Last Updated on August 23, 2023 by Hannah Stevens
There are several loans and free grant programs for women and minority owned or managed businesses in Utah. Banks, the government, charities, or non-profits can provide funds for small and mid-sized business owners. Below is a list of free grant and loan programs in Utah. Funds are available to assist women owned businesses, minority businesses (including Black, LGBTQ+, or Latinos), and other disadvantaged companies in Utah grow.
However, these funds often runs out quickly. This page has an up to date list of loans and grants available in the state of Utah. Every lender has their own application process, and funds are allocated to help minorities, women, veterans, or other business owners. Therefore, it is a good idea to apply as soon as possible. Although most of the financial assistance and support are for businesses in Salt Lake City or Provo only, there are resources available throughout the state.
Entrepreneurs and small business owners may use the loans or grants to support their growth. These Utah lenders and programs help minorities and women owned (or managed) businesses with their funding needs.
Small Business Loans and Free Grants in Utah
Below is a list of Utah grants and loans that are available to Black, Latino, and minority owned businesses, as well as grants for women owned businesses. You can find out more about the lender, or how you can get financial assistance, a loan or grant for your business.
Year Round Financial Assistance, Free Grant, and Loan Programs
The NewPattern Coalition is open to Black women who own businesses in Utah. Tech companies and other business leaders in the state of Utah established this service to assist black women business owners and entrepreneurs. They not only offer grants, but also mentoring programs, coaching from successful businesspeople from all races, fundraising courses, networking events, and and more. This program is only for black women.
This is quite similar to one of the free grants and loans for minority and women owned businesses in Texas, the Texas Women’s Foundation (TXWF).
Salt Lake Community College’s Everyday Entrepreneur Program assists entrepreneurs and start-ups. The non-profit is open to both students and residents of Salt Lake County. They issue either grants or low-cost loans. Students and community members, including women and minorities, can also benefit from the program. They help them create business plans, develop marketing plans, set up websites, and other several parts of starting a business.
The Women’s Business Center of Utah provides financial assistance in the form loans (including SBA-backed). They also offer referrals for grant programs, mentoring, coaching from women business owners, technical support, and other assistance. They prioritize women owned businesses and entrepreneurs, including Black, LGBTQ+, veteran, and Latina (among others). You can also find in-person workshops at the Salt Lake City and Cedar City based centers. Additionally, there are online courses, Kiva microloans, and more.
This is quite similar to one of the free grants and loans for minority and women owned businesses in Vermont, the Brattleboro Development Credit Corporation.