Salt Lake County Has A $7M Revolving Loan Fund. It Will Now Be Run By VentureCapital.org
“As a non-profit organization dedicated to helping businesses ‘Start, Find Money, and Change the World,’ we at VentureCapital.org are honored to be selected by Salt Lake County to administer its revolving loan fund.”
For the purposes of this article, I need you to understand two things.
First, Salt Lake County has a program called the Economic Development Revolving Loan Fund (EDRLF), which was started 25 years ago as a fund targeting small, local businesses in need of short-term capital. The purpose of the fund was to provide capital to entrepreneurs who had been denied access to typical loans, in the process providing more jobs within the Salt Lake Area. As of today, the EDRLF has $7 million at its disposal.
Second, VentureCapital.org (formerly the Wayne Brown Institute) is a non-profit venture accelerator designed to provide entrepreneurs with various tools (education programs, events, venture capital network, etc.) that help in the search for raising funds. Until now, VentureCapital.org has helped entrepreneurs find capital but hasn’t had any funds at their disposal to invest as they see fit. That’s about to change.
The EDRLF will now be run by VentureCapital.org, who has signed a three-year agreement with Salt Lake County to take charge of the $7 million fund. This means that the process of granting new loan requests (and administering existing loans) will now be handled solely by VentureCapital.org.
“What I love about the Economic Development Revolving Loan Fund is that it is a great program for assisting small businesses and individuals that do not have access to typical bank loans,” Brad Bertoch, President of VentureCapital.org, said in a statement. “Over the years, Salt Lake County and its partners have helped dozens of entrepreneurs pursue the American Dream through the EDRLF. As a non-profit organization dedicated to helping businesses ‘Start, Find Money, and Change the World,’ we at VentureCapital.org are honored to be selected by Salt Lake County to administer its revolving loan fund. And we look forward to continuing the success the EDRLF has had in the past to help transform and grow small businesses throughout the County.”