SALT LAKE CITY–(BUSINESS WIRE)–VentureCapital.org™ today announced that it has entered into a three-year agreement with Salt Lake County to run the county’s $7 million revolving loan fund.
Under terms of the agreement, VentureCapital.org will administer all existing loans in Salt Lake County’s Economic Development Revolving Loan Fund (EDRLF), while also reviewing, approving and administering new loan requests under the EDRLF program.
The EDRLF was started 25 years ago by Salt Lake County in partnership with (and an initial grant from) the U.S. Department of Housing and Urban Development (HUD) as a $2 million fund targeting small businesses that need short-term capital in economically challenged industries and/or sections of Salt Lake County. In early 2013 the EDRLF was expanded to $7 million, an expansion made possible because six current and former banks — American Express, American Express Centurion, CIT Bank, GE Capital Bank (now closed), GE Retail Bank (now Syncrony Bank), and Zions Bank— agreed to provide $1 million each to increase the EDRLF monies available for small business lending within the county.
This press release was originally published on BusinessWire.