4) Business Financing Options
Mountain West Small Business Finance (formally Deseret CDC) – Licensed by the U.S. Small Business Administration, this private non-profit corporation is responsible for assisting in the growth and expansion of successful small and medium sized businesses by providing favorable long-term fixed asset financing utilizing the SBA 504 Loan Program. This organization has a long history of lending in rural Utah.
Utah Microenterprise Loan Fund – The Utah Microenterprise Loan Program provides very small loans to help low-income entrepreneurs start their businesses. Currently the fund lends primarily in Salt Lake, Utah, Davis and Weber Counties, but also provides loans in Box Elder, Morgan, Summit, Wasatch and Tooele Counties.
U.S. Small Business Administration (SBA) – The SBA offers a variety of special loan programs to eligible small businesses that cannot borrow on reasonable terms from conventional lenders. The most appropriate loan program will vary with the amount of financing needed and the use of loan proceeds. These loans are done through lenders with SBA guaranteeing the loan they make.
USDA Rural Revolving Loan Funds – These funds specialize in filling the “gap” a small business experiences when requesting funds from the traditional lending sources by lending funds for that portion of a loan that cannot be covered by the lender and the entrepreneur.
Agriculture Loan Programs – The Utah Department of Agriculture and Food offers loans tailored to Utah’s agribusiness community.
Farm Credit Mediation Program – The Utah Department of Agriculture offers farm credit mediation services. Mediation is a process used to solve problems and settle disputed issues related to farm credit, debt restructure and voluntary liquidation of farm property
USDA Rural Business Service Program – The financial resources of this program are often leveraged with those of other public and private credit source lenders to meet business and credit needs in under-served areas. Service Centers are located throughout rural Utah.
Utah Business Lending Corporation – The Utah Business Lending Corporation provides “micro-loans” of up to $50,000 to rural Utah start-up businesses with good credit and adequate collateral. Higher loans can be provided with the approval of the U.S. Department of Agriculture.
Utah Association of Governments – The state of Utah established seven Associations of Government (AOG’s) in 1970 to assist the state and local governments with multi-county planning, program integration, and optimization of economies of scale.