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Loan Fund History
The Revolving Loan Fund originally started 25 years ago with two million dollars from Community Development Block Grant (CDBG) funds, provided by the US Department of Housing & Urban Development, and it was used for traditional small business development.
In 2005, the Board made operational changes that better aligned with state economic development targets. The Board was expanded to include more financial industry experts and it enhanced risk management procedures.
The EDRLF is successful because it fills a gap in economic development. The fund is meant to supply loans to high-tech and manufacturing businesses that would not otherwise be eligible for a traditional bank loan.
Loan fund program requirements are well-matched to community reinvestment requirements for the new financial institution partners. These are:
- Job Creation
- Target Areas
- Low-Middle Income
The loan fund is managed by a qualified, experienced third party non-profit agency to ensure compliance in underwriting, reporting and loan management.
TRACK RECORD (since 2005)
- Created over 500 new jobs
- Alumni Companies have generated over $17 Million annually
- 0% Loan Loss
- EDRLF is successful because it fills a gap in economic development and is ready for expansion
Revolving Loan Fund GUIDELINES
- Loan Amount: Up to $400,000
- Loan Terms: 12% for 3 years, 14% for 4 years, or 16% for 5 years
- Business must be in a high-tech or manufacturing industry
- Over the term of the loan, the business is expected to have created at least one job for each $35,000 borrowed, with the majority being low to moderate income individuals
- Business must be located in the Urban County area, including: Unincorporated Salt Lake County, Town of Alta, Bluffdale, Cottonwood Heights, Draper, Herriman, Holladay, Midvale, Murray, Riverton and South Salt Lake. Other areas of Salt Lake County may be considered. Please contact Rob Pain at (801) 595-1141 or email@example.com for more information
How to Apply
Click here to learn more about the application steps.