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.
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 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
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.
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
Lender Type | Lender/EDO | Service Area | Contact | ||
---|---|---|---|---|---|
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] |