Utah Small Business Credit Initiative

Empowering Utah’s Small Businesses with Government-Backed Funding

The Utah Small Business Credit Initiative (USBCI) partners with local lenders to expand access to capital. If your business has limited equity, a lower credit score, or a short time in operation, our programs help you secure the low-interest funding you need to grow.

Small businesses are the backbone of our neighborhoods, and supporting local businesses through USBCI funding helps create vibrant communities with a variety of shops and services. Following the U.S. Treasury’s guidelines, Utah anticipates that this program will have a 10-to-1 economic impact, unlocking approximately $690 million in private investment throughout the state by providing flexible borrowing options, lower blended interest rates, and reduced risk for your local bank to approve your funding.

Targeted Capital Deployment

While open to all qualifying Utah small businesses, this state-administered program tracks federal benchmarks to expand small business financing:

Underserved Capital Markets: Expanding local banking footprints and credit availability within economically underutilized communities.
Targeted Allocation Metrics: Deploying a minimum of 29% of program funds directly to women-owned businesses, rural enterprises, and individuals facing objective geographic, cultural, or economic barriers.
Mitigating Traditional Credit Hurdles: Supporting viable operations facing traditional underwriting constraints like limited equity, short business histories, or low credit scores.

How the USBCI Program Works

USBCI partners with local banking institutions to offer flexible business loan options, making it easier for your business to access the capital it needs. These are the steps:

Find a USBCI Lending Partner: Review our directory of contracted Utah financial institutions and choose a lender.
Submit Your Application: Apply for a business loan directly through that partner bank or Economic Development Organization (EDO).
Review & Underwriting: The lender evaluates your application using flexible USBCI criteria alongside their own internal bank underwriting guidelines.
Funding & Management: Once approved, the local institution disburses the capital and services your business loan directly.

Participating Lender Types

You can access USBCI funding through our various approved lending partners, including:

Retail Banks
Community Development Financial Institutions (CDFIs)
Credit Unions
Nonprofit Lenders
Economic Development Organizations (EDOs) with revolving loan funds

USBCI’s Loan Programs

Lower Interest Rates: Loan Participation Program (LPP)

The USBCI Loan Participation Program offers lower-than-average interest rates on collateralized loans. It is ideal for businesses with fewer than 750 employees and loan needs ranging from $10,000 to $20,000,000.

Your lending rate is determined by blending a government-backed USBCI rate of 0.5% to 3% with the standard rate of your chosen USBCI banking institution partner, resulting in a lower-than-average market rate.

Find out eligibility with your USBCI-enrolled banking institution of choice.

Find an Enrolled Partner

With LPP, the State purchases up to 40% 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.

USBCI Loan Participation 2025 Program Policy

Please Note: All loan programs require lender approval in accordance with their specific guidelines. USBCI does not refinance existing debt. Requests for participation exceeding $1,000,000 require additional approval from the USBCI committee.

Minimal To Zero Collateral: Capital Access Program (CAP)

The USBCI CAP program provides lender loss protection for loans to businesses with little or no collateral or to businesses that need flexible financing options.

This program is ideal for businesses with fewer than 500 employees and loan needs between $25,000 and $5,000,000. Your rate will be the standard rate of the USBCI lender you apply with.

Find out eligibility with your USBCI-enrolled banking institution of choice.

Find an Enrolled Partner

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 enrolled loan that has defaulted.

Program funding is available from 2023 to 2030.

USBCI Capital Access 2026 Program Policy

Please Note: All loan programs require lender approval in accordance with their specific guidelines. USBCI does not refinance existing debt. Requests for participation exceeding $250,000 require additional approval from the USBCI committee.

Small Business Loan Requirements

Businesses must apply through an enrolled banking institution 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 typically include:

Business Plan: Outlining your operations and the intended use of the loan funds.
Financial Projections: Clear forecasts demonstrating your business’s future revenue and repayment capacity.
Tax Returns: Recent federal and state business (and personal) tax documentation.
Collateral: Assets available to secure the financing (primarily required under the LPP framework).
Credit Scores: Evaluation of both your business and personal credit history.
USBCI Certifications: Legal program-eligibility certifications provided and completed directly through your chosen bank.

USBCI-enrolled banking institutions will work with borrowers individually to evaluate their eligibility and underwrite loans in partnership with the State.

USBCI Enrolled Banking Institutions

The State of Utah partners with trusted local lenders to provide small businesses with streamlined access to commercial capital. Review the directory below to find an approved partner. Once you select a lender, contact them directly and let them know you are interested in applying for a USBCI-backed loan.

Lower Interest Rates: LPP Lenders

Lender Type	Lender/EDO	Service Area	Service Area Link	Contact	Email
Capital Access Program (CAP) Lenders	Desert Rivers Credit Union	Southeastern Utah	https://www.desertriverscu.com/information/#about	Lonnie Campbell	[email protected]
Capital Access Program (CAP) Lenders	MoFi	Statewide		Mary Milodragovich	[email protected]
Capital Access Program (CAP) Lenders	Suazo Business Center	Statewide		Cesar Rodarte	[email protected]
Capital Access Program (CAP) Lenders	Utah Micro Loan Fund	Statewide		Amy Phelps	[email protected]
Lender Type	Lender/EDO	Service Area	Service Area Link	Contact	Email
Loan Participation Program (LPP) Lenders	Altabank	Statewide	https://www.altabank.com/locations	Ryan Jones	[email protected]
Loan Participation Program (LPP) Lenders	Bank of Utah	Statewide	https://www.bankofutah.com/locations	Bradley Stucki	[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	https://www.cachevalleybank.com/locations	Richard Skidmore	[email protected]
Loan Participation Program (LPP) Lenders	Canyon View Credit Union	Statewide		Steven Mathews	[email protected]
Loan Participation Program (LPP) Lenders	CCBank	Utah and Washington Counties		Tyson Griffin	[email protected]
Loan Participation Program (LPP) Lenders	Davis County Council of Governments Inc	Statewide		Alex Leonardi	[email protected]
Loan Participation Program (LPP) Lenders	Desert Rivers Credit Union	Southeastern Utah	https://www.desertriverscu.com/information/#about	Lonnie Campbell	[email protected]
Loan Participation Program (LPP) Lenders	D.L. Evans Bank	Northen Utah, Salt Lake and Utah Counties		Jordan Harrison	[email protected]
Loan Participation Program (LPP) Lenders	First Community Bank	Davis and Salt Lake Counties		Kent Vance	[email protected]
Loan Participation Program (LPP) Lenders	First Utah Bank	Statewide		Thomas Moea'i	[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		Madison Ambrose	[email protected]
Loan Participation Program (LPP) Lenders	State Bank of Southern Utah	Southern Utah	https://www.sbsu.com/branch-information	Eric Sawyer	[email protected]
Loan Participation Program (LPP) Lenders	Suazo Business Center	Statewide		Cesar Rodarte	[email protected]
Loan Participation Program (LPP) Lenders	Utah First Federal Credit Union	Statewide	https://utahfirst.com/locations/	Jeff Stringham	[email protected]
Loan Participation Program (LPP) Lenders	Utah Micro Loan Fund	Statewide		Doug Keefe	[email protected]

Minimal To Zero Collateral: CAP Lenders

Lender Type	Lender/EDO	Service Area	Service Area Link	Contact	Email
Capital Access Program (CAP) Lenders	Desert Rivers Credit Union	Southeastern Utah	https://www.desertriverscu.com/information/#about	Lonnie Campbell	[email protected]
Capital Access Program (CAP) Lenders	MoFi	Statewide		Mary Milodragovich	[email protected]
Capital Access Program (CAP) Lenders	Suazo Business Center	Statewide		Cesar Rodarte	[email protected]
Capital Access Program (CAP) Lenders	Utah Micro Loan Fund	Statewide		Amy Phelps	[email protected]
Lender Type	Lender/EDO	Service Area	Service Area Link	Contact	Email
Loan Participation Program (LPP) Lenders	Altabank	Statewide	https://www.altabank.com/locations	Ryan Jones	[email protected]
Loan Participation Program (LPP) Lenders	Bank of Utah	Statewide	https://www.bankofutah.com/locations	Bradley Stucki	[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	https://www.cachevalleybank.com/locations	Richard Skidmore	[email protected]
Loan Participation Program (LPP) Lenders	Canyon View Credit Union	Statewide		Steven Mathews	[email protected]
Loan Participation Program (LPP) Lenders	CCBank	Utah and Washington Counties		Tyson Griffin	[email protected]
Loan Participation Program (LPP) Lenders	Davis County Council of Governments Inc	Statewide		Alex Leonardi	[email protected]
Loan Participation Program (LPP) Lenders	Desert Rivers Credit Union	Southeastern Utah	https://www.desertriverscu.com/information/#about	Lonnie Campbell	[email protected]
Loan Participation Program (LPP) Lenders	D.L. Evans Bank	Northen Utah, Salt Lake and Utah Counties		Jordan Harrison	[email protected]
Loan Participation Program (LPP) Lenders	First Community Bank	Davis and Salt Lake Counties		Kent Vance	[email protected]
Loan Participation Program (LPP) Lenders	First Utah Bank	Statewide		Thomas Moea'i	[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		Madison Ambrose	[email protected]
Loan Participation Program (LPP) Lenders	State Bank of Southern Utah	Southern Utah	https://www.sbsu.com/branch-information	Eric Sawyer	[email protected]
Loan Participation Program (LPP) Lenders	Suazo Business Center	Statewide		Cesar Rodarte	[email protected]
Loan Participation Program (LPP) Lenders	Utah First Federal Credit Union	Statewide	https://utahfirst.com/locations/	Jeff Stringham	[email protected]
Loan Participation Program (LPP) Lenders	Utah Micro Loan Fund	Statewide		Doug Keefe	[email protected]

Technical Assistance Program: Access Business Education

The USBCI Technical Assistance (TA) Grant Program provides Utah small businesses with low-cost expert advisory services and classes. These resources help businesses navigate legal, accounting, and financial hurdles to remain compliant and capital-ready for USBCI or other financing programs.

Business Benefits

TA Providers offer expertise in three key areas:

Legal: Business formalization, governance, licensing, and transitions like employee ownership (ESOPs).
Accounting: Financial statement preparation, bookkeeping setup, and audit readiness.
Financial Advisory: Banking relations, identifying loan sources, and credit applications.

Eligibility for Assistance

Businesses applying for a loan can access these services if they meet one of these requirements:

Very Small Businesses (VSBs): Fewer than 10 employees, including sole proprietors.
SEDI-Owned Businesses: At least 51% owned by Socially and Economically Disadvantaged Individuals who face objective geographic, social, or economic barriers to credit access (e.g., women, veterans, rural, or low-income areas).

Authorized TA Providers

Access these services through our partner network. Contact a certified provider below for educational workshop schedules and more:

Referral Incentive Program for Community Organizations

Utah’s entrepreneurial community organizations play a vital role in connecting businesses to the resources they need to grow. By partnering with USBCI’s Referral Incentive Program for Community Organizations, you can help your community members secure funding for their businesses while unlocking valuable benefits for your own organization.

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 Organization: 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 (EDO) in the initial application.

All referred applicants must meet the program's standard benchmarks. Review the complete checklist in the Small Business Loan Requirements section above. USBCI-enrolled banking institutions will work with borrowers to evaluate their eligibility and underwrite loans in partnership with the USBCI program. This incentive program runs until Dec. 31, 2028.

For more information or to register a referral, email us at [email protected]. This incentive program runs until Dec. 31, 2028.

Get Started

Support local businesses while strengthening your organization. Learn more or begin the registration process by contacting us at [email protected].

Please Note: Each loan must be registered and have prior eligibility in accordance with the terms and conditions set forth.

Resources

View the one-page info sheet.

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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

What is the Utah Small Business Credit Initiative?

The Utah Governor’s Office of Economic Development (GOED) administers this statewide small business financing program under the U.S. Treasury’s State Small Business Credit Initiative (SSBCI), which was established by the 2021 American Rescue Plan Act. In Utah, this localized deployment framework is called the Utah Small Business Credit Initiative (USBCI).

According to the U.S. Treasury, the program represents a transformational investment in American small businesses. It provides necessary capital to help small businesses and entrepreneurs grow, succeed, and maintain long-term stability, directly benefiting local communities throughout the state.

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

Contact Us

Contact us at [email protected]. You can also contact USBCI team members separately in the Operations section on the GOED team webpage.