Application Process
Before applying
Determine your business eligibility.
- Have less than 100 employees
- Located in Summit, Utah or Wasatch County
- Request between $10,000-$250,000
- Exhausted all other financing options
- No speculative ventures, residential construction, equity contributions
Schedule a pre-application interview.
Email businessloans@mountainland.org to schedule the interview. This interview serves to advise you on the application process and discuss your business further to determine eligibility. If approved, an email will be sent with the application link.
HOW TO APPLY
How to apply & what to expect
Complete the application.
After the pre-application interview, complete the application via the link sent on Neighborly software. For technical assistance completing the application, please contact the administrator and/or the Small Business Development Center (SBDC) at 801-863-8230. Spanish speaking representatives call 801-863-6350.
Complete a credit check.
Upon completion of the application, borrowers agree to remit $27 for a credit check. A link will be sent to the borrower to fill out their credit card information.
Obtain a reference letter and schedule pitch date.
Obtain a review and reference letter from the SBDC and schedule your pitch date with the administrator.
Present your application to the Loan Committee.
Applications must be submitted by the last day of the month for consideration the following month. These interviews are an opportunity to meet with the Committee to go over your financial and business plans. Plan for a 10-15 minute presentation.
Notification of loan approval.
You will be notified within 3 business days whether your application has been approved.
LOAN REQUIREMENTS
Eligible Uses of Capital
- Purchases of machinery/equipment or other fixed assets
- Working capital (including inventory, accounts receivable, operating expenses, and labor)
Ineligible Uses of Capital
- Company relocation to another jurisdiction without job growth
- Refinancing of existing debt may be allowed in some cases upon stringent underwriting standards, but it is usually not allowed
- No purchasing of stock or equity
- Federally illegal activities (e.g., gambling, hemp-related products)
- Businesses related to tobacco, pawnshops, weapons, multi-level marketing, direct selling, cryptocurrencies, or adult entertainment
- Businesses providing contract work for large corporations (e.g., AirBnB, Uber, Lyft, DoorDash, etc.)
- If you are a nonprofit, you must be able to prove revenue (i.e., donations) in the past 12 months
Leverage
- The MSBLP should work as a catalyst to stimulate private investment dollars. The borrower should make every effort to obtain private-sector funding first, and then MSBLP can help with any gaps in funding or turn-downs.
Loan Details
- Interest rates will not exceed 5 points above the Wall Street Journal Prime Rate (fixed over the loan term).
- Loan terms of 6 months to 5 years will be available with flexibility in payment options.
- Loans range from $10,000 to $250,000.
Fees
- $27 Credit Report Fee before submitting application
- Origination fee of 2% of the loan amount and can be financed into the loan
Job Creation
- A borrower must agree to create and/or retain one job for every $35,000-$50,000 (approx.) borrowed.
- 51% of jobs created should be filled by or made available to low- or moderate-income individuals.
Success Story
WENDY HOFHEINS OF FOR THE SWEET
"Our small business loan from MAG helped us in our move to a larger location which in turn is helping us grow! Instead of just a location to pickup treats, we can bake onsite. We were able to renovate our new space, purchase needed equipment, and have the working capital to make this growth happen - all because of MAG. Their support has been phenomenal!"
For more information and to schedule a pre-application interview, contact:
Karol Patterson
Program Specialist
801.229.3665
businessloans@mountainland.org