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 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 SLC Department of Economic Development. 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
- $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:
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
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
Helpful Links for Small Businesses
Other Loan Funds:
Utah Microenterprise Loan Fund
Business Training and Mentoring:
Service Corp of Retired Executives (SCORE)
Goldman Sachs 10,000 Small Business Program
Small Business Development Center
Vest Pocket Business Coalition
Benefit Corporation Information:
Utah Division of Corporations and Commercial Code
Other Resources:
Salt Lake City Business Licensing