SALT LAKE CITY — The Utah Microenterprise Loan Fund announced Thursday that it received a $600,000 award from the Community Development Financial Institution Fund.
The funds will be used to help support microenterprise loans to entrepreneurs who are not able to access traditional sources of funding. Microenterprises are defined as small businesses capitalized with $35,000 or less and employing five or fewer people.
The Utah Microenterprise Loan Fund is a private, non-profit community development financial institution whose mission is to provide financing and management support to entrepreneurs in start-up and existing firms that do not have access to traditional sources of capital — especially those that are socially and economically disadvantaged.
The fund has loaned more than $9.5 million to more than 700 small businesses. The average loan size has been $13,000.
Visit www.umlf.com for more details on the program and how to apply.