Engage Icon Engage Midvale gives people the opportunity to have their say on issues that are important to them, at a time and place of their choice.         Sign up, and have your say, at EngageMidvale.com

Midvale Main Business Loan Program

The objective of the Midvale Main Business Loan Program is to stimulate business development and expansion by making loans available to businesses operating within Midvale’s Main Street Project Area or are relocating or starting up a business within the Area. These businesses must be committed to creating a sense of place along Main Street project area by shaping redevelopment, enhancing arts and culture, preserving and celebrating history, and providing or supporting spaces for people to gather and recreate.

Eligibility

  1. The business already exists within Midvale’s Main Street Project Area, is relocating to the Area, or is a startup located within the Area.
  2. Property taxes and special assessments must be current, with no judgments or liens outstanding against the applicant(s).
  3. The applicant must provide sufficient evidence of their capabilities to successfully complete the project.
  4. The applicant’s credit history must demonstrate prompt payment of past obligations.
  5. Minimum Eligibility: To be considered for a loan the project must score a minimum score of 25/40 in meeting four key public benefit criteria of Economic Impact, Public Amenity, Permanent Job Creation, and Street Activation. These criteria are found under Section V of the Midvale Main Business Loan Program & Guidelines.
  6. Public Benefit Incentive: A reduction to the standard interest rate is available for projects that receive more than the minimum score in meeting any combination of criteria in the Public Benefit Criteria Chart found in Section V. For every 3 points earned over the minimum score required, a project is eligible to receive a rate reduction of .25% from the standard interest rate, with a minimum interest rate of 1%. For each interest rate reduction received, compliance and reporting requirements will be triggered to ensure that public benefit criteria are being met.
Public Benefit Projects:

  1. Public Benefit Projects: Projects that provide a substantial public benefit to the street are eligible for 0% interest loans.
    1. Loans under $25,000 must meet the minimum eligibility requirement, have a minimum score of 35 points under the public benefit criteria which must receive a full score in the areas of 1) Economic Impact, 2)Street Activation, and 3) Permanent Job Creation.
    2. Loans over $25,000 must meet the minimum eligibility requirement, have a minimum score of 60 points under the public benefit criteria and must receive a full score in the areas of 1) Economic Impact, 2) Adaptive Reuse, 3) Permanent Job Creation, and 4) Street Activation. 
Loan Types and Use of Funds:
  1. Loans for start-up and business expansion up to $25,000
    1. Inventory, marketing, materials, space, labor, supplies, and operating maintenance.
  2. Loans for Physical Improvement and Real Estate Purchases up to $250,000.
    1. Land and building acquisition.
    2. Building construction and renovation (with restrictions).
    3. Façade improvements: signage, building, and landscaping (restrictions apply).
    4. Energy and equipment upgrades and building retrofits.
    5. To get the building/business in compliance with all applicable Midvale City building codes and ordinances.
Please refer to the Midvale Main Business Loan Program & Guidelines for more information on the process, eligibility, loan types, terms, and required documents.

Loan Process

  1. Download Part A of the Application and submit the completed application to the Redevelopment Agency (RDA) Program Manager at rda@midvale.com The preliminary review generally takes 10 business days. A credit check will be conducted during this time. A fee for processing the credit checks will be assessed at the time of submission.
  2. If Part A Application is approved, please proceed to Part B of the Application and submit the completed application along with the nonrefundable application fee of $75.00 and the documents listed on page 10 of the Part B Application. Acceptance of Part B Application does not constitute loan approval.
  3. Once reviewed by the RDA Staff, you will schedule a meeting where you will present your business and answer any outstanding questions. RDA staff will evaluate the loan application as reasonable.
  4. The RDA will evaluate your loan, and in 5 to 7 business days you will notified of the decision by email.
Please email kandrus@midvale.com for more information or questions regarding the Midvale Main Business Loan Program.