate the serious issues of the day, business and property owners must be aware that property rights are in the crosshairs.

One potential threat is the implementation of a tax on professional services. This might be attractive on paper but would be devastating to the struggling housing market. Appraisals, inspections, title work and surveys would all be taxed. Plus, other professionals (doctors, engineers, and hair stylists) would feel the effects of this tax. With added costs to so many transactions, many consumers would be further discouraged from purchasing, in turn, deepening our economic forecast.

Todd’s Take

With the Federal Reserve cutting interest rates, now is a great time for homeowners to refinance their mortgage loans and thus lower their monthly payments. I would encourage people to take advantage of this opportunity.

As government leaders search for solutions in an economic stimulus package, Americans are likely going to be eligible for additional tax credits and benefits and new jobs will be created. This can only benefit the real estate market by stabilizing it for those looking to invest for either personal or commercial needs.

From a national perspective, existing home sales rose 6.5 percent in December. This is a sign that people are starting to invest in real estate again.


Taylor Oldroyd is the chief executive officer of the Utah County Association of REALTORS®. Todd Hatfield is the assistant vice president, mortgage development at Family First Federal Credit Union.




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