SALT LAKE CITY – Salt Lake County Mayor Ben McAdams announced on Monday that the revolving loan fund can finally expand its reach.
The program is expanding after six banks contributed $1 million each, bringing the total fund, which offers small business loans to local start-up companies, up to $7 million.
The expansion means more local businesses can be created, which leads to more local jobs.
“The loans are restricted to individuals and businesses that do not have access to traditional bank loans. They are what we call pre-bankable businesses. That ensures the fund does not compete with private lending institutions,” McAdams said.
McAdams made Monday’s announcement at Fat Pipe, a Salt Lake City business that is a revolving loan recipient that created more than 200 jobs and paid off the loan in five years. They are hoping future businesses can do the same.