Utah Microloan Fund

“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

“The UMLF has been there for us as a small business when most lenders wouldn’t even return a phone call. As a company, we are very grateful for the relationship we have with the UMLF. Our first loan with the UMLF came at a time when we needed financial support.. As a business owner and an advisor to many other companies and friends, I always include the UMLF, as part of my advice to any start-up.”

The Chapel Motorcycle
Salt Lake City, 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

Resources

Online Classes

Need help for your small business?
View our complete free library of
online classes covering topics like
social media, cash flow, business
planning and more.

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Business of the Month:

Papa's Got Jerk - St. George, UT

"When I immigrated from Jamaica, West Indies to New York City as a young child, cooking my favorite Jamaican dishes was one of the ways I felt close to home. Just before my dad passed in early 2012, he told me to not put my dream of opening a restaurant on hold anymore. He told me, "you know the saying...when you do what you love you will never work another day in your life". So, in December of 2012 with the support of my children, I decided it was time to expand my kitchen. I began catering events and attending local festivals in the St. George area in honor of my dad."

Frequently Asked Questions

Have a question about our loan process? Check out our frequently asked questions for more information.

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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 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.

Banking on Women

An Entrepreneurship Course for Female Small Business Owners

Banking on Women™ is a program for female entrepreneurs created to empower women in
Utah to start or grow their own small business.
*Program is currently held virtually.

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