In 2022, Utah small businesses received $1.3M in EDLF loans

The Salt Lake City Department of Economic Development has announced that during the 2022 calendar year, the Salt Lake City Council approved seven Economic Development Loan Fund (EDLF) loans, totaling approximately $1.3 million. This initiative supports recipients in diverse business ventures ranging from cafes and nightlife spots to health and wellness companies.

The EDLF program’s goal is to invest in viable businesses that produce strong economic{mprestriction ids="1,3"} returns and contribute to a greater quality of life with positive social and environmental impacts, the Department of Economic Development said in a release.

“Businesses like our 2022 EDLF recipients contribute to our robust economy, which in turn supports a greater quality of life for residents,” said Lorena Riffo Jenson, director of the Department of Economic Development. “Being able to connect small businesses with funds that then help them serve the larger community is exactly why the EDLF exists. We know these businesses sometimes need funding assistance, and we’re grateful for the mayor’s vision of the program and the city council’s support.” 

The 2022 EDLF loan recipients were The Current Exchange, Chip Cookies, Kalo Clinical Research, Kahve Café, Club Verse, Buddies Inc. and Mindful Living Wellness.{/mprestriction}