Areas Served: Davis County
The revolving loan fund is owned and operated by Davis Council of Governments Inc for businesses in Davis County, Utah.
a 501(c)3 entity.
This fund was established in 1984 using federal community development block grant funds.
Today, the program is funded via past loan repayments.
This program is a tool used to promote business growth and expansion with a primary focus on job growth.
Loan terms and interest rates are negotiable but are generally established at market rates such as prime plus one or two or current bank loan rates.
This is NOT designed as a low interest loan program.
All principal and interest will be repaid within 5 years but the loan can be structured with balloon payments, interest only with sliding scale principal payments, etc.
The loan terms are negotiated around the business’s needs.
Any Davis County business qualifies for the loan provided they are located in Davis County and remain in Davis County during the term of the loan.
If the business leaves Davis County any unpaid interest and principal is called due.
A major requirement in the loan approval process is the creation of NEW jobs and the retention of existing jobs.
This may require a periodic review of employee records to determine compliance.
Contact InformationDavis Council of Governments Inc.
Address: 28 E State Street
City: Farmington
State: Utah
Website:
http://www.co.davis.ut.us/ced/home
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