Salt Lake City

Department of Economic Development

Phone: (801) 535-7200 | Email:

Economic Development Loan Fund

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.

Businesses must be located within Salt Lake City’s boundary to be eligible for the EDLF.

Loans are available to:

  • Startup and existing businesses
  • Revenue producing non-profit ventures
  • A business expanding or relocating to Salt Lake City

Loans are available for:

  • 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 may not have a financial or professional interest in an entity that is doing business with the city department in which the public servant is employed.

 Powered by Survey Monkey. Terms of Use, Privacy Policy

Loan Process

1. Download the Part A Application and submit the completed application to the SLC Department of Economic Development. The preliminary review generally takes 5-7 business days.

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 
  • $120 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 SLC Department of Economic Development to set up a time to review the completed application at (801) 535-7200.

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. 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:

  • Geographic priority areas
  • Low-moderate income owners
  • Veteran owners
  • Disabled owners
  • e2 Green Businesses
  • Loans with shorter terms

Downloadable Applications and Guidelines


Program Policies:

Submit materials electronically or to our office:

Email: SLC Department of Economic Development

City and County Building,
Salt Lake City Department of Economic Development
451 South State Street, Suite 118
PO Box 145590
Salt Lake City, Utah 84114

Join us for an informational webinar on the Economic Development Loan Fund (EDLF) from the comfort of your home. These monthly webinars will be a way for you to learn more about the EDLF Loan application process as well as getting any questions answered that you may have. Our virtual Zoom webinar will take place every 4th Wednesday of the month (December 2023 Excluded). Webinar will start at 9 a.m. and proceed for approximately 1 hour depending on number of attendees and questions. Webinar Presentation PDF

EDLF Recipients

2021-23 Recipients:

Kahve Café, LLC: They specialize in gourmet roasted coffee ground and unground beans as well as traditional roasted coffee by Hugo Coffee. They also complementing their coffee selection, with a Turkish tea line consisting of traditional black tea, mixed fruit tea, and seasonal tea.

Kalo Clinical Research: They are contracted by pharmaceutical companies to provide clinical trials/studies of their drugs to patients with different health conditions. Their focus is on medicines that are specific to urgent needs of underserved areas such as diabetes, asthma, and heart disease, as well as other necessary conditions.

Mindful Living Wellness Center: They offer services to improve mental and physical wellbeing of all their clients with a heavy involvement with the local community. The wellness center provides float therapy, sound therapy, yoga, life coaching, meditation centers, infrared light therapy, messages, facial, and overall mindfulness.

The Pearl Palace: A drinking and dining establishment in the Central Ninth neighborhood. The Peal offers unique Vietnamese-inspired food and offerings.

Chip Cookies: Gourmet cookie company offering takeout and delivery. They specialize in warm, fresh, gourmet cookies delivered to customers or picked up at local stores.

Trackland: They are a platform developed to enhance Salesforce. This is achieved by providing a simple grid and tools that make it easy to navigate the Salesforce structure, as well as
facilitating data storage and tracking, offering a comprehensive workspace, and
enabling automated workflows.

Buddies, Inc.: Owner and operator of amusement rides and concessions at Liberty Park. The amusement rides there have been a public amenity for almost a century.

Club Verse: Provide the LGBTQIA+ community with a safe and exciting space in which to explore personal identity with like-minded individuals.

The Current Exchange: They convert classic Porsches into electric vehicles. Their passion for both classic cars as well as new electric technology.

Forty Three Bakery: They are a well-known West Side bakery that specializes in gourmet patisserie.

Han’s Kombucha: They are an award-winning kombucha brewer dedicated to sharing the naturally healthy goodness of kombucha with their community. They are continuously adding new retailers and have opened a new storefront and taproom for the community to gather.

Hello! Bulk: They are a package-free grocery store that has recently reopened its doors along the 300 West corridor. They hope to change people’s grocery shopping habits for a more sustainable and plastic-free future.