Several Utah banks have joined with the Utah Technology Finance Corp. in a participating loan program created especially for new and emerging Utah technology-based businesses.
Grant L. Cannon, UTFC executive director, said four loans already have been made; two by Zions First National Bank, one by Brighton Bank and one by Continental Bank."This is a significant lending program which helps the entrepreneur move successfully ahead in the marketplace. It is funding which comes after the business has established its product, market and sales," said Cannon.
In the participating loan program, UTFC provides 30 percent of the loan amount with the financial institution lending 70 percent. Loan disbursement and repayment is on the basis of the UTFC funds being "first in and last out" with the UTFC funds in a subordinate position to the bank.
Applicants in the loan program must complete a thorough review and evaluation by the bank following a loan application made either to UTFC or the bank.