Utah’s small business community will receive a significant capital injection thanks to an additional $23 million in U.S. Treasury funding under the State Small Business Credit Initiative (SSBCI). This second tranche of funding, part of Utah’s overall $69 million allocation, underscores the program’s success in supporting local enterprises.
The Utah Small Business Credit Initiative (USBCI) has demonstrated exceptional performance since its agreement with the Treasury in November 2022. The program has now expanded and committed more than $23.5 million and achieved key benchmarks, including over 60% distribution to Socially and Economically Disadvantaged Individuals’ (SEDI) businesses and 51% of disbursed funds in rural Utah counties. The program has now qualified for a vital second round of funding.
Within tranche one, USBCI processed 49 loans, created 247 new jobs, and retained 134 jobs in 16 counties. Additionally, its SEDI qualification was exceeded by 222%, the VSB (Very Small Business) objective was exceeded by 398%, and expenses were under budget by 0.68% based on recent data.
“We are incredibly proud of the speed and efficiency with which we secured this second tranche,” said Pete Codella, managing director of business services at the Governor’s Office of Economic Opportunity (GOEO), responsible for the USBCI program. “Our team’s meticulous documentation and streamlined processes enabled us to move from the application of tranche two on Feb. 18, 2025, to fund receipt of those funds on March 24, 2025, in record time. Working with the Treasury’s team, we believe Utah completed tranche two processing faster than any other state, a testament to our process and commitment to supporting small businesses.”
The USBCI program provides crucial loan opportunities that empower Utah’s small businesses to expand, generate employment, and fuel economic growth, ultimately increasing prosperity for Utah residents.
Small business owners seeking to leverage USBCI loans are encouraged to visit business.utah.gov/usbci to explore available resources and connect with participating lending partners.