Loan Programs

Our loans are designed to help people who cannot qualify for traditional small business loans. Whether loans are used for inventory, equipment, payroll or other costs, the UMLF understands that small business owners need access to money but often can’t qualify for bank loans because they lack a business history, sufficient collateral or have limited or a poor credit.

You should think about other possible lending sources before considering one of our loans. If you, or key partners, are in a financial situation to borrower money elsewhere, our loans are not for you.

We’re not like a regular bank.

We’re actually a not-for-profit organization. For us, lending is about more than making money. It’s about helping people increase their incomes, feel better about their lives and build up their neighborhoods.

We take a personal interest in you.

Our application process gives you the opportunity to tell your story, in person, to the people who decide whether to approve your loan. To us, your character is as important as your business plan.

Poor or limited credit? We’re accommodating.

We know that bad things can happen in life, such as a divorce, medical problems or job loss, that affect your credit rating. We want to talk with you about what happened, where you are now and how we can help you move forward with your business.

Worried about collateral? We’re flexible.

While collateral is not the only thing we consider in our lending decision, we do ask you to offer what you can as a representation to us of your faith and investment in your small business endeavor.

We Make Loans from $1,000 to $25,000

We have helped people:

  • Start brand new businesses, including businesses that are located in the home
  • Buy equipment or products to sell
  • Have enough money to pay for employees, advertising and other business costs
  • Refinance credit card debt that was spent on starting and/or running the business
  • Cover the cash “gap” that happens between providing the service or product and getting paid from the customer
  • Who have been injured on the job and want to start a small business so they can get back to work

Traditional Micro-Loan

Available to start-up and existing businesses.

Loan Specifics:

  • Loan Amount: up to $25,000
  • Areas of Availability: Box Elder, Davis, Morgan, Salt Lake, Summit, Tooele, Utah, Wasatch, Weber, Cache and Rich Counties
  • Maximum Repayment Term: 5 years
  • Interest Rate: Prime Rate plus 5%-7%
  • Processing Time: three to six weeks

This loan requires you to prepare and present a thorough business plan, including financial projections.

Small Step Micro-Loan

Available to existing small businesses, this loan offers a smaller amount of money to help you take the next small step forward in growing your business.

Loan Specifics:

  • Loan Amount: up to $5,000
  • Areas of Availability: Box Elder, Davis, Morgan, Salt Lake, Summit, Tooele, Utah, Wasatch, Weber, Cache and Rich Counties
  • Maximum Repayment Term: 18 months
  • Interest Rate: Prime Rate plus 6%-8%
  • Processing Time: 10 business days

This loan does not require you to complete a business plan. However, you must be prepared to demonstrate that you have generated steady sales over the previous six months.

Vocational Rehabilitation Micro-Loan

Available to individuals who have been injured on the job and have an open Workers Compensation claim, this loan can help you start a new business as an avenue to help you return to the workforce.

Loan Specifics:

  • Loan Amount: up to $20,000
  • Areas of Availability: all counties in Utah
  • Maximum Repayment Term: 5 years
  • Interest Rate: Prime Rate plus 3%
  • Processing Time: three to six weeks

This loan requires you to prepare and present a thorough business plan, including financial projections.

People with Disabilities Micro-Loan

Available to start-up and existing businesses owned by a person with a disability. To determine if you are qualified, contact the Utah Assistive Technology Foundation at 800-524-5152.

Loan Specifics:

  • Loan Amount: up to $20,000
  • Areas of Availability: all counties in Utah
  • Maximum Repayment Term: 5 years
  • Interest Rate: Prime Rate less 1/4%
  • Processing Time: three to six weeks

This loan requires you to prepare and present a thorough business plan, including financial projections.