801-746-1180

Flexible Funding for Your Business

Our microloans can help cover the costs of starting, operating, or growing a Utah business.
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  • Loans up to $50,000 for eligible businesses.
  • Startups may qualify for up to $25,000 during their first year, with the possibility of additional funding as the business grows.
  • Current fixed interest rates generally range from 10% to 14%.
  • Repayment terms of up to six years.
  • No prepayment penalty.
​Every business and funding request is different. Loan amounts, rates, terms, and approval depend on the applicant and the needs of the business.

Could a UMLF Loan Be a Fit?

Tania Rodriguez, Los Churros Del Norte
 We help people who:
  • Are starting a new business and do not have a long operating history.
  • Have an existing business that is ready to grow.
  • Have been turned down by a bank or do not meet traditional lending requirements.
  • Need a smaller loan than many banks provide.
  • Have limited collateral, a thin credit history, or past credit challenges.​
  • Are willing to complete the application process and show how the business can repay the loan.
We are unable to fund: 
  • MLM's 
  • Real estate or building purchases
  • Businesses not registered in the state of Utah​

Our Process

We want to ensure you feel ready and prepared to apply for a loan. Let us walk you through the basic steps we’ll take together so that you know what to expect.
Complete Loan Orientation
Held every Tuesday at 9am virtually. Sign up at www.utahmicroloanfund.org/upcomingclasses
​Fill Out Inquiry Form
This form includes information about you, your business, and the funding you are looking for. Once verified, we will then add you to Lenderfit, our online application system.  
​Complete Your Application​
You will submit your application and supporting documents including:
Tax returns, financial info, business plan, cashflow, etc. This also includes a $50 application fee paid.
Present to Our Team
Once your application is complete you will present to our team. We will set up a date for you to present virtually via Zoom. This is a 30 minute meeting. 
If Approved
We will close your loan in approximately one week after you submit the necessary closing documents in order to receive your funds. 
Frequently Asked Questions
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 
  • 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. ​
  • 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?​
  1.  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 Loan Officer. Sign up here: Virtual Loan Orientation. 
  2. We require that you are working with an Business Advisor. You can find a free advisory with Small Business Development Center (SBDC). Find one near you here: Utah SBDC Locations . Women's Business Center of Utah. Find an advisor here: www.wbcutah.org
  3. 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. ​
  4. 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. ​
  5. The speed of the application process and getting approved depends largely on how quickly you submit your application and documentation. 
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 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?​
If you need extensive help we also recommend connecting with your local: ​
We also have reoccurring virtual classes on both topics or you can access our class library! Both are great options to get you started.

Need Other Resources?

​Nicole and Chris Carver, Tonyburgers
In addition to loans for small businesses, we provide:
​
  • Advising
  • Connection to advising partners
  • Resource Guides
  • ​Bi-monthly business education classes
  • Digital Class Library of past classes

Stay in the Loop

Want to stay up to date on resources, events, classes and more? ​