VentureCapital.org Tapped by Salt Lake County to Run its $7 Million Revolving Loan Fund

EDRLF-Spot-HorizSALT 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.

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This press release was originally published on BusinessWire.

2017-05-23T11:36:46+00:00 September 22nd, 2016|

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The Wayne Brown Institute was founded by the late Dr. Wayne Brown in 1983. Dr. Brown held positions in mechanical engineering and served as Dean of the College of Engineering at the University of Utah. In addition to his academic postings, he was a founder of Kenway Engineering (HK Systems), TerraTek, NPI (Agridyne Technologies), the Utah Innovation Center (the world’s first venture accelerator/incubator) and Utah Ventures (now Pelion Partners, Utah’s first and largest venture fund). By virtue of his academic, government, and business background, Dr. Brown was a leading authority in technological innovation and entrepreneurship. Many of the world’s science/research parks, innovation centers, and incubators have their roots with Dr. Brown. In addition to his many accomplishments, he has affected the role of government in innovation and entrepreneurship as the architect with Roland Tibbitts of the national Small Business Innovation Research (SBIR) program. Later, as head of the State’s Science Council he spearheaded legislation to create the Utah Technology Finance Corporation (UTFC, now Innoventures), and Utah’s Centers of Excellence program. He successfully negotiated with the U. S. government to obtain military land for the establishment of the University of Utah’s Research Park, and key in the establishment of the USU Research Park and Timpanogos technology Park in Orem (Novell campus). His knowledge, experience and passion live on in the Wayne Brown Institute, its staff, its investor-led Board, and its countless supporters.