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 to help small businesses and entrepreneurs grow, succeed, and remain stable, benefiting communities nationwide.

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

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

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

Loan Participation Program (LPP)

The USBCI Loan Participation Program offers competitive 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 adding a government-backed USBCI rate of 0.5% to 3% to your standard market rate.

LPP purchases up to 50% 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 and utilizes a network of Economic Development Organizations (EDOs) to manage the loan program on behalf of the state.

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 over $1 million require additional USBCI committee approval.

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.

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 defaulted enrolled loan.

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 over $1 million require additional USBCI committee approval.

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.

Utah Chamber Referral Incentive Program

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 Chamber — 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 lenders will work with borrowers to evaluate their eligibility and underwrite loans in partnership with the USBCI program. This incentive program runs from July 1 to Dec. 31, 2025.

Get Started

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

Each loan must be registered and have prior eligibility based on the terms and conditions as set forth. This USBCI incentive program runs from Feb. 1 to June 30, 2025.

Learn More

Support local businesses while benefiting your organization. Connect with us at [email protected].

Resources

View the one-page info sheet.

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 Type	Lender/EDO	Service Area	Service Area Link	Contact	Email
Capital Access Program (CAP) Lenders	Desert Rivers Credit Union	Southeastern Utah	Link	Lonnie Campbell	[email protected]
Capital Access Program (CAP) Lenders	MoFi	Statewide		Mary Milodragovich	[email protected]
Capital Access Program (CAP) Lenders	Suazo Business Center	Statewide		Andrea Benitez	[email protected]
Capital Access Program (CAP) Lenders	Utah Micro Loan Fund	Statewide		Amy Phelps	[email protected]
Loan Participation Program (LPP) Lenders	Altabank	Statewide	Link	Ryan Jones	[email protected]
Loan Participation Program (LPP) Lenders	Bank of Utah	Statewide	Link	Shaun Sampson	[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	Link	Richard Skidmore	[email protected]
Loan Participation Program (LPP) Lenders	Desert Rivers Credit Union	Southeastern Utah	Link	Lonnie Campbell	[email protected]
Loan Participation Program (LPP) Lenders	First Community Bank	Davis and Salt Lake Counties		Kent Vance	[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		Danielle Lower	[email protected]
Loan Participation Program (LPP) Lenders	State Bank of Southern Utah	Southern Utah	Link	Eric Swayer	[email protected]
Loan Participation Program (LPP) Lenders	Suazo Business Center	Statewide		Andrea Benitez	[email protected]
Loan Participation Program (LPP) Lenders	UFirst Credit Union	Statewide		Steven Mathews	[email protected]
Loan Participation Program (LPP) Lenders	Utah First Federal Credit Union	Statewide	Link	Jeff Stringham	[email protected]
Loan Participation Program (LPP) Lenders	Utah Micro Loan Fund	Statewide		Doug Keefe	[email protected]
Loan Participation Program (LPP) Lenders	Davis County Council of Governments Inc	Statewide		Alex Leonardi	[email protected]
Loan Participation Program (LPP) Lenders	First Utah Bank	Statewide		Thomas Moea'i	[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.

USBCI News

Mar / 2025

Utah Small Businesses Gain $23 Million Boost Through Federal SSBCI Funding

Nov / 2024

USBCI Director at the Utah Hispanic Chamber of Commerce Conference

Nov / 2024

USBCI Quarterly US Treasury Report for Q3 of 2024

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