Transmittal - 8/12/2022
DEPARTMENT of ECONOMIC DEVELOPMENT
ERIN MENDENHALL
MAYOR
LORENA RIFFO-JENSON
INTERIM DIRECTOR
CITY COUNCIL TRANSMITTAL
_______________________ Date Received: ___________
Lisa Schaffer, Chief Administrative Officer Date sent to Council: ___________
__________________________________________________________________
TO: Salt Lake City Council DATE: 8/12/2022
Dan Dugan, Chair
FROM: Lorena Riffo Jenson, Interim Director, Department of Economic Development
SUBJECT: Emergency Loan Program Repayment
STAFF CONTACTS: Roberta Reichgelt, (roberta.reichgelt@slcgov.com) x7694
DOCUMENT TYPE: Ordinance
RECOMMENDATION: Adopt an Ordinance
BUDGET IMPACT: $1M issued for the Emergency Loan Program in FY20.
BACKGROUND/DISCUSSION:
The COVID-19 Pandemic (“Pandemic”) has impacted the world and our local economy to an
unprecedented level. It is widely known that small businesses have experienced extreme
difficulties relating to the pandemic that are, in turn, having a great impact on the economy. In the
early days of the Pandemic, the City sought to mitigate the negative effects for long term health
and the well-being of the economy by releasing an Emergency Loan Program (ELP).
Established in March of 2020, ELP's goal was to assist small businesses immediately impacted by
the Pandemic by providing financial relief for businesses and their employees. In other words, the
program was intended to close the financial gap between closure and the eventual State and
Federal relief programs (see program transmittal to Council attached). The City’s ELP was one of
the first in the country to be established at the onset of the pandemic.
8/12/2022
8/12/2022
Lisa Shaffer (Aug 12, 2022 16:28 MDT)
The ELP provided $1M in funding to 52 Salt Lake City businesses and nonprofits in amounts
ranging from $5,000 up to $20,000. The repayment of these loans was set to begin 90 days after
the Mayor’s Emergency Proclamation ended on May 7, 2021. During this 90-day window, DED
sent out a survey to recipients to understand the potential impacts of requiring loan repayment.
The response rate was 12% and more than half of those responses indicated that it would be
somewhat difficult or extremely difficult to make repayments on their loan. Because Salt Lake
City’s small businesses were still recovering from the impacts of the Pandemic, the City’s
Department of Economic Development (“DED”) administratively deferred repayment of all loans
until December 31, 2021. Loan repayments were set to begin on January 1, 2022; however, the
ELP loans remain outstanding, pending policy direction from City Council. During this period,
two of the 52 recipients have exercised the option to pay off their loan and none of the remaining
loans are in repayment. Additionally, of the 52 businesses/nonprofits that received loans, two
businesses 1 and one nonprofit have since closed.
State of the Economy
While many industries have experienced recovery in taxable sales, some industries continue to
face economic challenges. Below are industries which 1) experienced losses in 2020 compared to
2019, 2) represent more than $100m in taxable sales in 2019, and 3) continue to see fluctuations
in revenue with the introduction of new COVID variants:
Food Service and Drinking Places
Accommodations (i.e. hotels)
Arts, Entertainment and Recreation
These industries are central to Salt Lake City’s quality of life and urban core experience. The
severe impact of the Pandemic on these industries was predicted at the onset of the Pandemic-
related shutdowns, which was why DED targeted these industries for the Emergency Loan
Program. Of the SLC businesses and nonprofits that received funds, 67% came from the above
listed industries. Furthermore, a Mckinsey study was done on these industries predicting when
they would recover back to 2019 pre-Pandemic levels and found that it could be as long as
2024/2025 2 before they would experience full recovery. This is due to low financial resilience
(balance sheets for small businesses in these industries lack flexibility, since a significant portion
of the costs are relatively fixed) and also because these industries typically operate on extremely
thin margins.
Another industry significantly represented in the ELP recipients was retail (21%, not including
food and beverage). All of the ELP recipient retail businesses have brick and mortar locations in
Salt Lake City. Retail had already been suffering with the rise of Amazon and other online retail
options, and the Pandemic only exacerbated this issue, forcing retailers to adapt their sales
models.
1 ONE OF THESE TWO BUSINESSES HAS SINCE REOPENED AS A NEW BUSINESS CONCEPT.
2https://www.mckinsey.com/industries/public-and-social-sector/our-insights/us-small-business-recovery-after-the-covid-
19-crisis
Supply chain issues have also caused stress on businesses due to COVID infections setting off port
closures. It is not surprising that the impacts of this are more severe on small businesses, as they
are not able to easily pursue alternative transport options. In addition, the current high inflation
rate that our country and state are collectively facing continues to further impact our small
business community. Lastly, current labor shortages have caused Salt Lake City’s small businesses
to have difficulties finding employees to support their businesses. This will almost certainly create
further negative economic impacts on small businesses and serves to demonstrate how uncertain
their economic recovery is in the short-term future, necessitating further assistance for small
businesses.
In general, Salt Lake City experienced a dramatic drop in year-over-year sales in 2020 with April
2020 having a 16% drop and continued negative year-over-year performance until December of
2020. 2021 saw tremendous recovery, with April 2021 seeing 40% year-over-year growth. This
overall recovery continues into the latest months captured by County data (December 2021),3 but
the data indicates ongoing fluctuations due to spikes in COVID cases from variants.
Loan Program Repayment Examples from Illinois and Utah
Due to the continued financial impact to small businesses, communities throughout the nation
that also instituted emergency loan programs are finding ways to eliminate the debt burden on
their small businesses. The State of Illinois’ Small Business Emergency Loan Fund supported their
3 https://slco.maps.arcgis.com/apps/MapSeries/index.html?appid=c07ef403435442909c7dc30c0da2b718
recipient businesses by later releasing a Business Interruption Grants Program that businesses
could use to pay back the loan 4.
Locally, the State of Utah’s Small Business Bridge Loan Program was deployed around the same
time as the City’s Emergency Loan Program with a similar objective to keep businesses afloat
while awaiting federal funding. A total of $12M was delivered to 1,150 businesses and nonprofits 5.
Loan repayment restarted 12 months after the funds were issued (approximately Spring of 2021)
and as of December 2021 only $4M had been collected. At the end of 2021 and beginning of 2022
the Governor’s Office of Economic Opportunity (GO Utah) sent out communication stating that
borrowers’ loans would be converted to grants and any businesses that had begun making
payment would be reimbursed. No application was required for this conversion of the funds;
instead, GO Utah simply worked with the borrowers to amend their current loan contract.
Policy Considerations
In order to pursue next steps for the City’s Emergency Loan Program loan recipients, DED
presents the following Policy Considerations for Council to contemplate:
1) Loan deferment for 12 additional months until January 1, 2023. (As noted above,
repayment was set to begin in January 2022 and the loans remain pending policy
direction). This option would give loan recipients additional time to further recover the
economic losses to their business.
2) Loan deferment until December 31, 2024 - this deadline is in alignment with the American
Rescue Plan Act (ARPA) expenditures deadline. This takes into consideration that small
businesses could seek opportunities from ARPA funds to assist with financial hardships
the business may be experiencing. Please note, however, that ARPA funds may only be
used for Pandemic-related business operating expenses and labor, and debt repayment is
not an eligible use of ARPA funds. Thus, this deferment would provide an opportunity for
businesses to access assistance that would potentially free up other revenue for the ELP
debt repayment. In addition, the deferment of debt payments is a key item that supports
the recovery of businesses, and this timeline is in alignment with the economic data and
information referenced above.
3) Convert all loans into grants, similar to what other emergency loan programs have done,
such as the Governor’s Office of Economic Opportunity as described previously. This
would relieve the businesses of having to pay back the debt as they continue to recover.
Should this option be approved, a public benefit analysis for each of the 52 individual
businesses/nonprofits would need to be executed prior to converting any of the loans to
grants.
4 https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/IllinoisSmallBusinessEmergencyLoanFund.aspx
5https://business.utah.gov/news/sorenson-impact-center-releases-first-report-on-bridge-loan-
program/?hilite=bridge+loans
4) Convert some of the loans into grants by creating guidelines to consider for businesses that
can demonstrate a hardship and need for relief. Should this option be approved, a public
benefit analysis for each individual business/nonprofit that meets the guidelines for a
grant would need to be executed in order to relieve the business/nonprofit of repayment.
The City deeply values its local, small business community and wants to assist borrowers whose
businesses may still be recovering from the COVID-19 Pandemic. Therefore, the Department of
Economic Development recommends to Council to consider further deferment of repayment in
line with the ARPA expenditures deadline of December 31, 2024 (option 2, above). This would
allow for additional time needed to further support small business recovery. At that time, DED
can assess each business’s ability to repay and can provide further recommendations to Council on
an individual basis.6 By availing this option to small businesses, the City would further
demonstrate its strong support for the small business community.
6 IT IS IMPORTANT TO NOTE THAT DED RECOMMENDATIONS AT THAT TIME MAY INCLUDE SOME SELECTIVE RECOMMENDATIONS TO
WRITE-OFF OR REDUCE LOAN PRINCIPAL,DEPENDING ON CONDITIONS OF THE LOAN RECIPIENT BUSINESSES.
SALT LAKE CITY ORDINANCE
No. _____ of 2022
(Ordinance approving the deferral of Emergency Loan Program loans)
WHEREAS, on March 10, 2020, the Mayor issued a “Proclamation Declaring a Local
Emergency” (“Proclamation”) in response to the global outbreak of COVID-19 (“Pandemic”).
WHEREAS, on March 24, 2020, Salt Lake City Corporation (the “City”) created a
revolving loan fund referred to as the Emergency Loan Program (the “ELP”) via Resolution No.
4 of 2020 to provide financial relief for small businesses located in Salt Lake City in response to
the Pandemic’s adverse economic impacts; and
WHEREAS, the City, via Resolution No. 4 of 2020, adopted certain loan criteria and
processes to govern the ELP (the “Program Terms”); and
WHEREAS, the ELP, administered by the City’s Department of Economic Development
(the “DED”), provided one million dollars in funding to fifty-two Salt Lake City businesses and
nonprofits in amounts ranging from $5,000 up to $20,000; and
WHEREAS, pursuant to the Program Terms, the repayment of the ELP loans was set to
begin 90 days after the Proclamation ended on May 7, 2021; and
WHEREAS, the repayment of the loans was additionally deferred from August 7, 2021,
to December 31, 2021 in response to ongoing adverse economic impacts arising from various
coronavirus variant outbreaks in the Pandemic during the fall; and
WHEREAS, economic recovery for small businesses continues to be unsteady, with Salt
Lake City businesses in retail, food/beverage services, hospitality, arts, entertainment, and
recreation industries continuing to face financial stress due to the Pandemic’s lingering impacts,
such as variant spikes, global supply chain issues, increasing inflation, and labor shortages; and
WHEREAS, these continuing adverse impacts may further strain the financial condition
of the City’s small business ELP loan recipients; and
WHEREAS, the City deeply values its local, small business community, and wishes to
relieve the economic pressure on ELP loan recipients to permit them additional time for a full
and robust economic recovery; and
WHEREAS, a deferral of the ELP loans until December 31, 2024, in line with the ARPA
expenditure deadline, would provide ELP loan recipients the opportunity to more fully recover
from the adverse impacts brought by the Pandemic.
NOW, THEREFORE, be it ordained by the City Council of Salt Lake City, Utah, that:
SECTION 1. Conversion of certain ELP loans to grants. The City Council hereby
authorizes the deferral of repayment of the ELP loans until December 31, 2024. The City
Council authorizes the Mayor to negotiate and execute amendments to the loan agreements and
any other relevant documents necessary to evidence this deferral, including incorporating such
other terms and agreements as recommended by the City Attorney’s office.
SECTION 2. Effective Date. This ordinance shall become effective on the date of its first
publication.
Passed by the City Council of Salt Lake City, Utah, this ______ day of
_____________________, 2022.
Dan Dugan, Council Chair
ATTEST AND COUNTERSIGN:
______________________________
CITY RECORDER
Transmitted to Mayor on _______________________.
Mayor's Action: _______Approved. _______Vetoed.
______________________________
MAYOR
______________________________
CITY RECORDER
(SEAL)
Bill No. ________ of 2022.
Published: ______________.
APPROVED AS TO FORM
Salt Lake City Attorney’s Office
Date:
Sara Montoya, City Attorney
August 12, 2022
ERIN MENDENHALL
MAYOR
EXECUTIVE DIRECTOR, RDA
DEPARTMENT of ECONOMIC DEVELOPMENT
BENKOLENDAR
ACTING DIRECTOR
CITY COUNCIL TRANSMITTAL
Date Received:
Rachel Otto, Chiefof Staff Date sent to Council:
TO:Salt LakeCity Council DATE: April 13, 2020
Chris Wharton, Chair
FROM:Benjamin Kolendar, Acting Director, Department of EconomicDevelopment
SUBJECT:Emergency LoanProgramUpdate
STAFF CONTACTS: Peter Makowski, Acting Director of Business Development Division
peter.makowski@slcgov.com; (801) 573-1760
DOCUMENT TYPE: Information Item
RECOMMENDATION: NA
BUDGET IMPACT: NA
BACKGROUND/DISCUSSION:
In response to the COVID-19 pandemic, and Mayor Mendenhall’s “State of Local Emergency”
declaration on March 10
th , 2020, Salt Lake City’s Department of Economic Development (DED)
focused all efforts to support the business community as business shutdowns, partial and full
closures were recommended and later required.
DED immediately responded by surveying the business community through an online survey.
DED provided emergency information and assembled business resources, available at that time,
by building a COVID-19 website, housed on our Department site. The information received from
companies as a result of the survey demonstrated a need for small business support that was rapid
and flexible. Staff immediately researched emergency economic relief programs, which resulted in
the creation of the Emergency Loan Program (ELP). The programs’ mission is to assist small
businesses immediately impacted by COVID-19 by providing financial relief for businesses and
their employees and bridging the financial gap between closure and eventual State and Federal
relief programs.
On Tuesday March 17
th, City Council approved the allocation of $1,000,000, sourced from the
Economic Development Loan Fund (EDLF), to fund ELP small business loans. The funds were to
be distributed in two rounds of $500,000 for amounts requested by the borrower.
Loan Terms:
Loan Amount: up to $20,000
Term: 5 years
Interest Rate: 0%
Repayment Terms: Equal monthly payments of principal. Repayment will commence
approximately 90 days following the subsidence of the COVID-19 outbreak and following
notice from the City. Any write-off or loan forgiveness must be approved by the City
Council.
Eligible Borrowers:
Must have physical location within Salt Lake City limits
Must have 50 employees or less
25% of this funding shall be allocated to businesses West of I-15.
Guarantee: Loan is guaranteed by any owner holding 20% or more interest in the
ownership of the business (Non- Profit Organizations exempt).
Required information:
Complete Application
Financials: profit and loss, and balance sheets from previous year
Business tax returns from previous year
Most recent month-end or quarterly financial statement
Previous year’s personal tax returns
Copy of Salt Lake City Business License
Copy of driver’s license o government issued ID
Signed W-9 form
Copy of lease or mortgage statement
Loan Processing and Evaluation
Applications were received and uploaded for our Application Review Team to process. After
ensuring that all required application documents have been received, the Application Review
Team evaluated and scored each application (evaluation form attached).
The following criteria was considered when scoring each complete application:
Business type (25 pts) - priorityon restaurant, retail,bars, events spaces, artsbased businesses
that have been heavily affected by the mandated closures/limitations.
o 25 = Targeted industry (restaurant/bar/retail/event/arts)
o 15 = Non-targeted industry
o 0 = Not applicable (home based business, independent contractor,etc)
Financial Need (25 pts) – rating the completeness of financial information provided and overall
health of the business. Prioritizing those that have been disrupted in operations due to the county
and state mandated closures for certain types of businesses.
o 25 = Complete financials/Healthy business
o 15 = Incomplete financials/Unhealthy business
o 0 = No financials
Narrative (25 pts) - Businesses must provide an overview of the business in the form of an
Executive Summary, which must demonstrate under normal circumstances the business would be
profitable without disaster disruption, and the impact on the business such as decreased customers,
decreased sales, etc.
o 25 = Detailed description of business/impact
o 15 = Incomplete description of business/impact
o 0 = No narrative
Use of funds (15 pts)
o 15 = Working capital, inventory, marketing
o 0 = Non-applicable use
Credit Score (10 pts) – Non-Profit Organizations exempt
o 0 = 0-549
o 2 = 550-599
o 4 = 600-649
o 6 = 650-650
o 8 = 700-749
o 10 = 750+
All complete applications were reviewed, scored and ranked by total score (100 points possible).
Loan Committee
Once complete applications were reviewed and scored, they were packaged for review by the ELP
Loan Committee. The Loan Committee consists of representatives from the City Council, SLC
Business Advisory Board, Redevelopment Agency of Salt Lake City, SLC Arts Council, and
Downtown Alliance. The Loan Committee was provided the following:
List of complete applications for review
Evaluation form and methodology
Access to all application files
Loan Committee Ranking
The Loan Committee was charged with ranking all complete loans and selecting those to be
funded.
The Loan Committee members selected the top 25 loans to fund at the
applicant’s requested amount (25% of complete applications will be west side
businesses)
Staff tallied the committee rankings, evaluated additional loans, and approved theloan
package for funding.
o Round 1 Loan Committee Ranking Attached
o Round 2 Loan Committee Ranking Attached
Diversity
When developing the ELP, DED took the following measures to attempt to reach all members of
the community:
Installed Google Translation on the ELP website, translating our website in thousands of
languages.
Offered applications in English, Spanish, Vietnamese, Swahili.
Worked with the Suazo Business Center and other ethnic Chambers of Commerce to
adapt application requirements to fit the needs of their communities.
Included gender and ethnicity data tracking in all applications
Partnered with the Suazo Business Center and the Small Business Development Center
to assist non-English speaking applicants with completing their
applications.
DED collected data on applications as it pertains to diversity. Diverse Applications are defined
as loan applications with non-white and/or female guarantors. DED used following
methodology to measure this data:
Data categorized by Loan Recipients (funded) and Total Applications (complete
applications only)
Data subcategorized by Funding Round and totaled.
Represented Diverse Applications of Loan Recipients and Total Applications as a
percentage.
Guarantors are required to own 20% of the business applying. Data reflects applications
with ethnic and/or female guarantors. Many applications included two guarantors,
gender/ethnicity was collected for both in these cases and were captured in the analysis.
Represented Loan Recipients and Total Applications of Total Guarantors as a percentage.
Compared Loan Recipients and Total Applications ethnic/gender data to Salt Lake City
demographic data (Source: Source: EDCUtah, JobsEQ,
http://wwwchmuraecon.com/jobseq, January 2020)
After two rounds of funding, completed applications and loans funded displayed the following
demographic characteristics:
Data Analysis
Observations
While racially diverse applications were short of population demographics acrossthe
board, round 2 showed a significant increase from round 1 to round2.
Total recipient percentages for racially diverse and women owned againstapplications
were fairly consistent with minor increases for bothcategories.
Round One Funding
On Wednesday evening, March 18
th, DED launched the first round of funding via our website and
started accepting applications online. Note, Salt Lake City experienced a 5.7 magnitude
earthquake earlier that morning. During round one, while responding to impacts of the
earthquake, DED on-boarded, reviewed and evaluated all applications received, while creating the
backend processes, including an Application Review Team, required to perform these tasks. DED
worked with local partners to develop a streamlined application and review process, making our
website and documents multi-lingual, and assisting applicants with translation and financial
needs. All solutions involved virtual and online tools to “work from home” and social distancing
requirements. Due to time and capacity constraints, DED was unable to assist customers with
their applications, thus only completed applications were considered for funding in round one.
On Monday, March 23
rd, the round one application period closed. DED received 341 applications,
with 73 complete loans packaged for loan committee review. On Wednesday, March 25
th, complete
applications were forwarded to the ELP Loan Committee, consisting of members from the City
Council, SLC Business Advisory Board, Redevelopment Agency, Downtown Alliance, and SLC Arts
Council, for consideration. Due to funding constraints, 26 of 73 complete applications were
funded. On Thursday, March all applicants, both funded and unfunded, were notified and staff
began helping applicants complete their applications.
Application and Evaluation Results
APPLICATIONS ROUND 1
Total Complete Applications 73
Total Incomplete Applications 268
East of I-15 Applications 295
West of I-15Applications 46
Total applications 341
EVALUATIONS ROUND 1
East of I-15 Evaluated 64
West of I-15 Evaluated 9
Funding Results
FUNDING ROUND 1
Total Loans Funded 26
Total Loans Not Funded 315
East Side $ Requested $5,401,883
West Side $ Requested $791,000
Total $ Requested $6,192,883
East Side $ Funded $377,000
West Side $ Funded $120,000
Round Two Funding
On Wednesday, March 26th, DED launched round two of funding and immediately on-boarded,
reviewed and evaluated new applications, while working with incomplete applications from round
one. This required staff to review hundreds more applications while simultaneously helping
hundreds of applicants complete their applications. Similar to round one, DED created the
backend processes, including a complete Customer Service Team, throughout the round two
application period. On Thursday, April 2
nd, the round two application period closed and all
Loans Evaluated 73
Total $ Funded $497,000
complete loans applications were forwarded to the ELP Loan Committee for approval. The
committee approved 26 of 303 loans on Monday, April 6th.
Application and Evaluation Results
APPLICATIONS ROUND 2
Total Complete Applications 303
Total Incomplete Applications 83
East of I-15 Applications 336
West of I-15Applications 50
Total applications 386
EVALUATIONS ROUND 2
East of I-15 Evaluated 266
West of I-15 Evaluated 37
Funding Results
FUNDING ROUND 2
Total Loans Funded 26
Total Loans Not Funded 360
East Side $ Requested $5,800,472
West Side $ Requested $860,000
Total $ Requested $6,660,472
East Side $ Funded $360,000
West Side $ Funded $135,000
Industry Funding Results
The ELP funding focused on key industries (Restaurant/Bar, Retail, Event, Arts) identified
through our online survey. The graphs below represent completed applications by industry.
Loans Evaluated 303
Total $ Funded $495,000
Program Financial Results
APPLICATIONS ROUND 1 ROUND 2 TOTAL
Total Complete Applications 73 303 376
Total Incomplete Applications 268 83 351
East of I-15 Applications 295 336 631
West of I-15Applications 46 50 96
Total applications 341 386 727
EVALUATIONS ROUND 1 ROUND 2 TOTAL
East of I-15 Evaluated 64 266 330
West of I-15 Evaluated 9 37 46
Loans Evaluated 73 303 376
FUNDING ROUND 1 ROUND 2 TOTAL
Total Loans Funded 26 26 52
Total Loans Not Funded 315 360 675
East Side $ Requested $5,401,883 $5,800,472 $11,202,355
West Side $ Requested $791,000 $860,000 $1,651,000
Total $ Requested $6,192,883 $6,660,472 $12,853,355
East Side $ Funded $377,000 $360,000 $737,000
West Side $ Funded $120,000 $135,000 $255,000
Total $ Funded $497,000 $495,000 $992,000
Lessons Learned
The City needs a reliable source of diverse owned businesses in order to appropriately
benchmark applications. Population demographics may not accurately correlate to
business ownership.
The digital divide can pose challenges to quickly administering programs virtually.
The first round and second round had a large disparity of minority applications. The
second round had a higher volume and percentage of diverse applications.
The Mayor’s ADA liaison and policy advisors on human rights and refugees & new
Americans should be included in the loan committee for future rounds.
If the Business Development team asks organizations to select review committeemembers,
diverse representation should be considered before confirming those members.
Technology solutions for additional rounds of funding and/or future financial programs
would drastically reduce processing manpower. It’s likely that a technology solution could
also help with the challenge of incomplete applications.
Requirements for non-profits should differ from for-profit businesses.
Attachments
Loan Evaluation Form
Final Approved Businesses
Round 1 Loan Recipients Reported Race Guarantor 1 Reported Gender Guarantor 1 Reported Race Guarantor 2 Gender Guarantor2
Tradition white male white male
Cucina Deli white male
Marble Cast Productions other male other female
Les Madeleine hispanic female
Desert Dog Daycare white female white male
Equipt Expedition Outfitters white male
Brewvies white male
Atelier LLC white female white female
Mineral and Matter white female
LUX Events hispanic male white male
Tulie white female white male
Sun Trap white male white male
Cornerstone Aviation white female
Ken Sanders Rare Books white male
Vosen's Bread Paradise white male white female
Comfort Bowl asian male
Kyoto white male n/a male
Butterfly Jac Salon white female white female
Greek Souvlaki white male
Western Rivers white male
Sugarhouse BBQ white male white male
Este Pizza Sugarhouse white male white female
Proper Brewing white male
ChallengerIndustrial Supply white male
Sierra Wholesale Supply white male
Proper Cuisine white male
Round 2 Loan Recipients Reported Race Guarantor 1 Reported Gender Guarantor 1 Reported Race Guarantor 2 Gender Guarantor 2
Nomad Eatery white female
Flourish Bakery n/a n/a
Caputo's white n/a
King's English white female white female
Salt Lake Film Society white female
Zaater & Zayton other female other female
Beehive Floral white female
Galaxy LLC hispanic female hispanic female
Red Iguana hispanic female
Amour Café white female white male
Urban Lounge white male white male
Fisher Beer white male
Sweet Lake hispanic female white male
Utah Arts Festival Foundation n/a n/a
Utah Cultural Alliance white female
Publik Coffee white female
Urban Pioneer Foods white female
Hayat's Grill other male
Relax Nails LLC asian male asian male
Quarters Arcade Bar white male white male
East Liberty Tap House white male white male
Garage on Beck white male
Blue Copper white male white male
Toasters white male white n/a
Hello Bulk american indian female
Utah Arts Alliance white male