This holiday season, give yourself the gift of time. There are many great resources available to Salt Lake City’s small business owners that can provide the tools you need to manage and expand your business profitably.
Discover new resources that can help you make better business decisions and maintain your company’s competitive edge, which can in turn free up more TIME to run your business.
To start, here’s a list of tax credits, grants, and loans to consider:
- EDLF The Salt Lake City Economic Development Loan Fund’s purpose is to stimulate business development and expansion, create employment opportunities, encourage private investment, promote economic development, and enhance neighborhood vitality and commercial enterprise in Salt Lake City by making loans available to businesses. The program’s overarching goal is to invest in viable businesses that produce strong economic returns and also provide positive social and environmental impacts. Contact Lara Fritts (801) 535-7200 firstname.lastname@example.org.
- Façade Improvement/Building Beautification This option involves providing grants or loans to property owners to be used towards improving building façades. Property owners in older commercial areas that are in need of updating and sprucing-up, but do not have the means to pay for the façade improvements either from out of pocket or through traditional financing sources can utilize this building beautification program to improve the buildings. Contact Rawleigh Greenhalgh, 801-535-7268, email@example.com
- Governor’s Office of Economic Development Business Resource Centers Business Resource Centers are certified one-stop resource centers providing coordination of business support, education, tracking of clients, access to sources of funding, training, technical expertise, talent, and networking for new and existing businesses. BRCs will partner with various business service providers located in their local service area and assist in the coordination of their activities, identify gaps in provided services, develop initiatives and provide opportunities. Ginger Chinn, Managing Director, 801-538-8850 and Beckie Page, Program Support Specialist, 801 538-8793
- Property Tax Exemption/Abatement Program – Property tax exemption or abatement programs are subsides that lower the cost of owning real and personal property by eliminating or reducing the property taxes that are paid on that property. An exemption eliminates all taxes for a length of time, whereas an abatement only reduces the taxes that are paid. The exemption or abatement is offered by the local government. Example: http://www.seattle.gov/housing/housing-developers/multifamily-tax-exemption
- RDA Granary Adaptive Reuse Program Provides forgivable loans to encourage the reuse and revitalization of the Granary District’s unique stock of warehouse and industrial buildings. The mission of the Redevelopment Agency of Salt Lake City (RDA) is to improve blighted areas of Salt Lake City, encourage economic development of Salt Lake City, encourage the development of housing for low and moderate income households within Salt Lake City and encourage compliance with and implementation of the Salt Lake City master plan. Contact Lara Fritts (801) 535-7200 firstname.lastname@example.org.
- Revolving Loan Fund (part of RDA) The Salt Lake City Revolving Loan Fund’s purpose is to stimulate business development and expansion, encourage private investment, promote economic development, and enhance neighborhood vitality in Salt Lake City by making low-interest loans available to businesses.Loan Options: http://devinternet/ED/pdfs/Loptions.pdf Questions? Call the Small Business Economic Development Manager at 801-535-7941.
- Salt Lake City Arts Grants The City Arts Grants are designed to provide financial support for arts programs and projects in Salt Lake City that merit public funding. There are five City Arts Grants Categories, each with its own eligibility standards, guidelines, and review criteria. Contact Kelsey Ellis with any grant question. (801) 596-5000 email@example.com.
- TCIP Grant The Technology Commercialization and Innovation Program, administered by the Governor’s Office of Economic Development, provides competitive grants to small businesses and university teams to accelerate the commercialization of their innovative technologies. This program helps companies secure non-dilutive funding at critical points in their funding and commercialization lifecycles, resulting in long-term success and economic development in the state. Contact: Clark Cahoon, TCIP Fund Manager. Phone: 801-538-8895
- U.S. Small Business Administration The Utah District Office assists hundreds of small businesses each year by providing financial assistance through SBA’s loan programs. Utah District Office: 125 South State Street, Room 2227, Salt Lake City, Utah. 801-524-3209.
- Utah Enterprise Microloan Fund The Utah Microenterprise Loan Fund (UMLF) works in partnership with members of Utah’s financial banking community to help launch or expand small businesses across the state of Utah, and has helped almost 1,000 small businesses over the last 25 years. The UMLF has a training lab where we offer a variety of classes at little to no cost to both prospective and existing borrowers. Contact: (801) 746-1180 Email: firstname.lastname@example.org
- Utah Heritage Foundation Get a low-interest loan for your rehabilitation project. Preservation Utah’s Revolving Fund Loan Program provides property owners low-interest loans to restore and rehabilitate significant historical or architectural properties throughout the state. Phone: 801-533-0858
Have questions? Salt Lake City’s Department of Economic Development is here to help. Roberta Reichgelt, our Local Business and Entrepreneurship Manager, is happy to facilitate, connect, advocate and listen. She can be reached at 801-535-7694 or email Roberta.Reichgelt@slcgov.com.