Press Release
The purpose of the SEUALG/ SEUEDD Emergency Loan Program is to provide financial relief to small businesses in Carbon, Emery, Grand and San Juan counties that are likely to experience a decrease in business due to an unforeseen emergency.
These funds will be made available through the Revolving Loan Fund (RLF) that has been established prior to this. All funding available through this program will be distributed on a first come, first served basis. Applications should be submitted as soon as possible.
The program is intended to help businesses retain their employees and remain financially stable during a time of economic hardship. The loans provided by this program are intended to bridge the gaps for what may be a shortened financial hardship period.
Southeastern Utah Association of Local Governments (SEUALG) and the Southeastern Utah Economic Development District (SEUEDD) intend to provide as much financial assistance as is feasible, but loan approvals will be limited by the funding that is available during this high-volume application period.
SEUALG/ SEUEDD is encouraging businesses to apply for this funding in order to help them make payroll, pay bills and maintain their general operations to the furthest extent that is allowable.
Applications to receive funding from the Emergency Loan Program will be accepted starting April 1, 2020. SEUEDD will only consider complete applications.
Applications will be reviewed based on the criteria below:
Loan Program Guidelines:
● Loan Maximum: $10,000
● Loan Minimum: $5,000
● Interest Rate: 4%
● Loan Term: 3-year term with 3 months deferred payments, 9 months interest only payments, 2 years amortized payments
● Businesses Must be Able to Prove a Need for Emergency Funds
● Business must be current on all business taxes (ie: TRT, sales, payroll)
● Loan Funds May Only Be Used For:
○ Working Capital
○ Marketing
○ Inventory
● Repayment for loans received from the SEUALG Emergency Loan Program will be deferred for approximately 90 days following the expiration of any state or federally approved crisis.
Directions to Apply for the SEUALG Emergency Loan Program:
1. Fill out application linked at the end of this article
2. Include all items requested on application
3. Submit the application for review
The Program Manager for the Revolving Loan Fund will be available to answer questions regarding the application process. Dawna Housekeeper can be reached at (435) 613-0031 or dhousekeeper@seualg.utah.gov
The application can be submitted by clicking here: https://forms.gle/gJyvf6qyekRvvekJA