Salt Lake City

Community and Neighborhoods

(801) 535-7673

Economic Development Loan Fund

Dear Economic Development Loan Fund Borrower:

Due to the spread of COVID-19 and the emergency quarantine measures being taken, we know that EDLF Borrowers are experiencing a disruption of income impacting Borrower’s ability to make the upcoming monthly payments. For these reasons, the Department of Economic Development is deferring all monthly payments for 90 days. Deferred payments will be effective immediately. This temporary deferment will extend the maturity date of the loan.

The Department of Economic Development will be in communication in advance to let you know when they will start again and to confirm your new maturity date.

In addition, please know that we recently released a website to provide businesses with the most up-to-date resources available during COVID: https://www.slc.gov/ed/covid19/, including an emergency loan program we rolled out yesterday that you may be eligible for: https://www.slc.gov/ed/elploan/.  You can also follow us on Facebook, Twitter or Instagram for any updates.

Please be in touch if you have any questions.

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

According to City Code 2.44.040, a public servant or volunteer public servant may not have a financial or professional interest in any entity that is doing business with any division or program in the Department of Community and Neighborhoods. An elected officer, relative of elected officer, or a business in which an elected officer has a financial interest, may not apply for, or receive a loan or grant from the City.

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:

  • Completed Part B Application 
  • $100 non-refundable Application Fee payable to Salt Lake City Corporation – call (801)535-6230 for payment
  • The required financial documents including: business plan, 3-year business projections, personal and business financials, tax returns, location/collateral information, 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. 

Details and Terms

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: 7.5%

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

Applications and Guidelines

Applications:

Program Policies:

Submit materials electronically or to our office:

Email: EDLF Loan Officer

City and County Building
Department of Community and Neighborhoods
451 South State Street, Suite 404
PO Box 145486
Salt Lake City, Utah 84114