Utah Small Business Loan Finance (USBLF) has been awarded a $1.72 million Revolving Loan Fund from the U.S. Economic Development Administration (EDA) as part of the CARES Act recovery assistance. The grant can be used to lend to small-business owner or entrepreneur borrowers up to $250,000 in Cache, Davis, Box Elder, Morgan, Rich, Salt Lake, Tooele, Utah and Weber counties.
The EDA investment provides funding for administrative expenses to address the economic development needs of small businesses and entrepreneurs adversely affected either directly or indirectly by the coronavirus pandemic.
Based in Salt Lake City, USBLF is a small-business lending institution focused on loans ranging from $50,000 to $250,000.
“This grant can help bring immediate help to small businesses and entrepreneurs throughout the state of Utah,” said Steve Suite, executive director of USBLF. “While Utah’s economy continues to be better than most, we know that the pandemic has brought a level of economic uncertainty and challenges for businesses of all sizes in our state. We applied for this grant because we know that there are challenges that small-business owners face when it comes to accessing capital, and we knew we could be part of the solution.”
Suite said the EDA investment is meant to alleviate sudden and severe economic dislocation caused by the pandemic, provide permanent resources to support economic resiliency and further the long-term economic adjustment objectives of the region served by the grant.
Parties interested in accessing capital through this grant should contact Kimberly Holley, loan administrator, at kholley@usblf.org.
