The American Rescue Plan Act of 2021 reauthorizes and expands the State Small Business Credit Initiative (SSBCI) program. SSBCI will provide 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, build ecosystems of opportunity and entrepreneurship, and create high-quality jobs.
The SSBCI program will expand access to capital, promote economic resiliency, create new jobs, and increase economic opportunity. The program also focuses on developing opportunities in underserved communities lacking capital and building financing ecosystems that support entrepreneurs and small businesses.
The state of Utah is projected to receive $69 million in funding from SSBCI, including $4.1 million for businesses with less than 10 employees and $8.3 million for businesses owned by socially and economically disadvantaged individuals, as defined by the U.S. Department of Treasury.
Through a robust discovery and design process, Utah has selected three types of SSBCI programs to promote capital access to all recipient jurisdictions, including in underserved areas. These programs include:
- Capital Access Program (CAP)
- Loan Guarantee Program (LGP)
- Loan Participation Program (LPP)
The state looks forward to these programs and their positive impact on credit availability in Utah.
Anticipated milestones to be completed before the program launches later this year:
- Feb. 11, 2022: The state of Utah submits a completed application to the Treasury Department for SSBCI funds
- Feb. to May 2022: Treasury reviews and approves the state of Utah application
- Immediately after application approval: The state of Utah receives SSBCI funding
90 days after application approval: SSBCI programs are projected to launch
Working with Lenders
Go Utah looks forward to partnering with local lenders to expand access to capital for small businesses in Utah. We'll help reinforce and build ecosystems of opportunity for Utah entrepreneurs.
If you're a local lender interested in participating in SSBCI, please get in touch with Alecia Holmes in our office at firstname.lastname@example.org.