Eleven of the 14 loans made from the Utah Microenterprise Loan Fund went to women and minority-owned businesses and three of the loans went to single parents, according to Diane Lodder, fund executive director.
In making a report to the community on the fund that started making loans in April, Lodder said the loan recipients ranged in age from the early 20s to retired people. They borrowed between $3,500 and $10,000, the maximum.Designed to provide early stage debt financing for start-up companies, the fund was created by the financial efforts of 22 financial institutions, four other corporations, Salt Lake City, Salt Lake County and the Salt Lake County Housing Authority and in-kind contributions from a law firm and an accounting firm. Office space was provided by the Utah Small Business Development Center.
Lodder said one of the loan recipients is marketing craft patterns to craft stores and trade shows, another is running a bakery in a grocery store, another designed and manufactured a fishing rod holder and another owns and operates a beauty salon. These are typical of the other loan recipients.