Revolving Loan Fund Home

Center for Local Business - Economic Development Loan Fund

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 low-interest loans available to businesses.
 
Loans are available for:
  • New and existing businesses
  • 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)
  • Inventory
  • Working Capital
 
Review the links below for more information about process, timing and applications.
 
Loan Process

1. Complete and submit the Preliminary Evaluation Application

2. If the Preliminary Evaluation Application is approved, submit the following:

a. A completed Loan Application.

b. A Business Plan with the information outlined in the Loan Application, including 3-year financial projections.

c. The required Financial Documents, including tax returns, profit/loss statements, etc.

3. 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.

 

Summary of the steps an applicant will take.
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Loan Options and Types

*For a PDF describing the types of loans offered, please visit ED Loan Types.

 

 

Summary of the loans, requirements, and terms.
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Preliminary Evaluation and Financial Summary
Depending on the legal structure of the business, each individual who owns 20% of more of the business, or are a guarantor, must have their credit checked and a report provided.

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.
 
Please take the following steps to begin the preliminary application:

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.
 
2) Please download and fill out the Financial Summary form (including financial statements,corporate and personal tax returns, collateral, job creation, financial projections) and email it to shawn.beus@slcgov.com .
The Preliminary Evaluation Application must be submitted and receive approval prior to submission of the Salt Lake City Business Economic Development Loan Fund Application.
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Loan Applications

Economic Development Loan Fund - Loan Application (PDF)


*please provide an electronic copy of your business plan along with your loan application


 

Printable PDF versions of the EDLF Loan Application.
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