The Governor’s Office of Economic Opportunity (GOEO) announces the addition of lending partners to the Utah Small Business Credit Initiative (USBCI) program, reflecting its ongoing commitment to the success of Utah’s small businesses.
The USBCI program welcomes MoFi and the Suazo Business Center as economic development organizations. First Community Bank of Utah (a subsidiary of Glacier Bank) also signed contracts to become participating lenders.
USBCI facilitates access to capital for unbanked and underbanked businesses statewide. This program is integral to sustaining Utah’s reputation for a robust and dynamic economy where businesses of all sizes can flourish.
These USBCI lending partners help the program achieve complete statewide coverage.
A Commitment to Utah’s Small Business Community
The USBCI program embodies Utah’s values of entrepreneurship, innovation, and community spirit. It’s an essential tool in the strategic approach to support and nurture businesses across the state, enhancing the economic fabric of Utah communities.
“The USBCI initiative is more than a small business financial support system. It’s a key element in our economic development and startup state strategy to nurture and grow small business in Utah,” said Pete Codella, managing director of business services at GOEO. “Through USBCI, we help ensure Utah’s small businesses have access to capital and opportunities to succeed and contribute to Utah’s robust economy.”
Enhancing Economic Opportunities for Diverse Businesses
The federal State Small Business Credit Initiative (SSBCI), USBCI in Utah, aims to help the state’s very small businesses, defined as businesses with fewer than 10 employees. The federal program assists socially and economically disadvantaged individuals (SEDI) businesses, including those in rural areas and women-owned enterprises.
Since Nov. 2022, when the U.S. Treasury contracted with the state of Utah to commit $69 million for the state’s SSBCI program, seven lending partners joined the program.
New USBCI lending partners are announced as they join the program. Stay tuned for additional announcements and quarterly USBCI reports (beginning in Jan. 2024) detailing federal funds received and distributed via Utah small business loans.