"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.
Utah ranked the nation’s best economy and No. 3 Best State overall
U.S. News & World Report — July 2022
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:
- 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.
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 email@example.com.