UtahSmallBusinessCreditInitiativeU.S.TreasuryReport
20251st Quarter–Jan.1toMarch31,2025
ThisreportdetailstheUtahSmallBusinessCreditInitiative’s(USBCI)activitiesfromJanuary 1toMarch31,2025,asrequiredbytheU S TreasuryforstatesparticipatingintheState SmallBusinessCreditInitiative(SSBCI)program
TheUtahGovernor’sOfficeofEconomicOpportunity(GOEO)administersUSBCI,afederally fundedprogramtosupportsmallbusinesses’capitalneedsandfostereconomicgrowth acrossUtah,includingruralandunderservedmarkets
USBCIcomprisestwoTreasury-approvedloanprograms:
● CapitalAccessProgram(CAP)
● LoanParticipationProgram(LPP)
AkeyaspectofUSBCIisitscommitmenttoTreasuryguidanceondirectingresourcesto underservedUtahcommunities.IfUSBCIallocates29%oftotalSSBCIfundstosmallbusiness ownersinspecificareas,theprogramiseligibleforadditionalTreasuryfunding,whichcould bring$4.2millionmoretoUSBCI’s$69milliontotal.
Q12025PerformanceHighlights
Duringthefirstquarterof2025,USBCIsupportedsmallbusinessesstatewide,addressing fundingneedsindiversesectors,includingfarming,beauty,transportation,andconstruction. KeyoutcomesasofMarch31,2025,include:
● LoanCommitments $20 3millioninloanproceedscommittedacross45small businessloans
● Partnerships Collaborationwithfiveeconomicdevelopmentorganizations(EDOs) and16locallendingpartners,expandingstatewideloanaccess
● GeographicReach Capitaldistributionacross16Utahcounties,with12inrural areas
● EfficiencyGains Reducedaverageloanprocessingtime(fromapplicationtoaward ofcontract)to20daysorless,meetinginternalgoals
● StreamlinedProcesses Implementedaseven-business-dayturnaroundforinitial commitments
TheUSBCIteamapprovesloanrequestsupto$1million,whiletheUSBCIloanreview committeehandlesthoseexceedingthisamount.
TranchePerformanceandAllocations
USBCIhassuccessfullyachieveditsTranche1 allocationgoal,with95.28%ofthe$23million committed,significantlysurpassingtheinitial targetof80%.Theprogramalsosecuredthe targeted$23millionforTranche2aheadof schedule,initiallyexpectedbyJune2025(Q2).
Ofthestate’stotal$69millionSSBCIallocation
fromtheU.S.Treasury,$58.7millionisallocatedtotheLoanParticipationProgram(LPP), and$10 4millionisallocatedtotheCapitalAccessProgram(CAP)
ImpactonUnderservedBusinesses
USBCIexceededimpactobjectivesinQ12025 Specifically:
● 64%oftheTranche1allocationwasdirectedtobusinessesinsociallyand economicallydisadvantaged(SEDI)communities,surpassinginternaltargets
● 38%oftotalloanswereprovidedtoverysmallbusinesses(VSBs),exceeding expectations
LookingAhead
USBCIwillreconveneitsLendersRoundtableinQ22025 Thiseventwillconvenecurrent lendingpartnersandEDOstodiscussprogramperformance,operationalefficiencies,and futureprojections Itwillalsoservetoengagepotentialnewpartners
ContactUs
Forquestionsorfeedback,pleasegetintouchwithus:
Website: business.utah.gov/usbci
Email: usbci@utah.gov
Phone: 801-538-8680
SocialMedia: @BusinessUtah
DisbursedtoParticipating
* ThetotalrepresentstheSSBCIdistributionthatcouldbereceivedfromtheU.S.TreasurytoUSBCIifthe programmeetstherequirementsofeachfundingtranche.
^ Forthreeloans,bankpaymentswerecompletedbeforeUSBCIparticipationcouldbefinalized,resultinginthe returnofUSBCIfunds.Additionally,aloancommitmentmadelastquarterwaswithdrawnduringthecurrent quarter. ProgramIncome
