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 commercial enterprise in Salt Lake City by making loans available to businesses. The program’s overarching goal is to invest in viable businesses that produce strong economic returns and also provide positive social and environmental impacts.
 
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/tenant improvement and/or real estate acquisition 
  • Signage, retail presentation, and display work
  • Fixtures, furnishings, equipment and inventory 
  • Working capital and marketing
Loan Process
1. Download the Part A Application and submit the completed application to the EDLF Loan Officer. The preliminary review generally takes 5-7 business days, a credit check will be ran during this time.

2. After the Part A Application is reviewed and you have been notified to proceed to the full application, provide the following:
  • $100 non-refundable Application Fee payable to Salt Lake City Corporation - call (801)535-6230 to to arrange for payment
  • The required financial documents including: 3-year business projections, personal and business financials, tax returns, profit/loss statements, balance sheets, and other items as requested in the application or by EDLF staff
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 Staff, your submitted Loan Application will be distributed to the EDLF Loan Committee and a meeting will be scheduled. At the meeting, you will present about your business and answer any outstanding questions. The Committee meets when necessary to evaluate loan requests. 
 
5. 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.
 
The loan process can take several months depending on completeness of the application and the Loan Committee's availability. 
Step-by-Step Instructions
Icon: 
/i/icons/accordion-items/checkbox.jpg
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%
Average Rate: 6.5%
 
Interest rate reduction incentives are
based on City goals such as supporting
(only one can be applied): 
  • 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 
  • Marketing Strategy
Economic Development
  • Neighborhood/Human/Environmental impact
  • Job creation
  • Positively impacts City goals
Presentation to EDLF Committee 
Types of Loans & Evaluation Metrics
Icon: 
/i/icons/accordion-items/checkbox.jpg
Loan Application
 
Applications:

Program Policies:

Submit materials electronically or to our office:

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
Icon: 
/i/icons/accordion-items/checkbox.jpg