Utah Small Business Credit Initiative launches end of Nov., providing $69 million in funding

Utah Governor Spencer Cox speaks during his monthly news conference in February 2022. Photo: Utah Gov. Spencer J. Cox

UTAH — On November 9, The Governor’s Office of Economic Opportunity announced the launch of its Utah Small Business Credit Initiative, a federally funded lending program that should make it easier for Utah entrepreneurs and small businesses to qualify for loans.

“The American Rescue Plan Act of 2021 reauthorizes and expands this federally funded program and provides a combined $10 billion to states, the District of Columbia, territories, and tribal governments to expand access to capital for small businesses emerging from the pandemic,” said a press release from the governor’s office. “Additionally, it will build ecosystems of opportunity and entrepreneurship, create high-quality jobs, and provide access to capital for small businesses throughout Utah.”

The U.S. Treasury recently signed a formal allocation agreement authorizing Utah to operate three lending programs totaling $69 million in funding:

• A loan participation program with $27.6 million
• A loan guarantee program with $31.1 million
• A capital access program with $10.3 million

“Over the past several months, Go Utah held community partner meetings, met with small businesses, and connected with lenders and trusted business resource providers. Now that the U.S. Treasury has approved our application, we have $69 million in funding to provide low-interest loans to Utah entrepreneurs,” Pete Codella, managing director of business services said in a press release.

Applications for these programs will open to financial institutions on November 30. Those interested in the Utah Small Business Credit Initiative should contact Alecia Hart at aleciahart@utah.gov to discuss collaboration.