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"Utah is the most pro-small business state in the country"

"Small businesses in Utah will soon have the opportunity to access capital through the state’s new State Small Business Credit Initiative (SSBCI) program,” writes Heather Beer for UtahBusiness.com.

Best Economy

Utah ranked the nation’s best economy and No. 3 Best State overall

U.S. News & World Report — July 2022

Best Economic Outlook

Utah ranked No. 1 for the 15th year in a row

Rich States Poor States — April 2022

    The American Rescue Plan Act of 2021 reauthorizes and expands the Utah Small Business Credit Initiative (USBCI) program. USBCI 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 USBCI 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 USBCI, 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 USBCI programs to promote capital access to all recipient jurisdictions, including in underserved areas. These programs include:

    1. Capital Access Program (CAP)
    2. Loan Guarantee Program (LGP)
    3. Loan Participation Program (LPP)

    The state looks forward to these programs and their positive impact on credit availability in Utah.

    Timeline

    Go Utah is currently working with the U.S. Department of Treasury on signing a funding agreement. The USBCI program is projected to be available for small businesses in the fourth quarter of 2022.
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    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 USBCI, please get in touch with Alecia Holmes in our office at aleciahart@utah.gov.

    Community Engagement

    Go Utah holds regular USBCI Community Partner Meetings to gather input on how we can maximize the success of this program. If you would like to attend these meetings, please reach out to Alecia Hart at aleciahart@utah.gov.

    For More Information

    For more information about the USBCI Program, visit the Treasury Department USBCI webpages, including:

    Office Contacts

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    Alecia Hart

    Strategic Programs Manager

    801-538-8680
    aleciahart@utah.gov