The Economic Development Revolving Loan Fund (EDRLF) originally started 25 years ago with two million dollars from Community Development Block Grant (CDBG) funds, provided by the U.S. Department of Housing & Urban Development (HUD), and it was used for traditional small business development.
In 2005, the EDRLF Board realigned priorities to
strategically align with economic development targets and needs. New
funding partners were brought on board to grow the fund. This allowed the board
to expand and include more financial industry experts. The management
procedures were enhanced to better drive job creation, risk mitigation, capital
preservation and return on investment.
The EDRLF is successful because
it fills a gap in economic development by lending to high-tech and
manufacturing businesses that would not otherwise be eligible for a traditional
bank loan yet have a strong potential for growth. Loans are considered a
bridge loan and not meant to be long-term financing.
Loan fund program requirements are well matched
to the Community Reinvestment Requirements for the new financial institution
partners. These include:
The loan fund is managed by a qualified, experienced third party non-profit agency to ensure compliance in underwriting, reporting, and loan management.
801.595.1141 | email@example.comP.O. Box 2135120 South Main StreetSalt Lake City, UT 84110-2135VentureCapital.org
How to Apply?
Please include "Salt Lake County Economic Development Revolving Loan Fund" in the subject line of all email correspondence.