The Southeastern Utah Economic Development District (SEUEDD) has reminded all of funding for businesses impacted by COVID-19 through the Revolving Loan Fund (RLF).
It was stated that within the last six months, the RLF has been able to assist three more business by utilizing the new RLF monies provided through the CARES Act. The funding has resulted in the creation or retention of 27 jobs that would have not been available otherwise.
It was stated that if COVID-19 has impacted a business or created a need for a new start-up business, then an individual is eligible to apply to receive a loan with SEUEDD’s Revolving Loan Fund.
There is currently $358,000 available to businesses within Carbon, Emery, Grand and San Juan counties to fund a new start-up, expand a business or retain a current business. SEUEDD explained that, over the lifetime of the RLF program, the district has been able to assist local businesses to both expand and grow, which allowed 480 jobs to be kept among the four counties.
The loans range from $10,000 to $150,000 and have waived private leverage for the first 24 months. Rejection letters from another financial institution will not be required. The RLF can offer competitive financing to assist businesses in growth and has been serving the area for over 30 years.
Applications can be obtained by visiting the Revolving Loan Fund office located at 375 South Carbon Avenue in Price or by emailing Camille Otto at cotto@seualg.utah.gov to request an application.
In the application process, those applying will be asked to provide the completed application, a statement of the project, three years of projected cash flow, a copy of business structure and three years of tax income information, such as business tax information for established businesses and personal income tax information for start-up businesses.
Thus far, there are 40 active loans for clients served. This includes 113 jobs that have been created and over $242,000 in loaned funds.