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UTAH MICROENTERPRISE LOAN FUND Thu, 15 Jun 2017 12:24:43 +0000 UTAH MICROENTERPRISE LOAN FUND UTAH MICROENTERPRISE LOAN FUND KTVX ABC 4 Salt Lake City >> andrew: welcome back this public economic development team has helped small businesses in utah since it was formed. now a new loan may help those small businesses even more. here to talk about that we have sylvia and emily. good morning thank you for joining us today. >> good morning! >> andrew: the economic developing has really focus on helping small businesses. he talked about this loan and how it will help? >> yes, so we want to focus on small business growing mission should have enough tools to not only start but also to continue. especially with growing businesses.want to make sure that they have enough resources available. this is where we are partnering up with - they offer loans up to $50,000. and another resource that if they have issues with getting credit from the bank that they can go to this loan. they also providing some amazing training. some quality free training that is also great resource for them. >> andrew: emily, what is that utah micro-enterprise loan fund? if something a lot of people have not heard of. if you're starting a business it can help you. >> yes, we are a nonprofit.a lot of our funding comes from sba and other entities in the valley. banks, credit unions. that is where the money comes from. but like sylvia said we are able to serve underrepresented populations sometimes. once you go through the process, we have training where you can learn how to do a business plan. you can learn how to look at your cash flow in things that are key to business success. so many businesses fail in the first year. in the five-year plan it is really hard to navigate that. especially with the competitive market we have. getting the training and support is important. it is part of our new initiative so we offer classes in social media marketing, team management, time management, pretty much all aspects of this small business. >> andrew: it's funny because this is 2017. social media so important right now. in any business really but especially in small business because it is way people learn about what's going on in their community. they learn about what is out there. how are these social media classes going to help these small businesses? >> i'm a small business owner myself. i built my business on social media. i actually am one of the trainers as well. it is huge. it has been my lifeline. and especially for traditional businesses, especially brick-and-mortar they don't know how to transfer to social media. so we have social media for dummies, social media 101. yesterday we had our first 201 class. we are really giving usable tangible takeaways from these classes that business owners can implement right away. it's exciting. >> andrew: thank you for joining us.

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