801-746-1180

Make Your Business Dreams a Reality

Our mission at the Utah Microloan Fund is to empower underserved communities throughout Utah by providing business training and funding to small business owners in start-up & existing businesses that do not qualify for traditional funding sources with a focus on the underserved.
Microloans for Small Business
​Turned down by a bank? Tired of the high-interest rates of payday or other loans? We are here to help!

With our flexible terms & loan programs, including SBA Microloans, we'll work with you to build a loan that fits your business needs.
  • Starting at $5,000, up to $50,000
  • Fixed Rate - 8-12%
  • Up to 6 year loan term
  • Available for working capital, equipment, inventory, property improvements, business purchase, etc. 

​We help people who:​
  • Have a great idea but need funding to get started
  • Don’t have enough collateral or cash flow for a traditional bank loan 
  • Have had life events that have had a negative impact on their credit history
  • Have ITIN status and need access to funding
  • Need access to economical business training and mentoring
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. 
  • 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.​
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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 Business Advisor. These are held every Tuesday at 9am. Sign up here: Virtual Loan Orientation. 
  2. 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. ​
  3. 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. ​
  4. 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?​
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 

Now Available:

The Utah Small Business Credit Initiative (USBCI) is $69 million in federal funding to help small businesses access loans. ​
Additional Offerings:
ITIN Opportunity Fund

​Unlock the doors of opportunity for your business with our ITIN Loan. Regardless of your immigration status, our program allows you to access funding without the need for a social security number. Using your Individual Taxpayer Identification Number (ITIN), we provide small business loans to entrepreneurs who may have been previously excluded from traditional lending options. 
Accessible Capital Program
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​Empowering business owners with disabilities to succeed, our program in partnership with the Utah Assistive Technology Program (UATP) offers discounted microloans tailored to the unique needs of entrepreneurs living with disabilities. With our support, these business owners can access the financial resources they need to grow and thrive in today's competitive market.
Microloans for Community Organizations
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We understand the financial challenges that non-profit organizations face. That's why we offer loans to Utah-based non-profit groups, so that they can continue to make an impact in their communities. Whether you're a small community group or a larger organization, we're here to help you access the financial resources you need to make a real difference.

Loan Application Process

Step One

Register for Loan Orientation

Held virtually every Tuesday at 9am, our mandatory orientation is an overview of our process and requirements and will give you a chance to ask questions and chat with our Business Advisor.

Take Orientation
Step Two

Preview our Templates

Want to get started on the cash flow projection and business plan? Preview our required templates here.

Step Three

Fill Out an Inquiry Form

This form includes information about you, your business, and the funding you are looking for. If everything is good to go, we will then add you to Lenderfit, our online application system.

Lenderfit Sign-Up
Step Four

Present Your Business

Once your application is complete you will then get a chance to present your business and funding request to our team. For us to have time to underwrite your application and to review your packet, we will need to have your application completed and the $50 application fee two weeks before you are ready to present. We will set up a date for you to present upon completion.

Ready to Get Started?

Begin Orientation