Utah offers small businesses assistance amid pandemic
Salt Lake City— In partnership with Utah’s congressional delegation, the state emergency management division and the Utah governor’s office, the Utah Governor’s Office of Economic Development (GOED) announced today that businesses in all 29 Utah counties are now eligible to apply for low-interest loans through the Small Business Administration.
“We recognize this loan program will not solve all of today’s economic challenges, but it will serve as a useful tool for businesses affected by COVID-19,” says Ryan Starks, managing director of business services at GOED. “Small business owners are the backbone of Utah’s economy, and these available loans demonstrate how vital they are.”
Terms of the SBA loans are as follows:
● 3.75 percent interest rate for small businesses
● 2.75 percent interest rate for nonprofits
● Loan amounts up to $2 million per entity
● Repayment terms up to 30 years
Businesses are encouraged to apply for Small Business Loans at https://www.sba.gov/funding-programs/disaster-assistance.
Gov. Herbert has convened a Coronavirus Economic Response Task Force, which includes members of the Governor’s Economic Council and industry representatives, to discuss additional strategies to support local businesses. Updates from the Task Force are available at coronavirus.utah.gov.
“During difficult times, Utahns do what we do best, support each other,” says Val Hale, GOED’s executive director. “With the help of their customers and this important assistance from the SBA, our business owners will adapt, improvise and overcome COVID-19’s economic challenges.”
Utah business owners may find the following resources helpful:
About the Utah Governor’s Office of Economic Development
Under the direction of Gov. Gary R. Herbert, the Utah Governor’s Office of Economic Development (GOED) provides resources and support for business creation, growth and recruitment, and drives increased tourism and film production in Utah. Utilizing state resources and private sector contracts, GOED administers programs in economic areas that demonstrate the highest potential for development. Learn more at business.utah.gov or by calling (801) 538-8680.