Micro Business Loans

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:

  • 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 INFORMATION:

Michelle Carroll
586 East 800 North
Orem, UT 84097
(801) 229-3833
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