EDLF loans fueling businesses for women, minorities and low-income entrepreneurs in SLC
New research shows that Salt Lake City’s Economic Development Fund (EDLF) is doing just what it was designed to do. The city release data recently that shows a large number of underrepresented business owners are getting significant support from EDLF, which has loaned more than $7 million to 56 existing businesses during the past three years.
The city broke down the list of business owners who received EDLF loans from January 2015 until now as follows:
• 48 percent were given to businesses with a female owner.
• 19 percent went to a business owned by a low-income individual.
• 11 percent benefitted 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 run 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, according to city officials. Twenty-six percent are restaurants, 19 percent are service businesses, 13 percent are food trucks, 11 percent are other types of businesses, 9 percent are e-commerce firms, 7 percent are bars, 6 percent are technology companies, 6 percent are bakeries, 4 percent are fitness businesses and 2 percent are cafes.
“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.”
Overall, 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.