Our mission is to empower underserved communities throughout Utah by providing business training and funding to entrepreneurs in start-up & existing businesses that do not qualify for traditional funding sources.
Listed below are our different loan options available. Our max limit is $50,000 but we may be able to refer you to other sources of funding.
Listed below are our different loan options available. Our max limit is $50,000 but we may be able to refer you to other sources of funding.
Loan options
our new seed funding loan:
Our goal is to approve these loans within one week!
This means that you will have to approve your application with the loan officer. You will then meet with a couple credit committee members and they will approve/deny your loan application based on your application materials and presentation of your business (this will be the same format as traditional credit committee).
This means that you will have to approve your application with the loan officer. You will then meet with a couple credit committee members and they will approve/deny your loan application based on your application materials and presentation of your business (this will be the same format as traditional credit committee).
Amount: Up to $10,000 (w/cosigner & collateral); up to $7,500 (w/o cosigner & collateral)
Term: 12 month - 60 month/ no prepayment penalty
Rate: Fixed – Prime + 7.5% for existing business/prime +8.5% for startup business
We’ll need this to process your Seed Funding Loan Application:
Term: 12 month - 60 month/ no prepayment penalty
Rate: Fixed – Prime + 7.5% for existing business/prime +8.5% for startup business
We’ll need this to process your Seed Funding Loan Application:
- Attend Orientation in person or online.
- UMLF loan application
- UMLF Short Business plan (Questionnaire) & 12-month cash flows projections
- Historical (if available) & YTD Profit and Loss
- 3-month personal/business checking statements
- Legal right to work
- Proof of Income
After you have completed the orientation our Program Manager of Lending can help you decide which loan would be the best for your situation.