Economic Development Loan Fund

 
The Salt Lake City Economic Development Loan Fund's purpose is to create job opportunities, 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.
 
 
Loans are available for:
  • 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)
  • Inventory
  • Working Capital
 
Review the links below for more information about process, timing and applications.
 
EDLF Policies and Procedures Manual (coming soon)
Loan Process

1. Complete and submit the Preliminary Evaluation Application. (If that link does not work try: 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. 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.

 

Loan Process

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

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.

Summary of the loans, requirements, and terms.
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Optional Financial Summary
Reminder:
To begin the loan application process, please open the Preliminary Evaluation Application.
 
Optionally, you may view and/or fill out the Financial Summary form (including financial statements,corporate and personal tax returns, collateral, job creation, financial projections) and email it to edlf@slcgov.com.  This form will be used to summarize all of your financial information and may help speed up the process and/or inform you of the required materials and what the loan committee will view. 
View and/or fill out the optional financial summary form
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Loan Application and Evaluation Criteria

Click here to download the Preliminary Application. (If this link does not work try:Preliminary 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 

Printable PDF version of the EDLF Loan Application.
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Resources
A list of important business resources for the Economic Development Loan Fund
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