Utah Microenterprise Loan Fund
Over the past 20 years, the Utah Microenterprise Loan Fund (UMLF) has worked in partnership with members of Utah’s financial banking community to help launch or expand more than 800 small businesses across the state.
The UMLF is a non-profit community development financial institution (CDFI) that provides management assistance and loans to new and existing businesses that are not able to qualify for traditional small business loans. Whether loans are used for inventory, equipment, payroll or other costs, the UMLF understands that small business owners need access to money but often can’t qualify for bank loans because they lack a business history, sufficient collateral or have limited or a poor credit.
We’re not like a regular bank. For us, lending is about more than making money. It’s about helping people increase their incomes, build assets and wealth, feel better about their lives and build up their neighborhoods. Our application process gives you the opportunity to tell your story, in person, to the people who decide whether to approve your loan. To us, your character is as important as your business plan.
While collateral is not the only thing we consider in our lending decision, we do ask you to offer what you can as a representation to us of your faith and investment in your small business endeavor. We know that bad things can happen in life, such as a divorce, medical problems or job loss, that affect your credit rating. We want to talk with you about what happened, where you are now and how we can help you move forward with your business.
Through our loans ($1,000-$25,000), we’ve been able to help people with low to moderate incomes supplement their earnings. We’ve helped women find the flexibility they need to balance their work and families. We’ve also helped people with disabilities, minorities, immigrants and people who have been injured in the workplace find economic security through ownership and operation of their own small businesses.
Whether a small business is a sole source of income or a crucial supplement, Utah microenterprise loans help provide the necessary capital to put individuals and families on the road to greater self-sufficiency. Working together with our clients and our financial partners, we build healthier families, stronger communities and most of all — brighter futures.
Kathy Ricci, Executive Director
154 East Ford Avenue Suite A
Salt Lake City, UT 84115
(801) 746-1180 Tel.
(801) 746-1181 Fax