Utah’s small business sector is set to benefit from a substantial financial boost, with an additional $23 million in U.S. Treasury funding secured through the State Small Business Credit Initiative (SSBCI). This latest infusion represents the second portion of Utah’s total $69 million allocation, highlighting the program’s effectiveness in boosting local entrepreneurship.
Since signing its agreement with the Treasury in November 2022, the Utah Small Business Credit Initiative (USBCI) has delivered remarkable results. The program has committed over $23.5 million, surpassing critical milestones such as directing more than 60% of funds to businesses owned by Socially and Economically Disadvantaged Individuals (SEDI) and allocating 51% of disbursements to rural Utah counties. These achievements have unlocked the second wave of funding.
In its first phase, USBCI facilitated 49 loans, generated 247 new jobs, and preserved 134 existing positions across 16 counties. The program also exceeded expectations, surpassing its SEDI target by 222% and its Very Small Business (VSB) goal by 398%, while keeping administrative costs 0.68% below budget.
Pete Codella, managing director of business services at the Governor’s Office of Economic Opportunity (GOEO), which oversees USBCI, said via the GOEO website: “Our team’s diligent record-keeping and efficient processes allowed us to apply for tranche two on February 18, 2025, and receive the funds by March 24, 2025—a remarkably swift turnaround. In collaboration with the Treasury, we believe Utah has set a national benchmark for speed in processing this second round, reflecting our dedication to small business success.”
By offering vital loan opportunities, USBCI enables Utah’s small businesses to grow, create jobs, and drive economic prosperity throughout the state. Entrepreneurs interested in accessing these loans should visit business.utah.gov/usbci to learn more and connect with participating lenders.