Speaking on Business: Utah Microenterprise Loan Fund
The Utah Microenterprise Loan Fund is designed to support business owners by offering small business loans of up to $50,000.
This is Chris Redgrave for Zions Bank Speaking on Business.
The Utah economy remains one of the top in the nation with a job growth rate of 3.1 percent. Every major industrial sector expanded in 2017, contributing over 43,000 jobs. Small business remains a critical driver, with the state’s appealing business climate and strong focus on small business loans, especially with organizations like the non-profit Utah Microenterprise Loan Fund.
The Utah Microenterprise Loan Fund is designed to support business owners by offering small business loans of up to $50,000. These are given to businesses that otherwise wouldn’t qualify for a loan. Over 80 percent of their clients are low or moderate income while others have credit issues or need more collateral. Executive director Danielle Lower says they’re the only SBA microlender in the state, and they work with banking partners statewide, supporting clients until they’re ready for a traditional bank loan.
The Utah Microenterprise Loan Fund is skilled at helping clients find ways around issues preventing them from getting a loan. To give an idea of the impact, several clients have gone on to create very successful businesses, like Rico Brand, Pig in a Jelly Jar and several food trucks, including The Bento Box.
Find out more at www.umlf.com.
Would you like to be considered for a Zions Bank feature? Go to speakingonbusines.com.
For Zions Bank, I’m Chris Redgrave, speaking on business.
Utah Microenterprise Loan Fund
154 E. Ford Ave.
Salt Lake City, UT 84115