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Salt Lake City leaders approved a $600,000 emergency loan fund to support four Main Street businesses damaged by a recent fire, according to city officials. The funding package, approved on Tuesday, provides up to $100,000 per business for short-term operational support following the blaze that impacted Whiskey Street, White Horse, Los Tapatios, and London Belle.
Emergency Loan Terms and Business Support
According to Salt Lake City Council Chairman Chris Wharton, the emergency funds are designed to help businesses continue operations at any location within Salt Lake City. The loans carry a zero-percent interest rate and feature a five-year repayment period. In addition to the direct business loans, the City Council approved funding for safety barricades along Main Street to improve pedestrian flow around the damaged structures, as reported by KSL.com.
London Belle co-owner Frank Paulraj told KSL-TV that the municipal aid serves as a crucial lifeline for the affected operators. City leaders also considered a Main Street Employee Rental Assistance Program to aid hundreds of workers affected by the incident, though that specific vote was postponed for further review.
Additional Disaster Relief Programs and Timeline
Alongside the immediate emergency fund, the Salt Lake City Council discussed a broader Community Reinvestment Agency Disaster Relief Loan Program during a public budget hearing. According to city disclosures, this larger program would reallocate $5 million from existing funds—specifically $1.6 million from the Central Business District Fund and $3.4 million from the Revolving Loan Fund.
Under the proposed disaster relief loan structure, each qualifying business could apply for up to $1 million to support rebuilding efforts directly on Main Street. Proposed terms for these larger loans include zero-percent interest and no payments for the first two years, followed by a two-percent rate for the remainder of the term, with options to extend a three-year term to five years at a five-percent interest rate. The City Council expects to hold a final vote on these extended relief measures during its first meeting in October.
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