UMLFUtah Microenterprise Loan Fund
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With the typical microloan averaging $13,000, organizations like UMLF can support the small business industry and administer those microloans.
When UMLF made its first small business loan in 1993, it could only offer up to $10,000 for companies within Salt Lake County.
They just need help with a little bit of money," says Kathy Ricci, UMLF CEO/executive director.
For an entrepreneur to secure a UMLF loan, they are asked to attend a free, one-hour orientation meeting, pick up an application, and start working on a business plan and cash flow forecast.
The demographics of borrowers through UMLF have stayed consistent over the years, with 61 percent of the loans going to women, 54 percent awarded to startup businesses and 70 percent given to entrepreneurs defined as low-to-moderate income.
"I [didn't] want to be just one of hundreds of people." From there she moved on to the Small Business Development Center (located then on the campus of the University of Utah) and then to UMLF in 1996.
"The UMLF makes loans of $2,000 up to $25,000 for people who cannot access traditional bank or credit union loans," says Kathy Ricci, UMLF spokesperson.