Additional Business Resources
Written by Rob Richards, President & CEO of Utah Certified Development Company.
We care about your business and its health. We are working with the US Small Business Administration (SBA) to make sure we can serve you should your business be negatively impacted by the COVID-19 outbreak. If your business experiences economic difficulties as a result of COVID-19, there are options to keep your business operations on track until you’re back on your feet and can repay.
- Check with your insurance company to see if you have any “business interruption” insurance. This could be a real help for you if you have coverage.
- You may qualify for a low-interest Disaster Loan from SBA. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Check this website to see if your county is eligible: https://disasterloan.sba.gov/ela/ Most counties in Utah should be qualified by the end of this week. If your area is not yet on the list, check back often. Be prepared to provide detail regarding the impact on your business. Payments on these loans are based on your ability to repay and are tailored to your specific need.
- Utah.gov has also set up a website where they will be updating information on programs for small businesses as things develop: https://coronavirus.utah.gov/business/
- With a documented need, we may be able to provide payment deferral on the SBA portion of your loan. Partial or full payment deferrals are typically 3-6 months and based on specific circumstances. Utah Certified Development Company can also assist you in reaching out to the bank or credit union that has a 1st trust deed loan on your property. Please note: Due to the nature of the SBA 504 loan, deferred payments cannot be added to the end of the loan term but must be “caught up” by increasing monthly payments for a period of time once payments resume. The “catch up” payment is determined based on individual circumstances.
Your business success and that of the families you employ are important to Utah CDC in this very difficult time in our nation. Please call our offices at 385.289.2833 or email email@example.com if you have other questions. We look forward to serving you.