GOED & the State of Utah Announce Loan Program for Small Businesses
March 27, 2020
The Governor’s Office of Economic Development on behalf of the State of Utah has announced the implementation of a loan program for small businesses. Loan applications will be taken starting Tuesday, March 31st. The first round of applications will be closed on April 3, 2020. Information about the program will be available on the state’s https://coronavirus.utah.gov website.
Preliminary conditions of the loan will be:
- Available for companies with less than 50 employees
- 0% interest with a 5 year term.
- No payments the first 12 months
- $5,000-20,000 loan amount
- Limited to 3 months operating expenses
- Must be a business in place as of 1.1.2020
- Will require some documentation such as business license and tax returns
- Some due diligence to assure not a fraudulent application