The Southeastern Utah Regional Development Agency (SERDA) provides a specialized Revolving Loan Fund (RLF) to support the expansion, retention, and startup of businesses that face difficulty obtaining financing through traditional lending sources. The program specifically targets entrepreneurs in Carbon, Emery, Grand, and San Juan Counties.
Targeted Business Eligibility
According to SERDA, the Revolving Loan Fund serves as a critical resource for several categories of business owners. The program is designed for startups looking to launch new ventures, established businesses seeking to grow, and existing companies working to retain their operations within the region.
A primary focus of the fund is to assist businesses that have been turned down by traditional lenders or those that cannot obtain sufficient funding through standard banking channels. By providing an alternative path to capital, the program aims to bolster economic stability in southeastern Utah.
Loan Terms and Repayment
The financial terms of the Revolving Loan Fund are structured to accommodate different business needs and scales. Loans available through the program range from a minimum of $10,000 to a maximum of $150,000.
Borrowers can enter into repayment periods lasting between 3 and 10 years. While interest rates are determined based on the specific applicant and the current Prime Interest Rate, the program does not impose penalties for early payoff, allowing businesses to reduce their debt more quickly if they have the capital available.
Application Procedures
The application process requires strict adherence to specific timelines and documentation requirements. SERDA notes that applications are due at the beginning of the month to ensure they can be reviewed in a timely manner by the appropriate governing bodies.
Every submission undergoes a formal review process conducted by both the RLF Committee and the RLF Board. To be considered, applicants must submit complete application packets, which include a $250 application fee payment. Additionally, if an application is approved, the borrower is responsible for all closing costs at the time of signing.
RLF Board Composition
The administration of the fund involves a diverse group of regional leaders and stakeholders. The RLF Board is composed of representatives from various local governments and economic development sectors across the southeastern region.
Board members include Lenise Peterman, Mayor of Helper; Tony Martines, Carbon County Commissioner; Danny Van Wagoner, Castle Dale City Mayor; Keven Jensen, Emery County Commissioner; Joette Langianese, Moab City Mayor; Bill Winfield, Grand County Commissioner; Kevin Dunn, Monticello Mayor; and Lori Maughan, San Juan County Commissioner.
Technical and economic expertise is also represented on the board through members such as Shanny Wilson and Talia Hansen from Carbon and San Juan County Economic Development, respectively. Other participants include Melisa Jeffers, Economic Development & Public Information Coordinator, and Valerie Cisneros of Zions Banks, alongside Patrick Mullen of the Regional Growth Program.
Contact and Availability
Prospective applicants are encouraged to contact SERDA directly to discuss their specific business needs before beginning the formal application process. The agency notes that funding for the Revolving Loan Fund is limited and remains subject to availability.
For further inquiries or assistance with the application, Korrin Olson serves as the Community Development Program Manager for the agency.
