Utah Small Business Credit Initiative (USBCI) is sponsored by Governor's Office of Economic Opportunity (GOEO). Provides funding through lending partners and technical assistance grants to support small business growth in Utah.

Utah Small Business Credit Initiative - Governor's Office of Economic Development Utah Small Business Credit Initiative The Utah Governor’s Office of Economic Opportunity administers a statewide small business capital access program under the U.S. Treasury’s State Small Business Credit Initiative , established by the 2021 American Rescue Plan Act. In Utah, the loan program is called the Utah Small Business Credit Initiative (USBCI).

According to the U.S. Treasury, the program is a transformational investment in American small businesses. It provides capital to help small businesses and entrepreneurs grow, succeed, and remain stable, benefiting communities nationwide.

U.S. Treasury’s State Small Business Credit Initiative Empowering Utah’s Small Businesses USBCI offers loans to help Utah’s small businesses grow, create jobs, and drive economic opportunities, putting more paychecks into the hands of Utahns. Small businesses are the backbone of our neighborhoods, and supporting local businesses through USBCI funding helps create vibrant communities with various shops and services.

Following the Treasury’s guidelines, Utah anticipates this program will have a 10-to-1 economic impact, unlocking approximately $690 million in private investments throughout the state.

USBCI will provide Utahns’ with critical financial support in the following ways: Expand access to capital for Utah business owners in underserved communities Focus 29% of funds to women-owned businesses and other culturally, economically, and geographically based entrepreneurs Support small businesses by providing funding when they face challenges like limited equity, low credit scores, or time in operation How USBCI Helps Businesses Grow USBCI partners with local lenders to offer flexible loan options, making it easier for businesses to access the capital they need.

Utah lenders contract with USBCI to provide loans Utah small businesses work through USBCI lending partners and economic development organizations (EDOs) to apply for access to capital Before approval, USBCI loans undergo a program eligibility review and lender underwriting The Utah lender disburses and manages the small business’s loan USBCI-contracted lenders in Utah include: Community Development Financial Institutions (CDFIs) Economic Development Organizations (EDOS) with revolving loan funds Loan Participation Program (LPP) The USBCI Loan Participation Program offers competitive rates on collateralized loans.

It is ideal for companies with less than 750 employees and loan needs between $10,000 and $20,000,000. Your lending rate is determined by adding a government-backed USBCI rate of 0. 5% to 3% to your standard market rate.

▸ Learn More LPP purchases up to 50% of small business loans to expand access to credit and lower blended interest rates for small business borrowers. The program runs from 2023 to 2030 and utilizes a network of Economic Development Organizations (EDOs) to manage the loan program on behalf of the state. USBCI Loan Participation Program Policy *All loan programs require a lender’s approval based on their specific guidelines.

USBCI does not refinance existing debt. Requests for participation over $1 million require additional USBCI committee approval.

Enables lenders to expand access to credit for small businesses Provides small businesses with interest rates and fees below market rates by combining low-cost public capital with private investment The EDO and primary lender partnership enables the program to help distribute capital to underserved communities and regions The USBCI CAP program provides loss protection for loans to businesses without collateral or businesses that need flexible financing options.

This program is ideal for companies with less than 500 employees and loan needs between $25,000 and $5,000,000. We will match your standard rate with the lending rate. ▸ Learn More CAP is a loan loss reserve program that helps lenders fund projects considered too risky for conventional lending.

Through CAP, the state provides funds to a dedicated loan loss reserve account that lenders can utilize if a loan defaults. The reserve account balance increases with each enrolled loan. Once the lender has accumulated sufficient reserves, they can receive up to 100% reimbursement for any defaulted enrolled loan.

Program funding is available from 2023 to 2030. USBCI Capital Access Program Policy *All loan programs require a lender’s approval based on their specific guidelines. USBCI does not refinance existing debt.

Requests for participation over $1 million require additional USBCI committee approval.

Expands access to credit for small business borrowers Enhances Community Reinvestment Act (CRA) efforts Maximizes private investment per dollar of public capital Due to current interest rates, CAP is best suited for loans from $25,000 to $250,000 (but can accommodate borrowing up to $5,000,000) Small Business Loan Requirements Businesses must apply through an enrolled lender to access a USBCI business loan.

This program leverages lenders' private capital, helping to ease — but not eliminate — traditional lending requirements. Small business loan requirements include: Business plan/intended use Business and personal credit scores USBCI certifications (accessed through the bank) USBCI-enrolled lenders will work with borrowers individually to evaluate their eligibility and underwrite loans in partnership with the USBCI program.

Utah Chamber Referral Incentive Program Utah’s chambers of commerce play a vital role in connecting businesses to the resources they need to grow. By partnering with USBCI’s Utah Chamber Referral Incentive (CRI) program, you can help local businesses secure funding while unlocking valuable benefits for your chamber. ▸ Learn More Why Partner with USBCI?

Connect Businesses to Funding — Help Utah’s small businesses access essential financing. Support Local Job Growth — Promote USBCI loans to drive business expansion and job creation. Earn Incentives for Your Chamber — Strengthen your programs with referral incentives.

Your organization earns 0. 5% (50 bps) of the loan amount — up to $7,500 per loan — when a referred loan is approved, closed, and funded. To qualify, your organization must be listed by the Economic Development Organization in the initial application.

For more information, email us at [email protected] . Each loan must be registered and meet eligibility requirements. Small business loan requirements include: Business plan/intended use Business and personal credit scores USBCI certifications (accessed through the bank) USBCI-enrolled lenders will work with borrowers to evaluate their eligibility and underwrite loans in partnership with the USBCI program.

This incentive program runs until Dec. 31, 2028. Support local businesses while strengthening your chamber.

Learn more at [email protected] . Each loan must be registered and have prior eligibility based on the terms and conditions as set forth. View the one-page info sheet .

USBCI partners with various financial institutions to provide small businesses with access to loans. Below is a list of USBCI-enrolled lenders. When you’ve selected a lender, inform them you’re interested in applying for a USBCI loan.

Lender Type Lender/EDO Service Area Service Area Link Contact Email Capital Access Program (CAP) Lenders Desert Rivers Credit Union Southeastern Utah Link Lonnie Campbell [email protected] Capital Access Program (CAP) Lenders MoFi Statewide Mary Milodragovich [email protected] Capital Access Program (CAP) Lenders Suazo Business Center Statewide Cesar Rodarte [email protected] Capital Access Program (CAP) Lenders Utah Micro Loan Fund Statewide Amy Phelps [email protected] Loan Participation Program (LPP) Lenders Altabank Statewide Link Ryan Jones [email protected] Loan Participation Program (LPP) Lenders Bank of Utah Statewide Link Bradley Stucki [email protected] Loan Participation Program (LPP) Lenders Brighton Bank Greater Salt Lake Shane Giddings [email protected] Loan Participation Program (LPP) Lenders Cache Valley Bank Statewide Link Richard Skidmore [email protected] Loan Participation Program (LPP) Lenders Canyon View Credit Union Statewide Steven Mathews [email protected] Loan Participation Program (LPP) Lenders CCBank Utah and Washington Counties Tyson Griffin [email protected] Loan Participation Program (LPP) Lenders Davis County Council of Governments Inc Statewide Alex Leonardi [email protected] Loan Participation Program (LPP) Lenders Desert Rivers Credit Union Southeastern Utah Link Lonnie Campbell [email protected] Loan Participation Program (LPP) Lenders D.

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Evans Bank Northen Utah, Salt Lake and Utah Counties Jordan Harrison [email protected] Loan Participation Program (LPP) Lenders First Community Bank Davis and Salt Lake Counties Kent Vance [email protected] Loan Participation Program (LPP) Lenders First Utah Bank Statewide Thomas Moea'i [email protected] Loan Participation Program (LPP) Lenders MoFi Statewide Mary Milodragovich [email protected] Loan Participation Program (LPP) Lenders Mountain West Small Business Finance Wasatch Front Danielle Lower [email protected] Loan Participation Program (LPP) Lenders State Bank of Southern Utah Southern Utah Link Eric Sawyer [email protected] Loan Participation Program (LPP) Lenders Suazo Business Center Statewide Cesar Rodarte [email protected] Loan Participation Program (LPP) Lenders Utah First Federal Credit Union Statewide Link Jeff Stringham [email protected] Loan Participation Program (LPP) Lenders Utah Micro Loan Fund Statewide Doug Keefe [email protected] 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.

Contact us at [email protected] . You can also contact USBCI team members separately in the Business Services section on the GOEO team webpage . Strengthening the Foundation: USBCI Highlights Programmatic Growth at Westminster Small Business Conference USBCI Releases Q4 2025 Results, Highlighting Program Performance Fueling Moab: How Peters Propane Turned a “Tiny Dream” into Community Impact