Financial Help for Small Businesses in Salt Lake City

Your Salt Lake City small business may qualify for an emergency loan or funding from the Salt Lake City Economic Development Loan Fund and the Small Business Administration.

Salt Lake City’s Emergency Loan Program

The program is intended to help businesses keep their employees, pay bills and bridge the gap through this time of economic hardship. The City aims to provide as much relief as possible, however, loan approvals will be limited (see below) during this high-volume application period.  If you need financial assistance in the form of larger loans and longer payback periods, you can find additional resources below.

The second round application period will be open until Thursday, April 2nd at 11:59 p.m. Only complete applications will be evaluated.  

SLC Emergency Loan Fund Program Guidelines:

• Maximum Loan Amount: $20,000
• Interest: 0%
• Term: 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"

To apply for this program and get up-to-date information on other sources, visit: https://www.slc.gov/ed/covid19/

U.S. Small Business Administration (SBA)

The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to Utah small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). SBA assistance is available in all 29 Utah counties.

The SBA Disaster Assistance:

• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance to help overcome the temporary loss of revenue and pay fixed debts, payroll, accounts payable and other bills. 
• The interest rate is 3.75% for small businesses and 2.75% for non-profits.
• Questions? Contact the SBA at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail .

Additional Funding Sources:

-KIVA-Facebook Small Business Grants Program-WCF Insurance - COVID-19 Guidance 

Additional Financial Tips: 

• Renegotiate Rent Payments - Talk to your landlord today about a temporary reduced or free rent period for the duration that your business is affected.
• Renegotiate Debt Repayment - Call your lender(s) today to discuss options. If economic conditions worsen, they will be increasingly willing to negotiate and may have government resources to revise repayment terms. This could involve deferred payments or reduced payments for a period.
• Discuss terms with suppliers - Talk with your suppliers to see if you can secure price reductions, extended credit terms, return unused product, or achieve other terms to reduce the cash you have to spend right now to operate your business.
• Reduce work hours and/or add furlough days - Times like these can be stressful for everyone, especially the insecurity that employees may feel about their jobs. Involve them in decisions to reduce the hours worked and voluntary furlough days (unpaid days off) to find a solution that can ensure the survivability of the business and their employment through the crisis.
• Cut costs - Make your best estimates for revenue this quarter and this year. Prioritize your spending to support this revenue and cut lower priority spending. You know best what is needed. Can you forgo business lunches? Club memberships? Travel? Office amenities? Every bit can make a difference.

Pro Tip: COVID-19 employer information:

Check for updates at slchamber.com/coronavirusSources: Salt Lake City Economic Development; U.S. SBA; Utah SBDC

If you have any additional questions regarding qualifications or how to apply, please contact