This EDA investment supports the mountainland economic development district with establishing a revolving loan fund (RLF) to provide short term, GAP financing assistance to businesses within utah,…

The Mountainland Economic Development District was awarded a $1 million Project Grant from the Department of Commerce Economic Development Administration under the Economic Adjustment Assistance program. The grant funds will be used to establish a Revolving Loan Fund to provide short-term financing assistance of up to $100,000 to businesses located in Utah, Summit, and Wasatch Counties in Utah. $100,000 of the grant funding will be allocated for RLF administrative costs, with the remaining $900,000 to be used as loan capital. The newly established RLF will serve as a local source of capital for new, existing, and expanding businesses to promote economic growth, investment, job creation and economic diversity in the region as it recovers from the impacts of the COVID-19 pandemic and builds resiliency against future disruptions. The grant carries a completion date of September 6, 2024.

This EDA investment supports the mountainland economic development district with establishing a revolving loan fund (RLF) to provide short term, GAP financing assistance to businesses within utah, summit, and wasatch counties of utah. The new RLF will provide the region with a local source of capital for new, existing, and expanding businesses, which will promote growth and development by increasing investment, employment, and economic diversity. The RLF will consist of $100,000 in funds allocated to cover the cost of administering the loan fund and $900,000 allocated toward loan capital with a $100,000 maximum loan amount. Once established, the RLF will help the region recover from the covid-19 pandemic, support resiliency efforts against future economic disruptions, spur private investment, bolster job creation, and strengthen the regional economy.