Utah Small Business Loan Fund

## Approach & Strategy

Utah Small Business Loan Fund (USBLF) is a Community Development Financial Institution (CDFI) based in Millcreek, Utah. Despite being classified as a 990-PF filer, this organization is not a traditional grantmaking foundation. It is a lending institution that provides alternative business loans to small businesses that may not qualify for conventional bank financing.

Key Distinction — Loans, Not Grants: USBLF makes business loans with interest and repayment expectations. The "distributions" appearing in its 990-PF represent loan disbursements to small businesses, not charitable grants. Nonprofits seeking grants should not approach USBLF expecting philanthropic funding.

CDFI Model: As a CDFI, USBLF receives federal and state subsidized capital (contributed capital appears as "contributions" on the 990-PF) and deploys it as below-market-rate loans to underserved small businesses. The $3.94M in assets primarily represents the loan portfolio.

Who Can Benefit: Small businesses and social enterprises in Utah that need working capital, equipment financing, or startup loans but don't qualify for traditional bank credit. This includes businesses owned by women, minorities, veterans, and low-income entrepreneurs.

Website Confirmed: usblf.org is the correct website for this organization. The description "One of the largest alternative business lenders in Utah" confirms the lending mission.

Not a Grant Prospect: Nonprofits seeking grants should move on. However, nonprofits operating as social enterprises, CDFIs themselves, or economic development organizations may find USBLF relevant as a lending partner or referral relationship.

## Funding Patterns

These are loans, not grants. The "distributions" in 990-PF filings represent loan disbursements:

• FY2024: $422,102 distributed (loans made)
• FY2023: $961,428 distributed
• FY2022: $2,368,449 distributed (peak lending year)
• FY2021: $984,000 distributed
• FY2020: $347,900 distributed
• FY2019: $553,600 distributed
• FY2018: $481,575 distributed
• FY2017: $754,900 distributed
• FY2016: $1,130,927 distributed
• FY2015: $857,792 distributed

Asset Trends: - Assets have ranged from $2.6M–$4.1M over the past decade - FY2021-2022 saw large capital injections ($960K, $752K) possibly from SBA/CDFI Fund awards

FY2022 Lending Peak: The $2.37M in loan disbursements in 2022 likely reflects COVID-related CDFI lending surge (many CDFIs received CDFI Fund emergency grants during 2020-2022 to expand lending).

Staffed Organization: Unlike family foundations, USBLF has a paid Executive Director (Steve Suite, $56K) and pays board members ($2K each), confirming an operational lending institution.

## Peer Comparison

Note: USBLF is more similar to a credit union or SBA microlender than a private foundation. It is not a useful comparison to grantmaking foundations.

## Recent Activity

Declining Lending Volume: Annual loan disbursements fell from $2.37M (FY2022) to $961K (FY2023) to $422K (FY2024), a significant decrease. This may reflect post-COVID normalization or portfolio challenges.

Minimal New Capital: FY2024 contributions were only $375, compared to $152 in FY2023 and $752K in FY2022. The reduction in new capital inflows suggests USBLF is not actively seeking new CDFI Fund awards.

Staffing Stable: Steve Suite remains as Executive Director at $56K annual compensation. The board (Galke, Hall, Richins, Grizzell) remains consistent.

Operational Status: Despite declining disbursements, the $3.94M in assets confirms an operational balance sheet. The organization is active and managing an existing loan portfolio.

Website Active: usblf.org is an active, professional WordPress-based website marketing small business lending services in Utah.

## Application Tips

This organization makes loans, not grants. USBLF is not a grant prospect for nonprofits seeking philanthropic funding.

For small businesses seeking financing:

1. Visit usblf.org to review loan products and eligibility requirements.

2. Call (801) 910-4943 to speak with staff about loan programs, terms, and application requirements.

3. Address: 2595 East 3300 South, Millcreek, UT 84109.

4. Target borrowers: Utah-based small businesses that don't qualify for traditional bank financing, especially underserved entrepreneurs (women, minority-owned, veterans, low-income).

For nonprofits seeking grants in Utah:

Consider the following grant sources instead: - George S. and Dolores Doré Eccles Foundation (major Utah grantmaker) - Larry H. & Gail Miller Family Foundation - Sorenson Legacy Foundation - Utah Community Foundation - Salt Lake City Community Development Block Grant program