USBSF Awarded Grant to Support Small Businesses Throughout Nine CountiesUtah Small Business Loan Fina

Utah Small Business Loan Fund (USBLF) has been awarded a $1.72 million Revolving Loan Fund from the U.S. Economic Development Administration (EDA) as part of the CARES Act Recovery Assistance. 

Here are some details:

  • The grant can be used to lend to borrowers up to $250,000 in Cache, Davis, Box Elder, Morgan, Rich, Salt Lake, Tooele, Utah and Weber Counties in Utah
  • The EDA investment provides funding for administrative expenses to address the economic development needs of small businesses and entrepreneurs adversely affected either directly or indirectly by the coronavirus (COVID-19) pandemic 
  • Based out of Salt Lake City, USBLF is a small business lending institution focused on loans ranging from $50,000 to $250,000.

“This grant can help bring immediate help to small businesses and entrepreneurs throughout the state of Utah,” said Steve Suite, executive director USBLF. “While Utah’s economy continues to be better than most, we know that the pandemic has brought a level of economic uncertainty and challenges for businesses of all sizes in our state. We applied for this grant because we know that there are challenges that small business owners face when it comes to accessing capital, and we knew we could be part of the solution.”

Suite explained this particular RLF can be used for loans up to $250,000 and is available in the following counties in Utah: Cache, Davis, Box Elder, Morgan, Rich, Salt Lake, Tooele, Utah and Weber.   The EDA investment is meant to alleviate sudden and severe economic dislocation caused by the pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region served by the grant. 

Parties interested in accessing capital through this grant should contact Kimberly Holley, Loan Administrator at kholley@usblf.org.  

About USBLF: With more than $30,000,000 in small business loans since 2001, Utah Small Business Loan Fund is one of the largest and oldest alternative business lenders in Utah. Headquartered in Utah’s Wasatch Front, USBLF focuses on economic development by supporting small businesses and entrepreneurs with loans ranging from $50,000 to $250,000. Loan terms are up to seven 7 years with interest rates as low as 7% and origination fees at just 2%. Visit usblf.org for more info. 

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Thu, 10/01/2020 - 13:22