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City staff say economic development loan fund is revolving and largely healthy; council seeks more data on defaults and borrower outcomes
Summary
City economic development staff told the Salt Lake City Council the Economic Development Loan Fund (EDLF) is self-funded, with 27 active loans and targeted limits of $100,000 for startups and $350,000 for established businesses; council members asked for more data on default rates, borrower longevity and historic savings versus private lending.
City economic development officials on Wednesday briefed the Salt Lake City Council on the Economic Development Loan Fund, saying the revolving program is self-funded and remains active in supporting local small businesses.
"This program has existed since the early nineties," Lorena Rifford Jensen, director of economic development, told the council, tracing the fund’s origins and its role in supporting Salt Lake City businesses. Colin Gibbs, director of business development, said the fund currently has 27 active loans and that since 2011 the city dispersed 65 loans totaling about $9.5 million, of which 44 have paid off.
Staff outlined key program details: the city opens applications quarterly…
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