Loans from the City

The City of Orem offers business loans to Orem businesses. The funding comes from different places, and so the requirements, uses, and details vary depending on a business’ situation. Please review the loan fund comparisons below.

 

 

Loan Fund Comparisons

Legacy RLF

CARES Act RLF

Year Created 

1986

2020

Maximum Loan Amount

$80,000

$125,000

Goal of the RLF fund

Job creation for low to moderate income individuals and provide gap and startup financing for Orem businesses

Strengthening and assisting businesses recovering from the COVID-19 pandemic

Eligible Businesses

Must be based in Orem. Industrial/manufacturing, commercial, service, technology

Must be based in Orem. Industrial/manufacturing, commercial, service, technology, and retail

Interest Rate

Up to 3% above Wall Street Prime. Based on recommendation by Loan Approval Board

0% to low interest rate. Based on recommendation from Loan Approval Board

Leveraged Capital Requirement

Minimum 2 dollars of private funding for every 1 dollar of RLF funding

No leveraged capital requirement until June 1, 2022

Credit Not Otherwise Available

Applicant must show that they have been rejected by two lending sources

No rejection needed

Job Creation Requirement

One job for every $35,000 borrowed

One job for every $35,000 borrowed

Learn more about the LEGACY RLF
Learn more about the cares act rlf

OFFICE LINE

1.800.555.6789

EMERGENCY

1.800.555.0000

WORKING HOURS

9:00am – 6:00pm