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Redevelopment Agency approves $200,000 grant to Utah Microloan Fund for West Valley businesses
Summary
The West Valley City Redevelopment Agency unanimously approved Resolution 26-10 to grant $200,000 to the Utah Microloan Fund to establish a revolving loan fund restricted to West Valley City businesses.
The West Valley City Redevelopment Agency on July 28 unanimously approved Resolution 26-10, authorizing a memorandum of understanding and a $200,000 grant to the Utah Microloan Fund. Agency members said the money will seed a small-business revolving loan fund restricted to businesses operating in West Valley City.
"This agreement would authorize the redevelopment agency to give a grant to the Utah Microloan Fund for their small business catalyst grant fund in the amount of $200,000 for a small business revolving loan fund for West Valley City businesses," the agency chair read. The motion to approve was moved, seconded, and passed with all present members voting yes.
Agency leaders said the funds will be restricted for use by West Valley City businesses; the MOU outlines grant restriction but the transcript does not include loan terms, underwriting details, or rollout schedule.
