About Us:

​Who is the Utah Microloan Fund? (UMLF)​

We are a non-profit lending institution that offers microloans to small businesses unable to get traditional bank financing. For over 30 years, we’ve been helping people realize their dreams of starting and growing their own businesses. As a Community Development Financial Institution (CDFI), we provide financial services in low-income communities and to people who lack access to financing.

We invest more than just money in our borrowers. We provide them with one-on-one business training and coaching to help them succeed. When our borrowers succeed, our local communities grow and thrive. 

Located in Salt Lake City, we serve the entire state of Utah.

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. ​

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.​ 

Banks also 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!

How does your organization make money?​

Like other financial lending institutions, the UMLF earns revenue from the interest and fees on our loans. Since our purpose is impact, not profit, this revenue covers about half the cost of running our programs. Our remaining operation costs are covered by contributions from government, foundations, banks and other philanthropic donors. ​

How is the UMLF funded? ​​

We leverage investments and grants from financial institutions, foundations, government agencies, other non-profits and individuals to provide capital and technical assistance to borrowers. Together with these funders, we serve small businesses and their communities throughout the state in a sustainable and responsible manner.

​ 

How does the UMLF make a difference? ​​

We love small businesses—nobody supports them like we do. They’re the backbone of Utah’s economy, making up over 95% of all businesses, and we’re helping them grow stronger every day. Big dreams. Big results. When small business thrives, Utah thrives—and we’re proud to be part of that success.


We’re working with top partners—chambers of commerce, business groups, and community leaders—to make sure hardworking entrepreneurs have a real shot. If the banks said no, we’re here to say yes. We provide real tools, real support, and real opportunities.
​

And the best part? Our business classes are 100% free. They’re open to everyone, easy to access online, and designed to help Utah’s business owners build the skills they need to win. Because a smarter Utah means a stronger economy—and we’re getting the job done.

What is an underserved small business?​

Underserved communities have traditionally faced barriers in accessing credit, capital and other tools needed to grow. They are often located in inner cities and rural areas and often include Black, Indigenous, Latinx individuals, women, veterans, tribal groups and others. 

Applying for a Loan: 

What are the eligibility requirements for a loan? 

Before you apply for a loan with our team, you will need to review the following requirements to ensure you currently, or will soon, meet all requirements:

• Must be a resident of Utah
• Must have a registered business in Utah and an Employee Identification Number (EIN) from the IRS
• Must have an open business checking account at a bank or credit union
• Must have no active bankruptcies in the last 12 months, a current plan for any delinquencies or late payments. We will review this and talk with you about your credit report. 
• Must have an individual Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
• Collateral (a car, home, or other asset) is not always a requirement for approval but  it can definitely help. Each application is considered on a case-by-case basis. If our team is not comfortable with the collateral offered, we may ask if the business can be started with less or request a strong co-signer who is willing and able to make the loan payment if the business and borrower are unable.

​
​

What is the process for applying for a loan?​

• First attend our mandatory Loan Orientation to learn about our loan program, terms, eligibility, what is required to complete an application and ask direct questions with our Business Advisor. These are held every Tuesday at 9am. Sign up here: Virtual Loan Orientation. You can also view the slide deck on our Loan Orientation page.
  

​

• Once completed you will fill out a form to request access to our online application page here: Lenderfit Sign-Up. You will then start submitting our required documents, your Business Plan and Cashflow Projections using our provided templates, personal information, and your $50 application fee.

​

• Our Loan Officer will then work with you to strengthen your application and prepare you to present to our team - held virtually. If approved, we will then work with you on getting the proper documents and signatures to close your loan. 

The speed of the application process and getting approved depends largely on how quickly you submit your application and documentation. 
​

 How does our team make its decision?

Our teams look at a variety of factors when deciding to approve a loan including:

• How solid we believe the cashflow projections and business plan. 
  
• Traditional means like credit scores, collateral, education, industry expertise.
• ​Your ability to repay the loan if the business fails.
  
• The character of the individual. 
  
  • ​If there are intentional attempts at covering up or hiding information, a history of fraud/crime, and a pattern of non-paid debts, this factors into our decision. 
    

 What should my presentation include?​

This is your chance to meet with our team and show that you are ready and prepared to make your business succeed! Topics to speak to during your presentation may be: why you want to start this business, your background or story, how the loan will help you grow/succeed, and your business plan. We want to see that you understand your numbers, competition, customers, and market inside and out. 

What do I do if I need help with the business plan and/or cash flow projections?​

We have reoccurring virtual classes on both topics or you can access our class library! Both are great options to get you started. If applying, we are also available for guidance and questions. You find our classes here: UMLF Classes 

If you are needing extensive help we also recommend connecting with your local Small Business Development Center (SBDC). Find one near you here: Utah SBDC Locations 

If approved, do I get my funds all at once?​

We disburse funds on an as-needed basis and don’t typically release the full amount of your loan at closing unless pre-approved. As an SBA microlender we have specific audit conditions that require that we keep detailed records of each use of funds that are as close as possible to the ones you will list in your application. 

​