USBCI Frequently Asked Questions (FAQ) Revised November 1, 2023 The Utah Small Business Credit Initiative (USBCI) partners with financial institutions to provide small businesses with loans. ● What is the Utah Small Business Credit Initiative? The Utah Small Business Credit Initiative (USBCI) is $69 million in federal funding to help small businesses access loans. It consists of two programs: a Capital Access Program and a Loan Participation Program. ● When does this program open? In December 2022, USBCI began taking applications from lenders to participate in the program. Here’s an update to what’s been happening over the last few months: An organizational restructure occured at the Governor’s Office of Economic Opportunity, enabling our office to meet the high demand for this program. ○ Along with an existing program manager, a new director and program analyst were hired! Expanding the USBCI team will allow more expedient review of lender and borrower applications, along with expanding the expertise held by the team as a whole. ○ $31 million were moved to the Loan Participation Program. This resulted in low rates for small business borrowers, but also required collaboration with the U.S. Department of the Treasury on contract and compliance implications. ○
We are so grateful for public interest in this program and we are doing everything we can to make sure the lenders are fully prepared to accept program applicants and the program is compliant with federal regulation. With that said, the Capital Access Program is currently open to small businesses. The Loan Participation Program will open to small businesses prior to the end of 2023.
business.utah.gov/usbci