Salt Lake City

City Re-Launches Small Business Loan Fund

FOR IMMEDIATE RELEASE

August 26, 2014
Contact: Art Raymond
801-547-2659



Mayor to Join Local Entrepreneurs to Re-Launch Small Business Loan Program

SALT LAKE CITY – Mayor Ralph Becker and the Economic Development Division will host a kickoff event on August 27 at 4 p.m. on the fourth floor of the Salt Lake City & County Building, 451 S. State Street to celebrate the re-launch of one of the City’s most important tools in strengthening the local small business community.

The Economic Development Loan Fund has made over 135 loans to Salt Lake City businesses, including restaurants, industrial and manufacturing companies and over 20 startups.  The funds are used for façade improvements, small scale real estate acquisition and construction, equipment, inventory and working capital.   Through this program, the City has loaned over $15 million with an average loan of $73,000. 

“Strengthening our economic development efforts in Salt Lake City is a key part of my Livability Agenda, which seeks to make Salt Lake City the best place to live and work in the country," said Mayor Becker.  "This loan program is a key component of our economic development efforts and I hope more entrepreneurs in Salt Lake City will have the opportunity to benefit from the fund."

The kickoff event will include an introduction by Economic Development Director Stuart Clason, comments by Mayor Ralph Becker and insight from three loan recipients about their experiences and how the program helped jump start their businesses.

Refreshments will be provided by 12 loan participants offering their local tastings.

 

EVENT:                               Economic Development Loan Fund Kickoff

WHO:                                 Salt Lake City Mayor Ralph Becker

                                          Salt Lake City Economic Development Director Stuart Clason

                                          John Lair, CEO of Momentum Recycling

                                          Derek Kitchen, Co-owner of Laziz Mideastern Spreads

                                           Britanny Reese, Owner of Sugar Space

WHEN:                                Wednesday, August 27

                                          4-5:30p.m.

WHERE:                             Salt Lake City & County Building 

                                         451 South State Street 

                                         Fourth Floor, Grand Hall

 

For more information on the Economic Development Loan Fund (EDLF) please visit the website at www.slcgov.com/edlf