Small businesses affected by the COVID-19 pandemic in Utah with 50 or less employees need to act fast on a new bridge loan program offered by the Governor’s Office of Economic Development. The Utah Leads Together Small Business Bridge Loan program has repurposed $8 million dollars in state economic development funds to offer small business loans ranging from $5,000 to $20,000 dollars with 0% interest for up to 60 months. The loans cannot exceed three months of operating expenses and payments are deferred for 12 months. The Governor’s Office has committed 25% of the program funds to support rural Utah so Uintah Basin small businesses are urged to apply right away. Applications are due on Friday at noon and for this week’s applicants, the Governor’s Office of Economic Development could start mailing checks by April 10th. The program will continue and applications will be accepted again the following Monday through Friday until the funds are gone or the needs have been met. The Department of Workforce Services has also contributed half a million dollars to the program. For more information, visit utahgoed.info/loan. For local help, contact the Vernal Chamber at 435-789-1352.
Link: https://business.utah.gov/
