Salt Lake City launches loan program to help local businesses with COVID-19 losses

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SALT LAKE CITY, Utah (ABC4 News) — This week, Salt Lake City released $1,000,000 in funding to support local businesses due to the COVID-19 outbreak.

The Salt Lake City Emergency Loan Program for businesses will be accepting applications from local businesses until Monday, March 23 at midnight.

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“More than 90% of the 17,000 licensed businesses in Salt Lake City are small businesses and we want to make sure they have every opportunity to withstand any interruption in the coming weeks and months.” Mayor Mendenhall said.

The zero percent interest, flexible-term loan program’s goal is to begin the process of helping businesses make up for financial losses as a result of COVID-19 or coronavirus.

“We recognize this won’t solve all the problems businesses are facing,” said Acting Director of the City’s Department of Economic Development Ben Kolendar. “But we know relief is needed quickly and this program will provide that relief in a matter of days, not weeks or months.”

The Emergency Loan Program will act as funding source for these businesses until stronger federal programs come online, including the Small Business Administration’s $50,000,000,000 Disaster Loan Assistance program.

Those who are interested can find applications and more information about the program on slc.gov.

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