Video: Does Your Small Business Need a Loan?
Does Your Small Business Need a Loan?
Thu, 16 Feb 2017 13:36:47 +0000Does Your Small Business Need a Loan?Does Your Small Business Need a Loan?http://chic.clipsyndicate.com/video/playlist/12513/6789787?cpt=8&wpid=2637KTVX ABC 4 Salt Lake Citythe full expansion plans go to our website at good4utah.com. there's a lot salt lake city wants to do. if you're a business owner that needs a loan, the city doesn't want to leave you out. small business loan officer shellby cox is here to talk about the economic loan fund. thank you for being here. >> thank you for having me. >> we have a loan here to help those with small businesses. what is the economic development loan fund. >> this is a fund is a resolving loan fund managed by salt lake city. so salt lake city uses this loan fund to provide small business loans to salt lake city business owners. >> you're going to help out somebody who wants to get into the game but they don't have the capital to do it? >> exactly. startups or existing businesses as well. >> why is this something the city wants to do? >> well, the city wants to support small business owners. economic development is a priority of the city and we know that these small businesses are out there creating jobs, expanding in the city, and increasing neighborhood vitality. >> sure. you see a lot of small businesses, keys on main is one of them. who can apply? >> as i mentioned, startups or existing businesses can apply for this loan. startups can apply for up to $100,000. existing businesses can apply for up to $350,000. our requirements are that the business be located in salt lake city so we can support our local businesses. >> naturally. the city wants to help its own. you mentioned there's one loan for $100,000 and another for $300,000. i'm assuming there's different loans and amounts and interest rates? >> our interest rate is right now the average is 6.75 for seven years. and we do offer interest rate rediewrkses for business owners that are minority or veterans or different things like that. >> i'm not a small business owner but 6 percent sounds good to me. >> yes. we do also offer microloans which are $25,000 or less. and then mentioned before, the startup businesses can go up to $100,000. and if a business has been open for at threat three years, they meet our higher threash hold of $350. >> no matter how big your business is, whether you're just getting started or already there, you need extra help, you guys have options there for them? >> definitely. >> if people want to get one, how do they do that? iewr or. o our application has part a and b. you can go online to our website to find more information about the process. but i do the preliminary screening and then we take the full application to the committee. >> so it goes through you? >> yes. >> so people out there, remember this face. >> yes. >> you mentioned you have to go through the wednesday website as well. what's that? >> it's our website. >> we'll vey link to that at good4utah.com. shellby cox is the small business loan officer for salt lake city. thank you for being here. >> thank you. >>