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 seven points above the Wall Street Journal Prime Rate (fixed over the loan term).
• Loan terms of six months to three 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: