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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 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:
Michelle Carroll586 East 800 NorthOrem, UT 84097(801) 229-3833Send Email