USBCI is excited to announce its Quarterly U.S. Treasury Report for Q3 of 2024. 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.
As USBCI grows, it remains committed to delivering value to Utah. Administered by the Utah Governor’s Office of Economic Opportunity (GOEO), USBCI includes two Treasury-approved loan programs: the Capital Access Program (CAP) and the Loan Participation Program (LPP).
USBCI focuses on allocating 29% of its funds to small business owners in underserved and rural communities to qualify for additional Treasury funding of approximately $4.2 million. To date, USBCI has partnered with four economic development organizations (EDOs) and 15 local lenders to provide statewide coverage, with capital distributed across five counties, including three rural counties.
USBCI is on track to meet its Tranche 1 goal of reaching 80% of the $21 million allocation by early 2025.
View the Q3 report for more details.