Economic Development Loan Fund
- New and existing businesses
- Revenue producing non-profit ventures
- 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 (e2)equipment upgrades and building retrofits
- Fixtures, furnishings and equipment (FFE)
- Working Capital
2. After the Preliminary Evaluation Application is reviewed and you have been notified to proceed to the full application, provide the following:
a. A completed Loan Application (see link under "Loan Application").
b. $100 nonrefundable Application Fee payable to Salt Lake City Corporation - call (801) 535-7273 to arrange for payment.
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.
The EDLF offers 3 basic types of loans. Two of them are distinguished simply by the age of the business. Businesses under three years may apply for up to $100,000. Three years or older up to $350,000. The remaining type of loan is reserved for special City projects such as Energy Efficiency (e2).
*For a more detailed description see the attached PDF describing the types of loans offered, ED Loan Types.
To begin the loan application process, please open the Preliminary Evaluation Application.
Click here to access or download the loan application. Economic Development Loan Fund - Loan Application (PDF)
You may fill out electronically, save, and email our Economic Development Manager (preferred) with your completed Loan application.
Please provide an electronic copy of your business plan along with your loan application. All hard copy materials will be converted to electronic materials. If necessary, you may print and mail or deliver hard copies of any materials to the Economic Development division, who will scan in the documents and return to you. Note: generally, all owners with more than 20% ownership must be guarantors (co-signers). Additional guarantors may be required, and/or boost the evaluation of your application.
Loan Evaluation Criteria (out of 100 points)
Financial Data – 40 points
- Past financial obligations (5)
- Current business well being (10)
- Reasonableness of financial forecast (10)
- Collateral (10)
- Credit Score (5)
Business Plan – 25 points
- Overall Business plan (15)
- Management team/personnel (10)
Economic Impact – 35 points
- Neighborhood impact (15)
- Job creation (10)
- Overall City Goals (10)
Bonus Points (up to 5) – outstanding presentation to loan committee
- Service Corp of Retired Executives (SCORE)
- Small Business Administration (SBA)
- Salt Lake Chamber, and Women's Business Center; Utah Department of Workforce Services
- Small Business Development Centers at Salt Lake Community College including the Goldman Sachs 10,000 Small Business Program
- 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