Areas Served: Utah (excluding Provo and Orem), Summit, or Wasatch County
It is the purpose of the microloan program to provide an entry level to a micro-enterprise with the potential to become a business eligible for traditional funding.
This is accomplished by assisting low and moderate income citizens, women and minorities to better themselves through enterprise ownership.
QUALIFICATION: – Business is located in Utah, Summit, or Wasatch County.
– Successful participation in the UVU SBDC program.
– A minimum of one job created for every $3,500 loaned.
DETAILS: – $500 – $5,000 loans available.
– Interest rates will not exceed 7 points above the Wall Street Journal Prime Rate (fixed over the loan term).
– Loan terms of 6 months to 3 years will be available.
FEES: – $25 application fee – Origination and recording fees are 1.5% of the loan amount for each year of the loan and are financed into the loan.
These fees are used to defray administrative and monitoring expenses.
Contact InformationMountainland Economic Development District
Address: 586 East 800 North
City: Orem
State: Utah
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