Economic Development Loan Fund
THE REVISED EDLF PROGRAM WILL LAUNCH on August 5, 2014.The Salt Lake City Economic Development Loan Fund's purpose is to stimulate business development and expansion, encourage private investment, promote economic development, and enhance neighborhood vitality in Salt Lake City by making loans available to businesses that meet city objectives.
- New and existing businesses
- Revenue producing non-profit ventures
- Starting, maintaining, and growing a business
- A business interested in relocating to Salt Lake City
- Businesses impacted by road construction
- Acquisition of real estate (land or buildings)
- Signage, retail presentation, display work
- Energy-efficient equipment upgrades and building retrofits
- Fixtures, furnishings and equipment (FFE)
- Working Capital
1. Complete and submit the Preliminary Evaluation Application.
2. After the Preliminary Evaluation Application is reviewed and you have been notified to proceed to the full application, provide the following:
a. $100 nonrefundable Application Fee payable to Salt Lake City Corporation.
b. A completed Loan Application.
c. A Business Plan with the information outlined in the Loan Application, including 3-year financial projections.
d. The required Financial Documents, including tax returns, profit/loss statements, etc.
3. Email or call the City's Economic Development Manager to set up a time to review the completed application at (801) 535-7941.
4. Your submitted Loan Application will be reviewed and corresponding documents will be distributed to the Economic Development Loan Fund Committee. The Loan Committee meets monthly or as needed to review loan requests. At the meeting, you will have the opportunity to meet with the Loan Committee to present your business plan and answer any questions. After your presentation, the Loan Committee will meet to evaluate the loan. You will be notified by either email or phone within 5-7 business days of the Loan Committee's decision.
Businesses must be located within City boundaries. Any funds loaned must be used for business within the City and cannot be used for other locations of the business. Conditions might apply for businesses with additional location outside of city boundaries.
A City representative will contact you once your evaluation has been processed. Please allow up to 5-7 business days for the review of your preliminary evaluation.
1) Please open the Preliminary Evaluation Application and complete all required fields. Forms received via in-person, mail or email will be processed the same as electronic forms. All documents will be converted into electronic format upon receiving.
To submit your application, please email our Economic Development Manager with your completed Loan application.
*please provide an electronic copy of your business plan along with your loan application.
Loan Evaluation Criteria (out of 100 points)
Financial Data – 40 points
o Past financial obligations (5)
o Current business well being (10)
o Reasonableness of financial forecast (10)
o Collateral (10)
o Credit Score (5)
· Business Plan – 25 points
o Overall Business plan (15)
o Management team/personnel (10)
· Economic Impact – 35 points
o Neighborhood impact (10)
o Job creation (10)
o Economic growth/scalability (5)
o Triple bottom line impact (10)
· Extra Incentives – 8 points
o Located in priority area (2)
o Serve a disadvantaged clientele/neighborhood (2)
o Registered SLC “E2” business (2)
o Exceptional leverage of non-SLC funds (2)
- Service Corp of Retired Executives (SCORE)
- Small Business Administration (SBA)
- Utah Department of Workforce Services
- Small Business Development Centers at Salt Lake Community College
- Triple Bottom Line Tool
- Benefit Corporation information: corporations.utah.gov, bcorporation.net, p3utah.org
- Utah Assistive Technology Foundation
- SBA 8a program
- Disadvantaged Business Enterprises (DBE)
- Low to moderate income
- SLC Green and the E2 Program
All loan applicants (and all Salt Lake City organizations for that matter) are encouraged to participate in the triple bottom line of sustainability, and to use the EDLF as a platform for such. The EDLF program offers a loan interest rate discount for applicants who decide to analyze and report on their business based on the triple bottom line concepts.
Use of the TBL Tool is free for any organization, and typically takes 1-2 hours to complete.
Loan applicants interested in this discount must take the following steps:
- Go to www.tbltool.org, review materials and information about TBL
- Create an account as a new user, including self-selecting a user name and password (keep for your own records)
- Click on “calculate your TBL”
- Review the tutorial information, such as the User Guide, video introduction, and “Data Document,” which provides a checklist of the type of information that typically needs to be collected to have an accurate TBL analysis.
- Create New Project with a self-select name (such as the name or location of your business)
- Enter the address/ use the tool to draw the boundaries
- Answer the questions as prompted throughout the tool. Categories of questions include:
- Industry, jobs and wages
- Construction and operation
- Placemaking and accessibility
- When complete, click on Generate TBL or Access TBL report, then open and save report as a PDF file.
- Email the TBL report (PDF file) to email@example.com.