Economic Development Loan Fund

 
The Salt Lake City Economic Development Loan Fund's purpose is to stimulate business development and expansion, create employment opportunities, encourage private investment, promote economic development, and enhance neighborhood vitality and commerical enterprise in Salt Lake City by making loans available to businesses.
 
Loans are available for:
  • Startup and existing businesses
  • Revenue producing non-profit ventures
  • A business expanding or relocating to Salt Lake City
  • Energy-efficient (e2) equipment upgrades and building retrofits 
  • Businesses impacted by construction
  • Construction and/or real estate acquisition 
  • Signage, retail presentation, and display work
  • Fixtures, furnishings and equipment (FFE)
  • Working capital and marketing 
  • Inventory 
Loan Process
1. Download the Part A Application and submit the completed application to the EDLF Loan Officer.

2. After the Part A Application is reviewed and you have been notified to proceed to the full application, provide the following:
3. Email or call the City's EDLF Loan Officer to set up a time to review the completed application at (801)535-7258.
 
4. Once reviewed by the EDLF Loan Staff, your submitted Loan Application will be distributed to the EDLF Committee. The Committee meets as needed to evaluate loan requests.
 
5. At the EDLF Committee Meeting, you will present your business plan and answer any outstanding questions.
 
6. The EDLF Committee will evaluate your loan, and in 5-7 business days you will be notified by email or phone regarding the Committee's decision.
 
Process takes 1-2 months depending on completeness of the application. 
Step-by-Step Instructions
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Loan Criteria

Types of Loans:

1. Startup business (0-3 years old): Can apply for loans up to $100,000
2. Existing business (3+ years old): Can apply for loans up to $350,000
3. Microloans: $25,000 or less 

Loan Term: 6 months to 7 years

Interest Rate: 

Minimum: US Prime Rate
Maximum: Prime Rate + 8%
 
Interest rate reduction incentives are
based on City goals such as supporting: 
  • Geographic priority areas 
  • Low-moderate income owners
  • Veteran owners
  • Disabled owners
  • e2 Green Businesses
  • Loans with shorter terms 

Loan Evaluation Criteria:

Financial Data 
  • Past financial obligations
  • Current business well being
  • Financial Projections 
  • Collateral
  • Credit Score
Business Plan 
  • Business plan quality 
  • Management team 
Economic Development
  • Neighborhood impact
  • Job creation
  • Positively impacts City goals
Presentation to EDLF Committee 
Types of Loans & Evaluation Metrics
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Loan Application

Program Policies:

EDLF Loan Program Policies and Guidelines Handbook


Applications:


Submit materials electronically or to our office:

Email: EDLF Loan Officer

City and County Building
Department of Community and Neighborhoods
451 South State Street, Suite 404
PO Box 145486
Salt Lake City, Utah 84114

Please review the Financial Data Summary Form which includes: 

  • Financial statements
  • Corporate and personal tax returns
  • Collateral
  • Job creation
  • Financial projections
  • Loan repayment calculator 

This form will be used to summarize all of your financial information, inform you of the required materials, and provide you with an understanding of what the EDLF Loan Committee will evaluate. 

Documents and Forms
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