Salt Lake City, UT (2016)

TaskEasy Inc

Investment

  • NMTC Amount: $1,650,000
  • Total Project Cost: $1,650,000

IMPACT

  • 50 FTE jobs

Investor

Project Description

TaskEasy has announced the availability of two new credit facilities to support its continued growth. Enhanced Community Development, a subsidiary of Enhanced Capital, provided $1.65 million in debt financing through the federal New Markets Tax Credit program, the Utah Small Business Jobs Act and private capital from Goldman Sachs’ Urban Investment Group. In addition, Square 1 Bank, a division of Pacific Western Bank, has renewed a $2.2 million facility, first established in May 2015, and has increased the amount to $5.5 million.

“Having Square 1 and Enhanced Community Development as financial services partners will help provide us with very secure footing for our next growth period,” said Ken Davis, CEO of TaskEasy. “These debt facilities, combined with our recent $12 million series B fundraising, are a good vote of confidence in our business model.” In 2015, Goldman Sachs provided equity and a loan to Enhanced Community Development to make loans to small businesses in Utah. TaskEasy worked with Enhanced Community Development to pursue specific community investment benefits. As a fast-growing startup headquartered in a low-income community, TaskEasy is contributing to the economic redevelopment of the Millcreek neighborhood of Salt Lake City. The financing agreement between TaskEasy and Enhanced Community Development is in part the result of that qualification.

MAP

1521 East 3900 South, Salt Lake City, UT 84124

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Salt Lake City, UT | 2nd District

TaskEasy has announced the availability of two new credit facilities to support its continued growth. Enhanced Community Development, a…