Research shows Salt Lake City development loans are fueling new businesses for women, minorities and low-income entrepreneurs

New research shows a large number of underrepresented business owners are getting significant support from Salt Lake City’s Economic Development Fund (EDLF). The EDLF has loaned more than $7 million to 56 existing businesses during the past three years.

Here is the breakdown of business owners who received an EDLF loan from January 2015 until now:

  • 48 percent given to businesses with a female owner
  • 19 percent to a business owned by a low-income individual
  • 11 percent to minority business owners

According to the 2016 U.S. Census of all Salt Lake City businesses, only 28 percent are owned by female business owners.

“This is great news that Salt Lake City is helping and encouraging so many business owners who have ran into roadblocks trying to expand or start their own companies,” said Salt Lake City Mayor Jackie Biskupski. “The EDLF is a rising tide that lifts all boats in the Capital City.”

The types of businesses being helped are also quite diversified; 26 percent are restaurants, 19 percent are service businesses, 13 percent are food trucks, 11 percent are other types of businesses, 9 percent are ecommerce firms, 7 percent are bars, 6 percent are technology companies, 6 percent are bakeries, 4 percent are fitness businesses and 2 percent are cafes.

A map has also been created that shows how the businesses are located throughout the city. The map can be seen here https://fusiontables.google.com/data?docid=18FNJOMhrfY-uD32gxS_HrB2Sx9qzsI3TBMhz_kb_#map:id=3.

“Salt Lake is a richer and more interesting place by having so many diverse business owners and businesses,” said Mike Reberg, Salt City Department of Community and Neighborhoods director. “We use a Team Salt Lake City approach to make sure every department is working together to help businesses grow and prosper.”

Here are some of the City departments working collaboratively to help businesses:

  • The Department of Community and Neighborhoods helps with engineering, planning, housing and transportation needs for businesses.
  • The Economic Development Department offers resources to assist businesses locate, expand or get started.
  • The Finance Department has streamlined procedures to make it quicker and easier for businesses to get licensed.
  • The Sustainability Department enables businesses to conserve energy and save money.
  • The Building Services Division aids businesses for building codes, zoning and safety inspections.

Overall, the EDLF has been successful in providing financing to existing and startup businesses within the city that are in turn enabled to be successful in business. The latest numbers show 96 percent of all businesses receiving loans for this period are still in business. 

More information about the EDLF can be found at http://www.slcgov.com/edlf.