The Southeastern Utah Association of Governments offers a business loan fund for Utah businesses in Carbon, Emery, Grand and San Juan Counties.
Type of Eligible Businesses: – Industrial/Manufacturing – Retail Commercial – Service/Professional Loan Terms and Conditions: – Working Capital, 3-5yr Amortization – Fixed Assets (Machinery and Equipment), 3-7yr Amortization – Purchase of Land & Building, 10yr Amortization with a 5-year call – All loans must be adequately collateralized Job Creation Criteria: Emphasis on job-creating projects: One job created or retained for every $15,000 of BLF funds loaned Fixed Interest Rate Up to 4 points below Wall Street Journal Prime Rate, but not less than 4%.
Typical Financing/Loan Structure: – 60% 1st Mortgage from Private Sector Lender (participation by a primary lender is required) – 30% Participation from Revolving Loan Fund (up to $100,000) – 10% Business Owner Cash (Equity) Eligible Borrowers: – Owner-User Business – For-Profit Companies – Non-Profit Entities
Southeastern Utah Association of Governments
Address: 451 E. 400 N.