Business Loan Program
Ogden City offers business loans to help small businesses stabilize, grow, and thrive right here in our community. This program is funded by the federal Community Development Block Grant (CDBG), administered by the U.S. Department of Housing and Urban Development (HUD).
The loan program was created to support businesses that may not yet qualify for traditional bank financing—often called “not bankable.” This can include businesses with limited operating history, low credit, or a lack of collateral. If that sounds like you, you’re not alone—and we’re here to help.
Our mission is to provide flexible loan terms tailored to your business’s unique needs, with a strong focus on job creation, microenterprise support, and lasting economic impact. As loans are repaid, the funds are reinvested into the program—creating a revolving cycle of support for other local entrepreneurs in Ogden.
Eligibility
This program is designed for businesses that are:
- Located within Ogden City
- Licensed and operating as a business
- Unable to access traditional bank financing
Loan Funds Can Be Used For:
- Working capital
- Equipment purchases
- Wages and salaries
- Real estate acquisition
Loan Terms
- Loan Amounts: $5,000 to $90,000
- Interest Rate: Up to 15% (Prime + 3–6%)
- Loan Term: Up to 10 years
- Collateral Ratio: 100% Loan-to-Value
- Debt-to-Income Ratio: Up to 50%
Program Guidelines:
Timeline
- 1. Pre-Application: Basic questions about your business and your request for loan funds.
- 2. Application Review (1 business day): An approved pre-application is not a guarantee of loan funding.
- 3. Meet with BIC Team BIC Team will reach out to schedule a meeting to review loan program guidelines and answer questions. Eligible businesses will then be invited to complete the full loan application.
- 4. Submit Full Application (with documents): Incomplete applications will not be reviewed.
- 5. Application Review & Underwriting (2–4 weeks): BIC staff may reach out during this stage for additional documentation.
- 6. Loan Committee Meeting: Opportunity to introduce your business, present your funding request, and address any questions. The Loan Committee will vote on the loan approval.
- 7. Signing Agreements & Funding: Funding will be provided based on the timeline and completed paperwork.
Frequently Asked Questions
- How long is the full process? –2 1/2 months- 3 months depending on documentation and review schedule.
- Can startups apply? – Yes, especially microenterprises or early-stage businesses.
- Who needs to sign the loan agreement? –All individuals who own 20% or more of the business, and the business entity.
- What type of collateral can be used to secure the loan? –Inventory, equipment, furniture/fixtures, personal and business real estate
Program Guidelines:
Whether you’re just starting out or ready to take the next step in your business journey, Ogden City’s Business Loan Program is here to help you move forward. You can schedule a time to meet with us to discuss your business needs and loan options—or, if you're ready, you can start your application using the link below.
“Building or creating a business is difficult under the best of circumstances. Sadly, funds can be a difficult part of chasing dreams. Despite the best planning efforts, obstacles arise in which the gap appears to be too big to bridge. Ogden City and the BIC were instrumental in our process.”
– Jeremy Holmes, Owner of Taboo Pizza