Important Notice:

The bridge loan round one, from March 31 to April 3, was for Utah headquartered for-profit businesses. A total of 1,031 completed the application process, submitting all required information before the April 3 noon deadline. 500 applicants will receive a total of $6,105,500 in Utah Leads Together Small Business Bridge Loan funds. 27% of round one funds were awarded to rural businesses.

During round two, loan applications were accepted from Utah for-profit and 501(c)3 nonprofit organizations, from April 13 at 8 a.m. to April 16 at noon (MDT). Eligible, but unsuccessful round one completed applications are automatically considered for round two funding.

 

Does My Business Qualify?

The Utah Governor’s Office of Economic Development is offering a bridge loan to Utah-based small businesses with 50 or fewer employees impacted by the COVID-19 pandemic. Loan amounts range from $5,000 to $20,000 with 0% interest for up to a 60-month period. Loan amounts shall not exceed three months of demonstrated operating expenses. Loan payments are deferred for 12 months. GOED will use a minimum of 25% of the funding for rural Utah businesses.

The Utah Leads Together Small Business Bridge Loan program uses $11 million in state funds to provide gap funding to Utah’s small businesses. The Utah Department of Workforce Services has also contributed $500,000 to the bridge loan program.

While this bridge loan program is not for nonprofits, we encourage Utah nonprofits to apply for SBA Economic Injury Disaster Loans.
 

Criteria

• Businesses must be established and licensed before January 1, 2020, and in good standing with the Utah Division of Corporations and Commercial Code (will be verified here).
• Applicants must have employees on their payroll for whom they have had payroll taxes withheld (i.e., W-2 employees).
• Applicants must provide six months proforma of estimated lost revenue or other documented loss evidence.
• No collateral requirements.
• Eligible loan uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.
• Receiving other forms of emergency funding will not disqualify an applicant from receiving loan funds through this program. Still, companies must disclose if they have applied for emergency funding from other sources.

Find out more by heading to our website.