A modified loan program in Salt Lake City is helping entrepreneurs get needed financing – regardless of whether the loan is big or small.
Last month, city officials changed a small business loan program to allow for much smaller loan amounts and give assistance to more entrepreneurs looking to start an LLC. While the old program gave out loans from $100,000 to $250,000 for major projects and expansion, the program’s new design allows it to give out loans as small as $5,000 to enable small business owners to accomplish smaller projects, such as paying off a credit card or buying a new sign.
“It was definitely a void that needed to be filled,” says Lisa Harrison Smith, a spokeswoman for the city’s mayor. “We see the progression of this as something that will benefit the growing small-business community.”
The program – which currently has interest rates of 3.25 percent – has taken off since the changes were put into place. Officials said the program had given out roughly four loans per year, but that number has now jumped to 20 since last year.
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