Welcome to the Utah Microloan FundWe make the dreams of small business owners a reality.
Since 1991, we have provided business education and microloans to entrepreneurs in start-up & existing businesses that did not qualify for traditional funding sources, with a focus on the underserved. |
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"In the process of preparing for Katsu City, I was able to receive timely help with capital shortages due to various inflation caused by the pandemic, which was a great help in opening Katsu City. They are always kind, responsive, understanding, and reasonable. I'm forever grateful for my UMLF team who helped us." Katsu City
West Jordan, UT |
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“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.”
HPG Trucking
Clinton, UT |
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“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 |
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"My funding from the UMLF has helped me expand our menu offerings and product lines as well as hire staff as we grew. The classes and advisors there are always there to help me when I get stuck to get unstuck with alternatives and/or solutions. Their advice has been so appreciated because they understand my businesses and they know ME as a person and know how to help me through my weaknesses in order for me to grow and expand."
Kahve Cafe
Salt Lake City, UT |
Frequently Asked Questions
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What exactly is a CDFI? How do we differ from a bank?
Get answers to these questions and more in our FAQ section. |
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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 are you different from a bank?
Our lending guidelines are more flexible than traditional banks because our purpose is community impact, not profit. This means that we are able to take more risks due to our mission. 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.
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?
The best place to start is with our Loan Orientation. Learn more here: www.utahmicroloanfund.org/orientation
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Banking on Women, an Entrepreneurship Program for Women in Utah
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This program is packed full of learning, collaboration, and growth for you and your small business. Made possible by Synchrony, this entrepreneurship program has changed the lives of hundreds of women since its inception in 2010.
With a curriculum crafted by the amazing team at Westminster University, this is definitely the program for you! |
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Business of the Month ✨Elm Studios
"UMLF gave us a loan back in 2015 when nobody else would. We were just creatives with a vision and a dream, but not a lot of backing or history to back us. The loan helped us open a studio, invest in equipment, and jumpstart our business in a major way. We’re not just building a business; we’re building a legacy. With their continued support, we’re excited to keep growing and expanding with our new ventures."
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Resources
Small Business Classes for UtahNeed extra help getting your business of the ground?
We offer live virtual classes covering topics like social media, cash flow, hiring, e-commerce, business planning and more. These classes are free and open to the public throughout the state of Utah. |
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Our Partners & Sponsors
The Utah Microloan Fund would like to thank our generous program sponsors,
donors and partners.
donors and partners.
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