FAST FACT:

The UMLF seeks to create loan products that meet the needs of specific market niches.
 

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, this is our most popular loan.

   Loan Specifics:   

         > Loan Amount: up to $25,000

         > Areas of Availability: Box Elder, Davis, Morgan, Salt Lake, Summit            Tooele, Utah, Wasatch and Weber 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 $3,000

         > Areas of Availability: Box Elder, Davis, Morgan, Salt Lake, Summit            Tooele, Utah, Wasatch and Weber 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: 7 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.

© Copyright 2003, Utah Microenterprise Loan Fund. All rights reserved.