Welcome to the Utah Microloan FundSince 1991 we have helped make Utah entrepreneurs dreams come true by providing free business advising and small business loans to entrepreneurs in start-up & existing businesses that do not qualify for traditional funding sources, with a focus on the underserved.
|
Interested in applying
for a loan? Join us for virtual loan orientation every Tuesday at 9am or view our online version |
|
“The UMLF has helped our business immensely. Just by building our application and applying for the loan we learned so much about our finances and business needs. With the funds we received we were able to improve upon our processes and start marketing to grow our business. We love the UMLF”
Great Basin Coffee Company
Provo, UT |
|
“I am so thankful for UMLF. Without them, I wouldn't have gotten my business off the ground as soon as I did. The UMLF approved me for a loan to buy a dump truck. They have also provided with much-needed support free of charge. I know with UMLF that I have the confidence to be very successful.”
Lakasha Hodges - HPG Trucking
Clinton, UT |
|
“In the last couple of years, I have had several large orders that I turned away simply because we could not afford the ingredients or machinery to fulfill them. The Utah Microloan Fund made it possible for us to take one of those big orders. It was so liberating to know I could do it. Now I want more! We are more ready than ever before for big orders! It is our time to move forward for JulieAnn Caramels!”
JulieAnn Caramels
Sandy, UT |
Frequently Asked Questions
|
What exactly is a CDFI? How do we differ from a bank? Get answers to these questions and more in our FAQ section.
|
|
Who is eligible to receive a loan through Utah Microloan Fund?
The UMLF is considered a “lender of last resort,” meaning we try to help business owners who aren’t able to receive bank financing because of poor credit, insufficient business history, insufficient collateral, etc. Our main focus is businesses that are located in underserved areas and individuals that earn low-to-moderate income.
How is the Utah Microloan Fund different from a bank loan?
If you can qualify for a bank loan we encourage you to start with our local partners who can give you a lower interest rate. Because we take on loans with higher risk our interest rates are typically 2-8% higher.
Does the Utah Microloan Fund help startups?
Yes. Banks typically require at least two years of business financials to be considered for a loan, which makes it hard for start-ups to receive funding. We fill that gap. If you have previously been declined from a bank loan but have a great idea you may be a good fit for us! While we consider factors like credit score, collateral, and history, a lot of what we do is based on a solid business plan and your personal character.
What is the process for applying for a loan?
Applicants must first go through our online orientation slide deck to learn about the program and what the application steps are. Then they fill out a form to request access to our online application page.
|
Business of the Month ✨Retreatment Wellness
"I started Retreatment Wellness to provide signature treatments that are unique to my skills and that use advanced technologies not available at other Acupuncture clinics - like Microneedling & LED Light Therapy & Sound Bath Meditation. I align beauty with health. I've created a place where, for example, you can take care of your back pain while also addressing signs of aging. Or, you can address the inflammation in your gut with acupuncture while also reducing anxiety while enjoying deep restorative meditation in a sound bath.
So, it's a lovely two-for-one for women to have the benefits of great skin and a feelings of serenity in one treatment. I hope to have created efficiency around self-care by providing multiple healing and beauty modalities in one session." |
Dr. Alessandra Young
|
|
Resources
Class LibraryNeed extra help running your small business? View our complete free library of online classes covering topics like social media, cash flow, business planning and more.
|
|
Our Partners & Sponsors
The Utah Microloan Fund would like to thank our generous program sponsors,
donors and partners.
donors and partners.
