Utah Small Business Credit Initiative

The Utah Governor’s Office of Economic Opportunity administers a statewide small business capital access 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 and technical assistance to help small businesses and entrepreneurs grow, succeed, and remain stable, benefiting communities nationwide.

New Americans in Utah
Empowering Utah’s Small Businesses

USBCI offers loans to help Utah’s small businesses grow, create jobs, and drive economic opportunities, putting more paychecks into the hands of Utahns.

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

Following the Treasury’s guidelines, Utah anticipates this program will have a 10-to-1 economic impact, unlocking around $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
  • Allocate 29% of funds to women-owned businesses and other culturally, economically, and geographically diverse entrepreneurs
  • Support small businesses by providing funding when they face challenges like limited equity, low credit scores, or time in operation
USBCI Tranche I Funding
USBCI Fund Allocation
This data represents allocations recorded on Dec. 31, 2024.

How USBCI Helps Businesses Grow

USBCI partners with local lenders to offer flexible loan options, making it easier for businesses to access the capital they need.

How it works

  • Utah lenders contract with USBCI to provide loans
  • Utah small businesses work through USBCI lending partners and economic development organizations (EDOs) to apply for access to capital
  • Before approval, USBCI loans undergo a program eligibility review and lender underwriting
  • The Utah lender disburses and manages the small business’s loan

USBCI-contracted lenders in Utah include:

  • Banks
  • Community Development Financial Institutions (CDFIs)
  • Credit unions
  • Economic Development Organizations (EDOS) with revolving loan funds
  • Nonprofit lenders
USBCI’s Loan Programs
Capital Access Program

The USBCI CAP program provides loss protection for loans to businesses without collateral or businesses that need flexible financing options.

This program is ideal for companies with less than 500 employees and loan needs between $25,000 and $5,000,000. We will match your standard rate with the lending rate.

Small Business Loan Requirements

Businesses must apply through an enrolled lender 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 lenders will work with borrowers individually to evaluate their eligibility and underwrite loans in partnership with the USBCI program.

USBCI Enrolled Lenders

USBCI partners with various financial institutions to provide small businesses with access to loans. Below is a list of USBCI-enrolled lenders. When you’ve selected a lender, inform them you’re interested in applying for a USBCI loan.
Lender TypeLender/EDOService AreaContactEmail
Capital Access Program (CAP) LendersDesert Rivers Credit UnionSoutheastern UtahLinkLonnie Campbell[email protected]
Capital Access Program (CAP) LendersMoFiStatewideMary Milodragovich[email protected]
Capital Access Program (CAP) LendersSuazo Business CenterStatewideAndrea Benitez[email protected]
Capital Access Program (CAP) LendersUtah Micro Loan FundStatewideAmy Phelps[email protected]
Loan Participation Program (LPP) LendersAltabankStatewideLinkRyan Jones[email protected]
Loan Participation Program (LPP) LendersBank of UtahStatewideLinkShaun Sampson[email protected]
Loan Participation Program (LPP) LendersBrighton BankGreater Salt LakeShane Giddings[email protected]
Loan Participation Program (LPP) LendersCache Valley BankStatewideLinkRichard Skidmore[email protected]
Loan Participation Program (LPP) LendersDesert Rivers Credit UnionSoutheastern UtahLinkLonnie Campbell[email protected]
Loan Participation Program (LPP) LendersFirst Community BankDavis and Salt Lake CountiesKent Vance[email protected]
Loan Participation Program (LPP) LendersMoFiStatewideMary Milodragovich[email protected]
Loan Participation Program (LPP) LendersMountain West Small Business FinanceWasatch FrontDanielle Lower[email protected]
Loan Participation Program (LPP) LendersState Bank of Southern UtahSouthern UtahLinkEric Swayer[email protected]
Loan Participation Program (LPP) LendersSuazo Business CenterStatewideAndrea Benitez[email protected]
Loan Participation Program (LPP) LendersUFirst Credit UnionStatewideSteven Mathews[email protected]
Loan Participation Program (LPP) LendersUtah First Federal Credit UnionStatewideLinkJeff Stringham[email protected]
Loan Participation Program (LPP) LendersUtah Micro Loan FundStatewideDoug Keefe[email protected]

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
Contact Us
Contact us at [email protected]. You can also contact USBCI team members separately in the Business Services section on the GOEO team webpage.
Stay Connected
Interested in staying connected with USBCI? Sign up for the USBCI newsletter and be the first to know when new funding opportunities are available.