The Governor’s Office of Economic Opportunity (Go Utah) recently announced the launch of its Utah Small Business Credit Initiative. This federally funded lending program makes it easier for Utah small businesses and entrepreneurs 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. 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 that authorizes Utah to operate three lending programs with a total of $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,” said Pete Codella, managing director of business services.
The program anticipates opening the application process to financial institutions on Nov. 30, 2022. Interested financial institutions should contact Alecia Hart at [email protected] to discuss collaboration on the Utah Small Business Credit Initiative.
Approved lenders will begin running the program for Utah’s small businesses by mid-December. Small businesses are encouraged to contact Hart, participate in the initiative’s virtual meetings every Wednesday at 2 p.m., and sign up for the Utah Small Business Credit Initiative newsletter.
In addition, organizations working with small businesses may contact Hart to discuss opportunities to share the information with their communities. Community partners may also contact Hart to sign up for the initiative’s community partner email list to receive news and information about the program.
Go Utah is grateful to dozens of community partners for their time and input in customizing this program to meet the business loan needs of Utah entrepreneurs.