20262nd Quarter–April1toJune30,2026
ThisreportoutlinestheUtahSmallBusinessCreditInitiative’s(USBCI)2026secondquarter (Q2)activities,detailingprogressinsupportingUtah’ssmallbusinessesandfostering economicgrowth,asrequiredbytheU S Treasury’sStateSmallBusinessCreditInitiative (SSBCI)program
AdministeredbytheUtahGovernor’sOfficeofEconomicDevelopment(GOED),USBCI providescrucialcapitalaccessthroughitstwoU STreasury-approvedloanprograms:the CapitalAccessProgram(CAP)andtheLoanParticipationProgram(LPP) Theprogram’score missionistodirectcapitaltobusinessesacrossUtah,withafocusonrural,underserved marketsandcommunitieslackingadequateaccesstocapital
Q22026ProgramHighlights
Thefirstquarterof2026markedsignificantachievementsforUSBCIinsupportingsmall businessesstatewide:
● CapitalDeployed:$2.1millionhasbeencommittedacross22smallbusinessloans, addressingdiversefundingneeds.
● JobCreation&Retention:USBCIfundingthisquarterledtothecreationof111new jobsandtheretentionof80existingjobs,foratotalimpactof191jobs.Onaverage, eachnewjobcreatedcorrespondedtoapproximately$19,265infunding.
● StrategicPartnerships:Expandedloanaccessstatewidebycollaboratingwithfive economicdevelopmentorganizations(EDOs)and17locallendingpartners.
● GeographicImpact:Capitaldistributionsupported7Utahcounties:Iron(47%),Davis (23%),Utah(19%),Washington(8%),SaltLake(3%),andWeber(lessthan1%). With55%offundsaimedatruralareasand45%totheWasatchFront.
● IndustryDiversification:LoancommitmentsduringQ2of2026supportedarangeof sectors:
● TrussManufacturing:47%
● FitnessandRecreationSportsCenter:23%
● PassengerCarRental:19%
● CouriersandExpressDeliveryServices:4%
● Commercial,IndustrialMachineryandEquipmentRentalandLeasing:4%
● Landscaping,Bars,Childcare,Automotive,ArtStudios,andSchools:4%
● LoanMetrics:Theaverageloansizewasapproximately$97,199,withthelargest singlefundingcommitmentat$1million.
● OperationalEfficiency:Deliveredinitialcommitmentstolendingpartnerswithin15 businessdaysandfundedthosecommitmentswithin32days.
TheUSBCIteamapprovesloansupto$1million;requestsabovethatarereviewedbythe USBCIloancommittee
TranchePerformance&Allocations
InQ2,USBCIsuccessfullydeployednearly89%ofTranche2,totaling$23 5million,witha priorityonjobcreationandsupportforSociallyandEconomicallyDisadvantagedIndividuals (SEDI)andVerySmallBusinesses(VSBs)
AsofJune30,2026,approximately $20.9million(88.8%)ofTranche2 hadbeenexpended,and$723,615 (3.1%)hadbeencommitted, leaving$1.9million(8.1%)available fordisbursement.Intotal,$21.6 millionhadbeencommittedor expendedoutofthe$23.5millionof Tranche2.
Todate,USBCIhassuccessfullydeployed62%ofUtah’s$69millionfederalallocation.Aswe wrapupthedistributionofourremainingTranche2capital,ourfocusisalreadyshifting forward havingsecuredapproximately$24millionforTranche3inQ22026,followingthe U S Treasury’sapprovalofourfederalrequestbackinQ12026
ImpactonUnderservedBusinesses
Ourcommitmenttoequitableeconomicgrowthyieldedspecificresultsforunderserved communitiesinQ22026:
● Socially&EconomicallyDisadvantagedIndividuals(SEDI):$562,260inloanswas directedtoSEDIbusinesses
● VerySmallBusinesses(VSBs):$156,110wasallocatedtobusinesseswithfewerthan 9employees
TechnicalAssistanceProgram(TAP)
Supportedby$1 2millioninU S Treasuryfunding,thisinitiativestrengthensthefoundation forsmallbusinessesstatewidebyexpandingaccesstoessentialfinancial,accounting,and legalservices.DuringQ2,USBCIcollaboratedwiththreekeyproviders SuazoBusiness Center,theWomen’sBusinessCenterofUtah,andSmallBusinessConsulting to successfullydeliverTechnicalAssistance(TA)services.Thisjointeffortresultedin276small businessesreceivingatotalof857hoursofadvisorysupportthroughoutthequarter.By offeringupto$2,000perbusinessfortheseprofessionalservices,theprogramensuresthat applicantsarewellpreparedforUSBCIorsimilarlendingopportunities.
LookingAhead
Withapproximately$24millionsuccessfullysecuredforthefinalphaseofUSBCIprogram funding,weanticipatethereleaseoftheseresourcesonAugust1,2026.Alongsidethis,the TAPwillcontinuetodeliveryear-roundservices.Ourextensivenetworkofprovidersstands readytoprovidespecialized,expertguidancetoentrepreneursacrossallindustriesand regionsofUtah.AswepushforwardwithboththeUSBCIandTAinitiatives,weremaindeeply committedtoimprovingourperformancemetrics,deliveringexceptionalquarterlyresultsfor ourselvesandourpartners,anduncoveringnewstrategiestofosterlong-termeconomic growthandjobcreationthroughoutthestate
ForMoreInformation
ContactUSBCIwithanyquestions:
Website: business utah gov/usbci
Email: usbci@utah gov
Phone: 801-538-8680
@BusinessUtah
* ThetotalrepresentstheSSBCIdistributionthatcouldbereceivedfromtheU.S.TreasurytoUSBCIifthe programmeetstherequirementsofeachfundingtranche.
ProgramExpenses
^ InTranches1and2,administrativecostsarenottoexceed5%ofallocatedfunds.
ProgramIncome
