The Utah Governor’s Office of Economic Development (GOED) has officially transitioned to the third and final funding tranche under the Utah Small Business Credit Initiative (USBCI). As of October 1, GOED fully deployed its first two tranches, or divisions, injecting $44.8 million directly into small businesses throughout the state. Building on this momentum, Tranche 3 unlocks an additional $24.2 million in available capital. The U.S. Department of the Treasury approved the release of Tranche 3 funds in Q1 2026 after Tranche 2 reached the required 80% deployment threshold.
Funded through the U.S. Treasury’s State Small Business Credit Initiative (SSBCI), USBCI strengthens local lending markets by partnering directly with banks, credit unions, and Community Development Financial Institutions (CDFIs). These partnerships help lower interest rates, reduce lender risk, minimize collateral requirements, and expand access to capital for Utah businesses across every stage, size, and industry.
Available Financing Options
With Tranche 3 now active, local businesses can secure capital through two main pathways:
- Loan Participation Program (LPP): Helps small businesses secure lower blended interest rates by allowing the state to purchase up to 40% of standard business loans.
- Capital Access Program (CAP): Provides portfolio loan coverage that enables participating lenders to ease credit standards and minimize collateral requirements.
How to Apply
USBCI funds are distributed through GOED’s network of enrolled banking partners. Business owners seeking capital should contact a participating lender directly.
To review program guidelines and view a list of enrolled lenders, visit business.utah.gov/usbci