SALT LAKE CITY–(BUSINESS WIRE)–September 15, 2016–
VentureCapital.org™ today announced that it has entered into a three-year agreement with Salt Lake County to run the county’s $7 million revolving loan fund.
Under terms of the agreement, VentureCapital.org will administer all existing loans in Salt Lake County’s Economic Development Revolving Loan Fund (EDRLF), while also reviewing, approving and administering new loan requests under the EDRLF program.
The EDRLF was started 25 years ago by Salt Lake County in partnership with (and an initial grant from) the U.S. Department of Housing and Urban Development (HUD) as a $2 million fund targeting small businesses that need short-term capital in economically challenged industries and/or sections of Salt Lake County. In early 2013 the EDRLF was expanded to $7 million, an expansion made possible because six current and former banks – American Express, American Express Centurion, CIT Bank, GE Capital Bank (now closed), GE Retail Bank (now Syncrony Bank), and Zions Bank – agreed to provide $1 million each to increase the EDRLF monies available for small business lending within the county.
“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,” said Brad Bertoch, President of VentureCapital.org. “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.”
As per its initial charter, the EDRLF offers higher-interest loans to individuals and businesses within Salt Lake County that do not have access to typical bank loans, thus ensuring that the fund does not compete with private lending institutions. Since its launch, the EDRLF has helped small businesses add hundreds of new jobs (primarily to low- to moderate-income individuals) in Salt Lake County, which was one of the key initiatives behind the formation of the Fund.
“Some of the best ideas in our County and our country have come from passionate entrepreneurs and inventors who needed additional capital to turn their dreams into reality,” said Ben McAdams, Mayor of Salt Lake County. “This is the key concept behind our Economic Development Revolving Loan Fund, and it has been very successful in its first 25 years. We now look forward to a new era for the EDRLF through our partnership with VentureCapital.org.
“The motto of VentureCapital.org is ‘Grow. Find Money. Change the World.’ And for 30-plus years, VentureCapital.org has been helping entrepreneurs and companies in Salt Lake County, the state of Utah and the surrounding region to do just that. In fact, companies that have gone through VentureCapital.org’s intensive programs have later raised over $10 billion. That is why we are quite pleased to have VentureCapital.org as our new partner with the Economic Development Revolving Loan Fund.”
VentureCapital.org is part of the Wayne Brown Institute™, a 501(c)3 non-profit and one of the oldest and most successful venture acceleration organizations in the world. Over 850 companies have been served by its Investors Choice™ Venture Capital Conference during its 32-year history, and over 70% of those firms have gone on to raise over $10 billion in combined fundings from venture capital, private equity, public offerings, and/or mergers and acquisitions (M&A). For more information, call 801-595-1141 or visit www.VentureCapital.org.
VentureCapital.org, Investors Choice, “Start. Find Money. Change the World.” and Wayne Brown Institute are each trademarks of the Wayne Brown Institute. All other trademarks are property of their respective owners.
Brad Bertoch, 801-598-4651 (C)
The David Politis Company
David Politis, 801-556-8184 (C)
Salt Lake County
Samantha Sedevic, 385-468-4866