Utah Small Business Credit Initiative

Empowering Utah’s Small Businesses

USBCI offers business loans to help Utah’s entrepreneurs grow, create jobs, and drive economic opportunity, putting more paychecks into Utahns' hands.

Small businesses are the backbone of our neighborhoods, and supporting local businesses through USBCI funding helps create vibrant communities with a variety of shops and services.

Following the Treasury’s guidelines, Utah anticipates this program will have a 10-to-1 economic impact, unlocking approximately $690 million in private investments throughout the state.

USBCI will provide Utahns with critical financial support in the following ways:

Expand access to capital for Utah business owners in underserved communities
Focus 29% of funds on women-owned businesses and other culturally, economically, and geographically based entrepreneurs
Support small businesses by providing funding when they face challenges such as limited equity, low credit scores, or time in operation

How USBCI Helps Businesses Grow

USBCI partners with local banking institutions to offer flexible business loan options, making it easier for your business to access the capital it needs.

Here’s how it works:

Utah banking institutions contract with the State to provide USBCI loans
Utah small businesses apply through USBCI banking partners and economic development organizations (EDOs) to qualify for a USBCI loan
Before approval, USBCI loans undergo a program eligibility review and lender underwriting
The Utah banking institution disburses and manages the small business’s loan

USBCI-contracted banking institutions in Utah include:

Retail Banks
Community Development Financial Institutions (CDFIs)
Credit unions
Economic Development Organizations (EDOS) with revolving loan funds
Nonprofit lenders

USBCI’s Loan Programs

Lower Interest Rates: Loan Participation Program (LPP)

The USBCI Loan Participation Program offers lower-than-average interest rates on collateralized loans. It is ideal for companies with less than 750 employees and loan needs between $10,000 and $20,000,000.

Your lending rate is determined by blending a government-backed USBCI rate of 0.5% to 3% with the standard rate of your chosen USBCI banking institution partner, resulting in a lower-than-average market rate.

Find out your eligibility with your USBCI-enrolled banking institution of choice.

Find an Enrolled Partner

With LPP, the State purchases up to 40% of small-business loans to expand access to credit and lower blended interest rates for small-business borrowers.

The program runs from 2023 to 2030

USBCI Loan Participation Program Policy

*All loan programs require a lender’s approval based on their specific guidelines. USBCI does not refinance existing debt. Requests for participation exceeding $1 million require additional approval from the USBCI committee.

Minimal To Zero Collateral: Capital Access Program (CAP)

The USBCI CAP program provides lender loss protection for loans to businesses with little or no collateral or to businesses that need flexible financing options.

This program is ideal for businesses with fewer than 500 employees and loan needs between $25,000 and $5,000,000. Your rate will be the standard rate of the USBCI lender you apply with.

Find out your eligibility with your USBCI-enrolled banking institution of choice.

Find an Enrolled Partner

CAP is a loan loss reserve program that helps lenders fund projects considered too risky for conventional lending. Through CAP, the state provides funds to a dedicated loan loss reserve account that lenders can utilize if a loan defaults.

The reserve account balance increases with each enrolled loan. Once the lender has accumulated sufficient reserves, they can receive up to 100% reimbursement for any enrolled loan that has defaulted.

Program funding is available from 2023 to 2030.

USBCI Capital Access Program Policy

*All loan programs require a lender’s approval based on their specific guidelines. USBCI does not refinance existing debt. Requests for participation exceeding $250,000 require additional approval from the USBCI committee.

Small Business Loan Requirements

Businesses must apply through an enrolled banking institution to access a USBCI business loan. This program leverages lenders' private capital, helping to ease — but not eliminate — traditional lending requirements.

Small business loan requirements include:

Business plan/intended use
Financial projections
Tax returns
Collateral
Business and personal credit scores
USBCI certifications (accessed through the bank)

USBCI-enrolled banking institutions will work with borrowers individually to evaluate their eligibility and underwrite loans in partnership with the State.

Technical Assistance Program: Access Business Education

The USBCI Technical Assistance (TA) Grant Program provides Utah small businesses with low-cost expert advisory services and classes. These resources help businesses navigate legal, accounting, and financial hurdles to remain compliant and capital-ready for USBCI or other financing programs.

Business Benefits

TA Providers offer expertise in three key areas:

Legal: Business formalization, governance, licensing, and transitions like employee ownership (ESOPs).
Accounting: Financial statement preparation, bookkeeping setup, and audit readiness.
Financial Advisory: Banking relations, identifying loan sources, and credit applications.

Eligibility for Assistance

Businesses applying for a loan can access these services if they meet one of these requirements:

Very Small Businesses (VSBs): Under 10 employees, including sole proprietors.
SEDI-Owned Businesses: At least 51% owned by individuals with limited credit access due to social or economic factors (e.g., women, veterans, rural, or low-income areas).

Authorized TA Providers

Access these services through our partner network. Contact a certified provider below for educational workshop schedules and more:

Referral Incentive Program for Community Organizations

Utah’s chambers of commerce play a vital role in connecting businesses to the resources they need to grow. By partnering with USBCI’s Utah Chamber Referral Incentive (CRI) program, you can help local businesses secure funding while unlocking valuable benefits for your chamber.

Why Partner with USBCI?

Connect Businesses to Funding — Help Utah’s small businesses access essential financing.
Support Local Job Growth — Promote USBCI loans to drive business expansion and job creation.
Earn Incentives for Your Organization — Strengthen your programs with referral incentives.

How It Works

Your organization earns 0.5% (50 bps) of the loan amount — up to $7,500 per loan — when a referred loan is approved, closed, and funded. To qualify, your organization must be listed by the Economic Development Organization in the initial application. For more information, email us at [email protected].

Each loan must be registered and meet eligibility requirements. Small business loan requirements include:

Business plan/intended use
Financial projections
Tax returns
Collateral
Business and personal credit scores
USBCI certifications (accessed through the bank)

USBCI-enrolled banking institutions will work with borrowers to evaluate their eligibility and underwrite loans in partnership with the USBCI program. This incentive program runs until Dec. 31, 2028.

Get Started

Support local businesses while strengthening your organization. Learn more at [email protected].

Each loan must be registered and have prior eligibility in accordance with the terms and conditions set forth.

Resources

View the one-page info sheet.

USBCI Enrolled Banking Institutions

USBCI partners with various banking institutions to provide small businesses with access to loans. Below is a list of USBCI-enrolled banking institutions. When you’ve selected a lender, inform them you’re interested in applying for a USBCI loan.

Capital Access Program (CAP) Lenders

Lender Type	Lender/EDO	Service Area	Service Area Link	Contact	Email
Capital Access Program (CAP) Lenders	Desert Rivers Credit Union	Southeastern Utah	https://www.desertriverscu.com/information/#about	Lonnie Campbell	[email protected]
Capital Access Program (CAP) Lenders	MoFi	Statewide		Mary Milodragovich	[email protected]
Capital Access Program (CAP) Lenders	Suazo Business Center	Statewide		Cesar Rodarte	[email protected]
Capital Access Program (CAP) Lenders	Utah Micro Loan Fund	Statewide		Amy Phelps	[email protected]
Lender Type	Lender/EDO	Service Area	Service Area Link	Contact	Email
Loan Participation Program (LPP) Lenders	Altabank	Statewide	https://www.altabank.com/locations	Ryan Jones	[email protected]
Loan Participation Program (LPP) Lenders	Bank of Utah	Statewide	https://www.bankofutah.com/locations	Bradley Stucki	[email protected]
Loan Participation Program (LPP) Lenders	Brighton Bank	Greater Salt Lake		Shane Giddings	[email protected]
Loan Participation Program (LPP) Lenders	Cache Valley Bank	Statewide	https://www.cachevalleybank.com/locations	Richard Skidmore	[email protected]
Loan Participation Program (LPP) Lenders	Canyon View Credit Union	Statewide		Steven Mathews	[email protected]
Loan Participation Program (LPP) Lenders	CCBank	Utah and Washington Counties		Tyson Griffin	[email protected]
Loan Participation Program (LPP) Lenders	Davis County Council of Governments Inc	Statewide		Alex Leonardi	[email protected]
Loan Participation Program (LPP) Lenders	Desert Rivers Credit Union	Southeastern Utah	https://www.desertriverscu.com/information/#about	Lonnie Campbell	[email protected]
Loan Participation Program (LPP) Lenders	D.L. Evans Bank	Northen Utah, Salt Lake and Utah Counties		Jordan Harrison	[email protected]
Loan Participation Program (LPP) Lenders	First Community Bank	Davis and Salt Lake Counties		Kent Vance	[email protected]
Loan Participation Program (LPP) Lenders	First Utah Bank	Statewide		Thomas Moea'i	[email protected]
Loan Participation Program (LPP) Lenders	MoFi	Statewide		Mary Milodragovich	[email protected]
Loan Participation Program (LPP) Lenders	Mountain West Small Business Finance	Wasatch Front		Madison Ambrose	[email protected]
Loan Participation Program (LPP) Lenders	State Bank of Southern Utah	Southern Utah	https://www.sbsu.com/branch-information	Eric Sawyer	[email protected]
Loan Participation Program (LPP) Lenders	Suazo Business Center	Statewide		Cesar Rodarte	[email protected]
Loan Participation Program (LPP) Lenders	Utah First Federal Credit Union	Statewide	https://utahfirst.com/locations/	Jeff Stringham	[email protected]
Loan Participation Program (LPP) Lenders	Utah Micro Loan Fund	Statewide		Doug Keefe	[email protected]

Loan Participation Program (LPP) Lenders

Lender Type	Lender/EDO	Service Area	Service Area Link	Contact	Email
Capital Access Program (CAP) Lenders	Desert Rivers Credit Union	Southeastern Utah	https://www.desertriverscu.com/information/#about	Lonnie Campbell	[email protected]
Capital Access Program (CAP) Lenders	MoFi	Statewide		Mary Milodragovich	[email protected]
Capital Access Program (CAP) Lenders	Suazo Business Center	Statewide		Cesar Rodarte	[email protected]
Capital Access Program (CAP) Lenders	Utah Micro Loan Fund	Statewide		Amy Phelps	[email protected]
Lender Type	Lender/EDO	Service Area	Service Area Link	Contact	Email
Loan Participation Program (LPP) Lenders	Altabank	Statewide	https://www.altabank.com/locations	Ryan Jones	[email protected]
Loan Participation Program (LPP) Lenders	Bank of Utah	Statewide	https://www.bankofutah.com/locations	Bradley Stucki	[email protected]
Loan Participation Program (LPP) Lenders	Brighton Bank	Greater Salt Lake		Shane Giddings	[email protected]
Loan Participation Program (LPP) Lenders	Cache Valley Bank	Statewide	https://www.cachevalleybank.com/locations	Richard Skidmore	[email protected]
Loan Participation Program (LPP) Lenders	Canyon View Credit Union	Statewide		Steven Mathews	[email protected]
Loan Participation Program (LPP) Lenders	CCBank	Utah and Washington Counties		Tyson Griffin	[email protected]
Loan Participation Program (LPP) Lenders	Davis County Council of Governments Inc	Statewide		Alex Leonardi	[email protected]
Loan Participation Program (LPP) Lenders	Desert Rivers Credit Union	Southeastern Utah	https://www.desertriverscu.com/information/#about	Lonnie Campbell	[email protected]
Loan Participation Program (LPP) Lenders	D.L. Evans Bank	Northen Utah, Salt Lake and Utah Counties		Jordan Harrison	[email protected]
Loan Participation Program (LPP) Lenders	First Community Bank	Davis and Salt Lake Counties		Kent Vance	[email protected]
Loan Participation Program (LPP) Lenders	First Utah Bank	Statewide		Thomas Moea'i	[email protected]
Loan Participation Program (LPP) Lenders	MoFi	Statewide		Mary Milodragovich	[email protected]
Loan Participation Program (LPP) Lenders	Mountain West Small Business Finance	Wasatch Front		Madison Ambrose	[email protected]
Loan Participation Program (LPP) Lenders	State Bank of Southern Utah	Southern Utah	https://www.sbsu.com/branch-information	Eric Sawyer	[email protected]
Loan Participation Program (LPP) Lenders	Suazo Business Center	Statewide		Cesar Rodarte	[email protected]
Loan Participation Program (LPP) Lenders	Utah First Federal Credit Union	Statewide	https://utahfirst.com/locations/	Jeff Stringham	[email protected]
Loan Participation Program (LPP) Lenders	Utah Micro Loan Fund	Statewide		Doug Keefe	[email protected]

What is the Utah Small Business Credit Initiative?

The Utah Governor’s Office of Economic Development administers a statewide small business financing program under the U.S. Treasury’s State Small Business Credit Initiative, established by the 2021 American Rescue Plan Act. In Utah, the loan program is called the Utah Small Business Credit Initiative (USBCI).

According to the U.S. Treasury, the program is a transformational investment in American small businesses. It provides capital to help small businesses and entrepreneurs grow, succeed, and remain stable, benefiting communities nationwide.

U.S. Treasury’s State Small Business Credit Initiative

Quarterly Reports

The U.S. Treasury requires states participating in its State Small Business Credit Initiative (SSBCI) program to report program allocations, income, and expenses quarterly and annually.

View All Reports