The Utah Small Business Credit Initiative (USBCI) has completed a year-long transformation. What was once an underperforming program at risk of losing its funding has developed into an award-winning and impactful driver of small business growth in Utah.
In November, Governor Cox presented a Governor’s Award for Excellence in Peer Leadership to Paul Jolley, the director of USBCI. While the award recognizes individual leadership, it serves as a testament to the collective “GRIT” and dedication of the entire USBCI team and the Governor’s Office of Economic Opportunity (GOEO).
A Critical Moment
In fall 2024, USBCI faced a critical fork in the road: it needed to prove its viability within six months, or risk forfeiting the federal capital designated for Utah small businesses. At the time, the agency was facing operational challenges and underperforming against key benchmarks essential to securing additional federal funds used to support small businesses across the state.
Between September 2024 and January 2025, the team underwent a significant restructuring and rebuilding process. By focusing on transparency and operational discipline, they:
- Navigated both State and Federal audits to bring the program into full compliance.
- Demonstrated the program’s ability to effectively manage and deploy capital.
- Met the benchmarks required to unlock the next phase/tranche of federal funding.
Team-Driven Economic Impact
The team’s primary mission is to support rural-based individuals and business owners with strong potential for growth, but who lack traditional access to capital. Having overcome operational and other challenges, the team was able to progress work on a new round of funding, resulting in significant job creation and retention across rural Utah. This included businesses like Beautiful Minds Learning, which expanded its footprint to four locations, doubled its staff headcount, and increased the number of kids and families it served by 135 percent.
| Impact Category | Results |
| New Jobs Created | 570 |
| Jobs Retained | 754 |
| Total Employment | 1,323 |
Stopping Fraud in Utah, and Nationwide
The strength of the team’s new operational framework was further tested in July 2025 during a sophisticated, $1 million fraud attempt. Bad actors planned carefully and leveraged extensive knowledge of government programs and connections in an attempt to defraud the State. Fortunately, the attempt was identified and countered by USBCI and GOEO finance, operations and business intelligence experts. No funds were lost.
The case was referred to the U.S. Department of the Treasury and the Utah Office of the Attorney General for deeper investigation, and the Treasury subsequently issued a national advisory to all State Small Business Credit Initiative (SSBCI) programs. As a result, Utah’s proactive defense now serves as a blueprint for fraud prevention nationwide.
Looking Forward
The Peer Leadership Award recognizes those who “set the standard for service, leadership, and results.” For the USBCI team, the award and 2025 represent a shift from a low point to coming together as a unified, high-performing group that shows up for Utah’s entrepreneurial community.
For USBCI, the true award is the 1,323 jobs secured and the continued ability to support Utah’s small business ecosystem. The team is now focused on the future, working to conclude the current funding phase and to qualify for a third and final tranche of federal funding. Securing these funds will ensure that rural and underserved entrepreneurs in Utah have the capital they need to thrive for years to come.