Commercial Affordability Program launched to help local entrepreneurs grow
Eagle Mountain City is rolling out a new program designed to help local entrepreneurs take the next big step in their business journey.
The Commercial Affordability Program (CAP) provides forgivable loans of up to $75,000 for home-based or small Eagle Mountain businesses looking to open their first brick-and-mortar location.
With more than 1,000 registered businesses in Eagle Mountain, most of them home-based, the City recognized that while the entrepreneurial spirit is thriving, many small business owners struggle to afford the transition to physical storefronts. The Commercial Affordability Program aims to bridge that gap.
“We know that commercial space can be difficult to access, especially for small, locally owned businesses,” said Kiara Polee, Eagle Mountain’s Affordability Coordinator. “The goal of this program is to make that leap a little less daunting. We want to support residents who have built something meaningful from their homes and help them grow in our community.”
The program offers forgivable loans, meaning a portion—or in some cases all—of the funds do not need to be repaid if certain conditions are met.
Eligible businesses will complete an application, work with a Small Business Development Center (SBDC) mentor, and ensure they meet U.S. Department of Housing and Urban Development (HUD) requirements. Final applicants will present a business pitch to a selection committee, which will determine two or three loan recipients per year.
Polee said the program directly responds to the rising cost of doing business.
“The price of nearly everything has gone up. This program is one solution the City is offering to help local entrepreneurs stay competitive and reinvest locally,” she said.
Unlike many traditional incentive programs, the Commercial Affordability Program is exclusive to Eagle Mountain-based businesses. National chains are not eligible, reinforcing the City’s focus on fostering a homegrown business environment.
“There’s something special about walking into a business where you know the owner, where they’re your neighbor,” Polee said. “That’s the kind of environment Eagle Mountain wants to cultivate. Supporting local business owners keeps more money in the community and strengthens those personal connections that make our city unique.”
The City’s ongoing commitment to supporting small businesses has already been visible through efforts like the Eagle Mountain Farmers Market and community events that give local entrepreneurs opportunities to connect with customers. Polee said programs like these often serve as springboards for small vendors to grow into established storefronts.
“This isn’t a one-size-fits-all approach,” Polee said. “We’re looking at ways to create flexible, affordable commercial environments where small businesses can excel.”
Applications are now open. Businesses interested in applying can visit the Commercial Affordability Program page for more details.