Invest Local Utah: West Valley City
Are you starting or growing a business in West Valley City? West Valley City and the Utah Microloan Fund (UMLF) are partnering to connect local business owners with loans, business education, and one-on-one advising.
Who can apply?
This program is for new and existing West Valley City businesses that need financing and have difficulty getting a traditional bank loan. UMLF works with entrepreneurs building credit, who have faced financial setbacks, or who have limited assets to offer as collateral. Helping business owners access funding through these challenges is at the heart of our work.
Here are a few things you’ll need as you get ready to apply:
- Registration: A business registered in Utah.
- Banking: An open business checking account at a bank or credit union.
- Credit and bankruptcy: No active bankruptcies within the last 12 months, and a plan for addressing any overdue accounts or late payments.
- Preparation: Attend UMLF’s loan orientation and work with a business advisor to prepare your application.
We take time to learn about you, your business, and your plans. Our team will talk through your funding needs and ability to repay, answer your questions, and help you understand your options. Depending on your situation, we may discuss a smaller loan or a co-signer, someone who agrees to repay the loan if you cannot.
How do I get started?
- Join a loan orientation. This required online session is held every Tuesday at 9 AM. Meet our team, learn how the loans work, and ask questions about your business and the application process.
- Tell us about your business. After orientation, fill out a short inquiry form to request access to our online application.
- Build your application with support. Work with a business advisor on your business plan and cash flow projections, which show the money you expect to earn and spend. You’ll submit these along with your financial documents and a $50 application fee.
- Share your plans with our team. Our loan officer will help you prepare for an online meeting with the lending team, where you’ll talk about your business and how you plan to use the loan.
- Complete your loan paperwork. If your loan is approved, we’ll guide you through the documents and signatures needed to receive your funding.
Every business is different, and the time needed to complete an application can vary. Our team will help you understand what to prepare and what comes next.
Ready to learn more?
Visit www.umlf.org to learn more and apply!
Support along the way
You don’t have to figure everything out on your own. UMLF offers free business classes and connections to one-on-one advising to help you plan, manage, and grow your business. You’re welcome to use these resources whether you’re ready to apply for a loan or are just getting started.
About the Utah Microloan Fund
Since 1991, the Utah Microloan Fund has helped Utah entrepreneurs turn business ideas into opportunities for themselves, their families, and their communities. As a nonprofit Community Development Financial Institution (CDFI), we provide business loans, education, and advising to entrepreneurs who face barriers to traditional financing. We serve all 29 Utah counties and support business owners as they start, operate, and grow their businesses.