The Governor’s Office of Economic Opportunity recently announced the launch of its Utah Small Business Credit Initiative. This federally funded lending program makes qualifying for loans easier for Utah small businesses and entrepreneurs.
The American Rescue Plan Act of 2021 reauthorizes and expands this federally funded program and provides a combined $10 billion to states, the District of Columbia, territories, and tribal governments to expand access to capital for small businesses emerging from the pandemic. Additionally, it will build ecosystems of opportunity and entrepreneurship, create high-quality jobs, and provide access to capital for small businesses throughout Utah.
The U.S. Treasury recently signed a formal allocation agreement that authorizes Utah to operate lending programs with $69 million in funding.
“Over the past several months, the Economic Opportunity office held community partner meetings, met with small businesses, and connected with lenders and trusted business resource providers. Now that the U.S. Treasury has approved our application, we have $69 million in funding to provide low-interest loans to Utah entrepreneurs,” said Pete Codella, managing director of business services.
The program will open the application process to financial institutions next year. Interested financial institutions and lending partners should contact the USBCI team at capitalaccess@utah.gov.
Approved lenders will begin running the program for Utah’s small businesses in 2023. Interested constituents should sign up for the Utah Small Business Credit Initiative newsletter to stay apprised of program news, announcements, and information.
Organizations working with small businesses may contact the USBCI team to discuss opportunities to share the information with their communities.
The Governor’s Office of Economic Opportunity is grateful to dozens of community partners for their time and input in customizing this program to meet the business loan needs of Utah entrepreneurs.