Suazo Center launching new small business loans

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The Suazo Center was recently designated as a Community Development Financial Institution by the Treasury Department.

SALT LAKE CITY — The Suazo Business Center announced Thursday that it has received a federal designation that will allow it to launch a loan program to serve Utah's Hispanic and other minority communities.

The center is currently focused on building that fund and hopes to start approving loans by winter 2024. It aims to help an estimated 50 businesses the first year. This new designation that the Suazo Center has will permit many of our people to be successful. Success is possible with hard work, but one also needs this support.The new loan fund will build on the center's existing work, which has included some small-scale loans since 2007. The center's current $350,000 annual loan budget ran out six month into its fiscal year because of high demand. That $350,000 translated to twelve business loans.

 

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