Salt Lake City's Emergency Loan Program

The purpose of this loan program is to provide financial relief to small businesses that will most likely see a downturn in business due to an unforeseen emergency. The program is intended to help businesses keep their employees and stay afloat during a time of economic hardship. It is meant to bridge the gap for what may be a shortened financial hardship period.

The city aims to provide as much relief as possible, but loan approvals will be limited during a high-volume application period. If the business owner should need further financial assistance in the form of a larger loan and payback period, they will be directed to the U.S. Small Business Administration’s Economic Disaster Assistance Program.

We’re encouraging businesses to apply for this funding to help make payroll, to pay bills and to keep their operations going (available later this week). The application will be open until Monday, March 23rd at midnight. We will evaluate completed applications only. Applications will be reviewed based on the criteria below.

Loan Program Guidelines:

  • Business must be within Salt Lake City Limits (see map)
  • Maximum loan amount: $20,000
  • Interest: 0%
  • Terms: 5 years
  • Loans can be used for ONLY:
    • Working capital
    • Marketing
    • Inventory
  • Applying for this loan will NOT disqualify you for additional funds from the SBA Emergency Loan Program.
  • Repayment will be deferred for approximately 90 days following the expiration of the Mayor’s “Proclamation Declaring a Local Emergency”

Start Here:
STEP 1: Download this pdf. (Note: The PDF is meant to be filled in electronically. This is a desktop version.)
Spanish version here.

STEP 2: Fill out all required information and sign the document. Email document with required attachments to ELP@slcgov.com. At this time we are only accepting emailed requests.

STEP 3: Application period closes on Monday, March 23rd, at midnight. You will be notified of your approval/denial within 2-3 days after application closes.

A loan officer is available to answer your questions. They can be reached at ELP@slcgov.com.

Frequently Asked Questions (FAQ)

  • Will receiving this loan disqualify me from receiving funds from the SBA emergency loan program?
    No. Applying for this loan will NOT disqualify you for additional funds from the SBA emergency loan program
  • What is the maximum amount I can receive?
    The maximum amount is $20,000. There is no set minimum.
  • What is the interest rate?
    0%
  • When will payments start?
    Repayment will be deferred for approximately 90 days following the expiration of the Mayor’s “Proclamation Declaring a Local Emergency”
  • I have more than 50 employees. Am I eligible?
    Currently, the program is restricted to 50 or fewer employees. If we make changes we will keep the business community updated.
  • What can I use the loan for?
    The loan can only be used for working capital, marketing, and inventory.
  • The maximum amount does not cover my needs. What should I do?
    We recommend that businesses apply for the Small Business Association loan program. This program is only intended as gap funding to provide quick relief for a limited financial hardship period. Information on the SBA loan fund can be found at www.slc.gov/ed/COVID19
  • What documentation do I need?
    You need to provide the signed application via email to elp@slcgov.com, financial information(including signed W-9, last year’s business and personal tax return, personal guarantee of any owner with 19% equity or more in business), location, copy of driver’s license or valid government ID, and possible additional information
  • Do you have further questions or need help with your application? Please email us at elp@slcgov.com
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