This is an archived article that was published on sltrib.com in 2016, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Salt Lake County has a new manager for its $7 million Economic Development Revolving Loan Fund.
VentureCapital.org, a branch of the nonprofit Wayne Brown Institute, recently secured a three-year county contract to manage the fund, started in the late 1980s to give small businesses access to higher-interest loans when conventional financing is not available.
Much of the time, these 12 to 16 percent loans allow companies to secure the $25,000 to $400,000 they need to advance a project that could create jobs in low to middle-income communities.
That's "what I love about the revolving loan fund," said VentureCapital.org President Brad Bertoch. "Over the years, Salt Lake County and its partners have helped dozens of entrepreneurs pursue the American Dream through [it]."
"Some of the best ideas have come from passionate entrepreneurs and inventors who needed additional capital to turn their dreams into reality," said County Mayor Ben McAdams. "It has been very successful in its first 25 years."
He was early in his first term as mayor in March of 2013 when he announced that six banks — American Express, American Express Centurion, CIT Bank, GE Capital Bank, GE Capital Retail Bank and Zions Bank — each had pledged to contribute $1 million to the fund.
Alyson Heyrend, McAdams' spokeswoman, said the banks renewed recently to remain involved for another two years.
She noted that VentureCapital.org absorbed the previous management company and prevailed in the RFP [request for proposal] process because it "has established links with many funders in and out of Utah to offer the best finance products for the growing businesses."
Bertoch said VentureCapital.org's motto of "Start, Find Money, Change the World" fits nicely with the revolving loan fund's mission and reflects the firm's approach to business over the past 30 years.
"Companies that have gone through VentureCapital.org's intensive programs have later raised over $10 billion," Bertoch said.