SLC Ranks 15th for Start-Ups

None by Elizabeth Ziegler

(KCPW News) CNN Money ranked Salt Lake City as the 15th best place in the nation to start a business. Highlighted in the article is the non-profit Utah Microenterprise Loan Fund, led by Executive Director Kathy Ricci.

"I am absolutely thrilled. It's always wonderful when Utah gets recognition. But our biggest challenge for our organization, and we've been lending since 1993, is to let people know we're out there," Ricci says. "So the more exposure we can get the better."

For 14 years, the Utah Microenterprise Loan Fund has given more than 500 loans to people who otherwise can't get financing to start up a small business. The non-profit gives struggling entrepreneurs throughout the state loans between $1,000 and $25,000. Ricci says this helps create jobs and increases the tax base. But it's more than that, she says.

"It also helps, on an individual level in helping people to increase their household income and build assets, and build wealth and fight being on the edges of poverty," Ricci says. "It's both an economic as well as a community development function."

The CNN Money feature also praised Salt Lake City for its proximity to the mountains and outdoor recreational opportunities, its relative diversity and entertainment amenities. Bellevue, Washington, tops the list of the 100 featured cities. Other Western cities on the list include Portland, Oregon, as the sixth best for entrepreneurs, Denver ranked seventh and Boise is No. 19.

Click here to read the CNN story.

Click here for the Utah Microenterprise Loan Fund.

Email to a friendPosted in KCPW Newsroom. Copyright 2009 KCPW