Utah Small Business Credit Initiative

Strengthening Utah Small Businesses With USBCI


In 2023, the Utah Governor’s Office of Economic Opportunity built and set up a new federally funded program to reinforce small businesses throughout the state, particularly emphasizing underserved and rural communities. The new program is the Utah Small Business Credit Initiative (USBCI).

Understanding USBCI


USBCI, financed by the U.S. Department of Treasury’s State Small Business Credit Initiative Program under the 2021 American Rescue Plan Act, is a strategic response to the difficulties faced by small businesses in securing necessary capital.

With $69 million allocated to Utah from the U.S. Treasury, the initiative seeks to invigorate Utah’s entrepreneurial landscape. The Treasury and the state of Utah signed an agreement in November 2022, and USBCI program funds are available in tranches through 2030.

Utah anticipates the program will unlock about $690 million in private investments, substantially impacting the state’s small business sector.

The USBCI program will expand access to capital for Utah business owners in underserved communities, with a target of 29% of program funds allocated to businesses owned by women and culturally, economically, and geographically diverse entrepreneurs.

The program is most helpful to small businesses that cannot access traditional bank loans due to limited equity or time in operation.

USBCI’s Loan Programs
Capital Access Program (CAP)
The Capital Access Program motivates lenders to finance more projects by offering loss protection. Loan protection is particularly vital for businesses that may not meet the criteria for conventional loans. By mitigating lending risks, CAP ensures that a broader range of small businesses can access the capital they need to flourish.
How Utah Small Businesses Can Access USBCI Loans

USBCI contracts with Utah lenders, including:

  • Banks
  • Community development financial institutions (CDFIs)
  • Credit unions
  • Economic development organizations with revolving loan funds
  • Nonprofit lenders

Small businesses go to USBCI-contracted lenders to apply for and secure loans in partnership with the state.

List of enrolled lenders
Utah’s small businesses receive capital from the lender, and loan repayments help fund more access to capital for the state’s small businesses.

Program Requirements

Businesses must apply through an enrolled lender to participate in the USBCI program. Because this program works with lenders’ private capital, it reduces but does not eliminate traditional lending requirements. Program requirements include:

  • Business plan/intended use
  • Financial projections
  • Tax returns
  • Collateral
  • Business and personal credit scores
  • USBCI Certifications (listed below)

USBCI-enrolled lenders will work with borrowers individually to evaluate their eligibility for USBCI programs.

Our Pledge to Support and Grow

USBCI is more than a financial program; it’s a pledge to nurture and support the growth of Utah’s small businesses. By improving access to capital, the initiative helps drive business expansion, realize the dreams of entrepreneurs, and fortify the state’s economic base.

For more information on how the USBCI can benefit your business, especially if you are in an underserved area, contact the team at capitalaccess@utah.gov.


USBCI Enrolled Lenders

USBCI partners with financial institutions to provide small businesses with loans. Please find a list of USBCI-enrolled lenders below. When you’ve selected a lender, let them know you’re interested in applying for a USBCI loan.
Capital Access Program

Lender/EDO Service Area Contact Email
Desert Rivers Credit Union Southeastern Utah Lonnie Campbell
lonnie@mydrcu.com
MoFi Statewide Mary Milodragovich
marym@mofi.org
Suazo Business Center Statewide Andrea Benitez
andrea@suazocenter.org
Utah Micro Loan Fund Statewide Amy Phelps
aphelps@umlf.org
Loan Participation Program

Lender/EDO Service Area Contact Email
Altabank Statewide Ryan Jones
ryan.jones@altabank.com
Brighton Bank Greater Salt Lake Shane Giddings
sgiddings@brightonbank.com
Cache Valley Bank Statewide Richard Skidmore
rskidmore@cachevalleybank.com
Desert Rivers Credit Union Southeastern Utah Lonnie Campbell
lonnie@mydrcu.com
First Community Bank Davis and Salt Lake Counties Kent Vance
kvance@fcbutah.com
MoFi Statewide Mary Milodragovich
marym@mofi.org
Mountain West Small Business Finance Wasatch Front Danielle Lower
dlower@mwsbf.com
State Bank of Southern Utah Southern Utah Eric Swayer
esawyer@sbsu.com
Suazo Business Center Statewide Andrea Benitez
andrea@suazocenter.org
Utah First Federal Credit Union Statewide Jeff Stringham
jstringham@utahfirst.com
Utah Micro Loan Fund Statewide Doug Keefe
dkeefe@umlf.org

2024 Q1 Treasury Report
Contact Us
You can reach our team at capitalaccess@utah.gov. You can also see our team listed under Business Resources on our team webpage.
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