2003 Section 108 Project Summary - Utah

Economic Development

Business Assistance Loan Pool
BORROWER: OREM
STATE: UT
COMMITMENT AMOUNT: $3,000,000

The City of Orem, Utah has been awarded a $3,000,000 loan guarantee under Section 108 to finance a business loan fund. The project also includes a 2002 Brownfields Economic Development Initiatives (BEDI) award of $500,000, which will be used for either site remediation or interest payments on the business loans, depending on the specific needs of a business borrower. The Commission for Economic Development in Orem (CEDO) will administer the fund for the City, as it has done with a CDBG -funded loan program that it has managed since 1983. The project is expected to result in the creation of 175 new full-time equivalent jobs. The Guaranteed Loan Funds will be used to carry out an eligible economic development activity which will meet the criteria for the national objective of benefit to low- and moderate-income persons through the creation or retention of jobs.