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Financing Your Business

Arranging proper financing for your busines is one of the most important things necessary for success.  Your objective is to present a loan propoal that a banker will find very difficult to deny.  There are many resources that can provide expert advice to help you prepare your loan proposal.

Resources and Training:

Salt Lake County Loan Fund

Salt Lake SCORE office

Utah Microenterprise Loan Orientation Classes

Small Business Development Centers

Zions Bank Business Resource Center

Small Business Administration

 

Types of Financing:

Banks and Credit Unions offer traditional sources of financing as well as loans backed by the Small Business Administration (SBA). The SBA typically guarantees a portion of the loan, which makes it more attractive to a traditional lender.

To be eligible for SBA loan assistance, a business must be organized for profit, be based in the U.S. , and be small under SBA's size standards. Businesses ineligible for SBA assistance include non-profit businesses, financial businesses primarily engaged in lending, developers, life insurance companies, gambling establishments, and businesses which have caused previous losses to the government.

Other financing options include the Utah Microenterprise Loan Fund and the Salt Lake County Revolving Loan Fund.

Utah Microenterprise Loan Fund

The Utah Microenterprise Loan Fund specializes in small businesses who have been unable to get traditional bank funding because they don't have a track record, they don't have sufficient collateral, or their credit history is less than perfect. They have helped launch over 350 small businesses across the state.

Salt Lake County Revolving Loan Fund

The Salt Lake County Revolving Loan Fund is administered through the Utah Business Lending Corporation. Their mission is to assist small business in Utah through micro lending, creative loan guarantees, and business education.

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