Doing business : Business finance

From start-up costs to business expansion, access to capital is essential for the success of any business. Federal, state, and local government programs as well as private and micro-enterprise lenders have the financial tools you need to grow your business.

Government-sponsored financing

Salt Lake City Business Revolving Loan Fund
The Salt Lake City Business Revolving Loan Fund (BRLF) stimulates business development and expansion, encourages private investment, promotes economic development, and enhances neighborhood vitality in Salt Lake City by making low-interest loans available to businesses. Applications are assessed on how businesses help revitalize neighborhoods and have a positive economic impact in Salt Lake City. Business that may not qualify for traditional financing are encouraged to apply. The BRLF offers financing for acquisition of land and/or facilities, façade and landscaping improvements, building renovations, refinancing existing debt as part of a business expansion, machinery and equipment acquisition, working capital, and new construction.

Business Relocation Assistance Fund
Locally and independently owned and operated businesses forced to relocate by a redevelopment or improvement project can apply for funds up to $100,000 at a 3% interest rate. The funds requested may be used for relocation costs when the business moves to another location in Salt Lake City. A business must have received an eviction notice or termination of lease due to an improvement or development plan to be eligible for these funds The Business Relocation Assistance Funds originate from Salt Lake City’s Business Revolving Loan Fund.

Pardon Our Dust Loan Program
Salt Lake City offers loans to businesses adversely impacted by Salt Lake City road construction as an ongoing part of its Business Revolving Loan Fund Program. Businesses located on a street under construction or within one-half block of the construction are eligible to apply for up to $20,000 at 3% interest.

Salt Lake City Redevelopment Agency
The Salt Lake City Redevelopment Agency (RDA) was created for the purpose of improving the environment of the city and creating better urban living conditions by mitigating blight. The RDA has developed a variety of loan programs for building renovation, new construction, and tax increment financing to assist property owners within Redevelopment Project Areas.

Industrial Revenue Bond Program
Industrial revenue bonds are a special tax-exempt form of financing made available by the State of Utah and issued through Salt Lake City Corporation to finance qualified projects at interest rates substantially below comparable commercial rates. Bonds offer flexible terms at variable and fixed interest rates. All borrowers must be credit-worthy and present financially feasible business plans. There is a $10 million cap per issue and a $150 million total annual state allocation cap.

Utah Microenterprise Loan Fund
Whether loans are used for inventory, equipment, payroll or other costs, the Utah Microenterprise Loan Fund (UMLF) understands that small business owners need access to money but often can’t qualify for bank loans because they lack a business history, sufficient collateral, or have limited or a poor credit. The UMLF offers loans up to $25,000 for new and existing businesses located in Salt Lake City.

United States Small Business Administration
The US Small Business Administration offers financial, management, and technical assistance to new and existing business owners. The Small Business Administration (SBA) plays a key role in government by facilitating the financing of small businesses. SBA programs include:

• 7(a) Loans, which are utilized by commercial lending institutions to help qualifying small businesses obtain financing when they might not be able to otherwise. This program includes SBAExpress, and proceeds can be used for many purposes, including working capital, equipment, land, and furniture.
• 504 Loans, which are utilized by certified development companies, can help small- to medium-sized companies grow by providing financing for up to 90% of the purchase of long-term fixed assets, such as land, building (existing and new construction), and equipment at reasonable rates and terms. Certified companies in Utah that offer 504 Loans are Mountain West Small Business Finance and Utah Development Certified Development Company.

Export-Import Bank of the Unites States
The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States. Ex-Im Bank's mission is to assist in financing the export of U.S. goods and services to international markets. Ex-Im Bank enables U.S. companies — large and small — to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy. Ex-Im Bank provides working capital guarantees (pre-export financing); export credit insurance; and loan guarantees and direct loans (buyer financing). No transaction is too large or too small.