Brice Wallace
A Farmington-based fintech software company will expand its headquarters and add 459 jobs over the next 16 years.
LoanPro provides lending software and cloud configurations to lenders, with a SaaS product providing a next-generation lending platform that enables clients to be more efficient, organized and streamlined.
The expansion announcement came after the company was approved for a tax credit incentive up to $4 million over 16 years by the Governor’s Office of Economic Opportunity (Go Utah) board at the board’s January meeting.
The company currently has fewer than 100 employees but expects to double that number this year.
“We love being in Utah,” Rich Slater, vice president of human resources, told the Go Utah board. “We’re home-grown boys, and we want to bring fintech to Utah even stronger than it already is. We’ve got a pretty good presence in the marketplace and we’re growing fast, and we’re glad that Utah is going to recognize this opportunity and help us stay here locally.”
Rhett Roberts, CEO, said LoanPro provides loan servicing software to lenders of all sizes, from “mom-and-pop” lenders to large organizations that work with partner banks. The software helps them manage their back office, manage their business, be more efficient, and provide better financial products to their customers,” he said.
“This increases the footprint of who can participate in the financial products and services that are provided. … Our core thesis is that as financial services are democratized, everyone becomes a lender, and we’re providing the technology to enable that,” Roberts told the board.
LoanPro currently manages over 3.25 million loans with over $17 billion serviced. It has more than 800 lender clients throughout the U.S. and Canada.
“We love living in and growing our business in Utah,” Lloyd Roberts, the company’s co-founder and chief revenue officer, said in a prepared statement.
“Utah provides the perfect environment to grow a fintech company. Amazing people, a business-friendly environment, growth-oriented leadership, and a culture that values progress and innovation make it possible to build something that can make a real difference. It’s so exciting to be a part of something bigger than any one individual. That improves the marketplace we all rely on and has a positive impact in the world we live in.”
The $45 million project is expected to generate jobs paying an average of $113,327. Total new wages over 16 years is estimated at about $437.2 million, and new state tax revenue is projected to be nearly $20.5 million during that time.
Chanel Flores, Davis County’s community and economic development deputy director, told the Go Utah board that the expected wage is over twice the county average.
“Davis County definitely wants to keep LoanPro here. … We want to see these homegrown companies stay in our county and expand in our county,” Flores said.
“As a fintech company, LoanPro is experiencing significant growth,” Dan Hemmert, Go Utah’s executive director, said in a prepared statement. “With this Davis County expansion, the company has the opportunity to create new high-paying jobs above the average county wage. This expansion is a big win for Utah.”
“LoanPro choosing to expand its headquarters operation in Davis County will be a catalyst for the tech sector in Northern Utah,” said Chris Roybal, president of the Northern Utah Economic Alliance. “We’re confident that LoanPro will find the skilled workforce and quality of life for their success in our region.”
“Farmington is proud of what LoanPro has accomplished as part of Utah’s fintech revolution,’’ said Brigham Mellor, Farmington City assistant manager. “We love seeing LoanPro team members riding Lagoon roller coasters on their lunch break or hiking and biking our beautiful trails. What a great and fun place to work.”
Go Utah does not provide upfront cash incentives. Each year that the company meets the obligations in its contract with the state, it will qualify to receive a portion of the new, additional state taxes the company paid to the state.
