Utah Microloan Fund Receives Community Grant from Salt Lake City Economic Development

Salt Lake City's Community Grant Program has emerged as a beacon of hope for small businesses, artists, artisans, and nonprofits grappling with the aftershocks of the COVID-19 pandemic. Powered by funds from the American Rescue Plan Act (ARPA) and orchestrated by the Salt Lake City Department of Economic Development, this program has been instrumental in revitalizing the economic landscape.

Among its beneficiaries is the Utah Microloan Fund, a 501c3 nonprofit and CDFI, which leveraged its grant to spearhead a transformative initiative. By channeling the majority of the grant towards a dedicated grant program for small business owners within Salt Lake City's boundaries, coupled with personalized business advising and financial evaluations, the UMLF will sow the seeds of resilience and growth through their newly created Opportunity Boost Grant.

Helping Salt Lake City Small Businesses Bounce Back

Todd Anderson, Salt Lake City Economic Development

"The COVID-19 pandemic and related shutdowns were difficult for small businesses and artists, especially those from historically marginalized communities. Small businesses and artists are a fundamental piece of our community and economy, and the City is excited to support their growth and resilience.

​Many nonprofit agencies like the Utah Microloan Fund in Salt Lake City routinely work with small businesses and artists and know how to best support them. By awarding these agencies with grant funding for COVID-19 recovery programs, the City was able to support small business and artist communities that otherwise might have been difficult to reach.”

---

Utah Microloan Fund, a resource for small business owners for 33 years

Since 1991, the Utah Microloan Fund has made the dreams of entrepreneurs a reality.  Serving as an esteemed SBA microlender, the UMLF has played a pivotal role in fostering entrepreneurship across Utah.  Their mission is two-fold, to offer microloan funding to small business owners who have been overlooked or turned down by traditional funding and to deliver free business education throughout Utah's 29 counties. With a focus on empowering underserved communities, Utahns can count on the UMLF as a friend in business.
In addition to microlending, the Utah Microloan Fund is proud to offer bi-monthly live virtual classes, a digital class library, and Banking on Women, an entrepreneurship program for women business owners to start or grow their own business. These educational offerings are designed to cover all aspects necessary to be a successful entrepreneur including business planning, financials, market research, HR, marketing, etc while also providing networking and collaboration opportunities with other attendees.
In partnership with Westminster University and Synchrony Bank, applications are now open until May 12th for Fall cohorts of Banking on Women, offered both in person as well as virtually for rural counties. 

Partnering with Salt Lake City Economic Development

UMLF Executive Director Doug Keefe

"The Salt Lake City Economic Development Department Grant Program allows UMLF to compliment its lending and technical assistance offerings with a powerful and impactful tool to help propel its clients to success.  We’ve begun awarding these grants, with an extremely positive response.  We appreciate the opportunity to partner with Salt Lake City to serve the small business community."

Opportunity Boost Grant Creation

Using the funds from the awarded grant, Utah Microloan crafted a grant program where each recipient is eligible to receive up to 20% of their original loan amount, capped at $10,000 per business, fostering a sustainable path forward. The remaining portion of the funds granted to the UMLF serve as a lifeline for administrative support, ensuring seamless program execution and empowering staff to conduct comprehensive strategy sessions with clients.
​This holistic approach showcases the UMLF's commitment to nurturing businesses with tailored resources and expertise, even tapping into external consultants when specialized industry insights are paramount. 

Eligibility of Small Owners invited to apply for the Opportunity Boost Grant:

• In business as of March, 23rd 2021.
• Existing loan client of the Utah Microloan Fund. 
• Operating during the pandemic. 
• Located within Salt Lake City limits.
• ​A business impacted by the COVID-19 pandemic. 
• Supports a growth plan, with tangible outcomes such as revenue and job growth. 

Round 1 Awardees

Owner Elif Ekin

Kahve Cafe

"These funds will enable me to expand our products and finally begin to offer our grab and go line by being able to offer more hours to my kitchen staff dedicated to our grab and go area. It would enable me to purchase extra equipment to build out a second kitchen space so that I can have more staff cooking at a time. It will also enable me to be able to purchase more product such as teas, updated marketing photos and social media content." 

Kahve Cafe

---

Hello!Bulk Market

"Regardless of the setbacks of being a small business in SLC right now, I completely value the support of the city programs (especially the staff). There are so many people out there doing the best they can with what they have.

People fighting to save these small businesses that have made it through Covid deserve to be a part of a brighter future. And I don't think a day goes by that a customer, in the market, doesn't tell me how grateful they are to have Hello!Bulk. It's hard to think of closing when we feel so much love around us."

Hello!Bulk

Owner Jamaica Trinnaman

---

Stay tuned for specific client features and who is selected for our next rounds of funding!