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Microloan fund asks for $600,000 to expand small‑business lending and training
Summary
Utah Microloan Fund leaders asked the subcommittee for $600,000 to leverage matching funds, provide microloans and business training to underserved entrepreneurs, and generate revolving loan capital with a 92% historical repayment rate.
Representatives of the Utah Microloan Fund asked the Economic and Community Development Appropriation Subcommittee for $600,000 to expand microloan lending and business training across the state.
Doug Keith, executive director, described the organization’s 35‑year history providing early‑stage capital and training aimed at entrepreneurs who lack traditional bank access. He said state support can be matched with private and federal capital to generate multiple times the initial state investment; the presentation projected that $600,000 in state support could be leveraged into several million dollars of loan capital and help roughly 100 businesses when combined with matching funds. Keith said the fund maintains a roughly 92% repayment rate and uses interest, fees and philanthropic contributions to sustain operations.
Senator Owens and other committee members asked how the microloan fund partners with Utah’s Small Business Development Center and how it sustains operations; presenters said the SBDC is a key partner for technical assistance and that state support helps subsidize the small loans that traditional lenders do not make economically viable. No appropriation vote occurred in the session; staff will consider the RFA during the budget process.
