The Utah Small Business Credit Initiative (USBCI) program, set to operate through 2030, demonstrates a long-term commitment to Utah’s economic backbone: small businesses. With a $69 million U.S. Treasury allocation the state plans to receive in three tranches, the program will consistently support the state’s small business sector over the coming years.
The Governor’s Office of Economic Opportunity administers the USBCI program to expand small businesses’ access to capital, create jobs, and strengthen ecosystems of opportunity and entrepreneurship in Utah.
USBCI’s community lending partners include notable institutions like Desert Rivers Federal Credit Union, First Community Bank of Utah, MoFi, and Suazo Business Center. The program continues integrating more banks and lending organizations to expand its statewide reach and impact.
Commitment to Transparency and Accessibility
In line with its commitment to transparency, the USBCI program will launch an online dashboard in the first quarter of 2024, allowing stakeholders and the public to track the utilization of funds and the program’s overall impact.
Looking Ahead: Inclusive Growth and Prosperity
The USBCI program partners with financial institutions across the state and focuses on the needs of underserved and very small businesses. This collaboration helps catalyze economic opportunities, job creation, and sustainable development in historically overlooked communities.
Suazo Business Center, a local community development financial institution, recently closed a USBCI Capital Access Program loan for Chopper Landscaping, allowing the business to expand its operations and create jobs.
By focusing on underserved, rural, and VSBs, the partnership between USBCI and lending institutions is poised to drive economic opportunities, job creation, and sustainable growth, ensuring more sectors of Utah’s business community can flourish.
Are you a financial institution interested in learning more about how to partner with USBCI? Are you a small business owner interested in learning more about USBCI loans available through local lenders? We welcome inquiries at capitalaccess@utah.gov.