In partnership with Utah’s congressional delegation, the state emergency management division and the Utah governor’s office, the Utah Governor’s Office of Economic Development (GOED) announced today that businesses in all 29 Utah counties are now eligible to apply for low-interest loans through the Small Business Administration.
“We recognize this loan program will not solve all of today’s economic challenges, but it will serve as a useful tool for businesses affected by COVID-19,” says Ryan Starks, managing director of business services at GOED. “Small business owners are the backbone of Utah’s economy, and these available loans demonstrate how vital they are.”
Terms of the SBA loans are as follows:
- 3.75% interest rate for small businesses
- 2.75% interest rate for nonprofits
- Loan amounts up to $2 million per entity
- Repayment terms up to 30 years
Businesses are encouraged to apply for Small Business Loans at sba.gov/funding-programs/disaster-assistance. Here are instructions for applying for the loans. There’s no requirement for a FEMA number. Businesses can only check the “Economic Injury” section. The Utah disaster number is UT00066.
Gov. Herbert has convened a Coronavirus Economic Response Task Force, which includes members of the Governor’s Economic Council and industry representatives, to discuss additional strategies to support local businesses. Updates from the Task Force are available at coronavirus.utah.gov.
“During difficult times, Utahns do what we do best, support each other,” says Val Hale, GOED’s executive director. “With the help of their customers and this important assistance from the SBA, our business owners will adapt, improvise and overcome COVID-19’s economic challenges.”
Questions regarding SBA loans for Utah businesses should be directed to:
GOED Business Services Managing Director
Utah business owners may find the following resources helpful:
GOED’s Business Services webpage
Coronavirus information on utah.gov
Utah Department of Workforce Services’ coronavirus webpage
Salt Lake Chamber’s coronavirus webpage