Tomorrow, Utah-based small businesses with 50 or fewer employees impacted by the COVID-19 pandemic may apply for a new bridge loan program offered by the Utah Governor’s Office of Economic Development (GOED).
The Utah Leads Together Small Business Bridge Loan program uses approximately $8 million in repurposed state economic development funds. Additionally, the Utah Department of Workforce Services has contributed $500,000 to the program.
Loan amounts range from $5,000 to $20,000 with 0% interest for up to a 60-month period. Loans cannot exceed three months of demonstrated operating expenses. Loan payments are deferred for 12 months, and GOED will use at least 25% of the program funds to support rural Utah businesses.
There are guidelines, eligibility requirements and required information that must be submitted with applications.
The following are some highlights, but please refer to utahgoed.info/loan for complete details.
Utah small businesses can apply for the Utah Leads Together Small Business Bridge Loan starting on March 31, 2020.