20252nd Quarter–April1toJune30,2025
ThisreportoutlinestheUtahSmallBusinessCreditInitiative’s(USBCI)2025secondquarter (Q2)2025activities,detailingprogressinsupportingUtah’ssmallbusinessesandfostering economicgrowth,asrequiredbytheU S Treasury’sStateSmallBusinessCreditInitiative (SSBCI)program
AdministeredbytheUtahGovernor’sOfficeofEconomicOpportunity(GOEO),USBCI providescrucialcapitalaccessthroughitstwoTreasury-approvedloanprograms:theCapital AccessProgram(CAP)andtheLoanParticipationProgram(LPP).Theprogram’score missionistodirectcapitaltobusinessesacrossUtah,focusingonrural,underservedmarkets, andcommunitieslackingadequatecapitalaccess.
Q22025ProgramHighlights
Thesecondquarterof2025markedsignificantachievementsforUSBCIinsupportingsmall businessesstatewide:
● CapitalDeployed:$6.6millioncommittedacross12smallbusinessloans,addressing diversefundingneeds.
● JobCreation&Retention:USBCIfundingledtothecreationof87newjobsandthe retentionof89existingjobs,foratotalimpactof176jobs.Onaverage,eachnewjob createdcorrespondedtoapproximately$75,860infunding.
● StrategicPartnerships:Expandedloanaccessstatewidethroughcollaborationswith fiveeconomicdevelopmentorganizations(EDOs)and16locallendingpartners
● GeographicImpact:CapitaldistributionsupportedsevenUtahcounties:Cache, Davis,Iron,Kane,SaltLake,Washington,andWeber
● IndustryDiversification:LoancommitmentsduringQ2supportedarangeofsectors:
● RepairServices:34%
● ConvenienceStores/GasStations:30%
● Optometry:16%
● ScreenPrinting:8%
● Wholesalers:7%
● RealEstate,Consulting,Bakeries,andOtherServices:5%
● LoanMetrics:Theaverageloansizewasapproximately$554,000,withthelargest singlefundingcommitmentat$2.3million.
● OperationalEfficiency:Deliveredinitialcommitmentstolendingpartnerswithin sevenbusinessdays,acceleratingthefundingprocess.
TheUSBCIteamapprovesloansupto$1million;requestsabovethatarereviewedbythe USBCIloancommittee.
TranchePerformance&Allocations
InQ2,USBCIsuccessfullydeployed100%ofitsinitial$21millionfundingtranche.Thiscritical milestoneallowsustofocusontheswiftdisbursementofTranche2of$23.5million, prioritizingjobcreationandsupportingSociallyandEconomicallyDisadvantagedIndividuals (SEDI)andVerySmallBusinesses(VSB).
Theremaining$1 4millionof Tranche1wasutilizedduringQ2
AsofJune30,2025,approximately $200,000(0 9%)ofTranche2has beendeployed,and$5million (21 4%)hasbeencommitted, leaving$18 3million(77 6%) availablefordisbursement,totaling $6 6millioncommittedorexpended
USBCIanticipatessecuringitsTranche3ofapproximately$24millionfromtheU.S.Treasury laterincalendaryear2025.Thesetranchescontributetothetotal$69millioninsmall businessfinancingallocatedtoUtahbytheU.S.Treasury.
ImpactonUnderservedBusinesses
Ourcommitmenttoequitableeconomicgrowthyieldedspecificresultsforunderserved communitiesinQ22025:
● Socially&EconomicallyDisadvantagedIndividuals(SEDI):$250,000inloanswas directedtoSEDIbusinesses.
● VerySmallBusinesses(VSB):Approximately$1.2millionwasallocatedto businesseswithfewerthan10employees.
TechnicalAssistanceProgram(TAP)
DuringQ2,USBCIsecured$1.2millioninU.S.TreasuryfundingforitsTechnicalAssistance Program(TAP) Thisinvestmentexpandsourreachbyofferingessentialfinancial,accounting, andlegalservicestobusinessownersapplyingforUSBCIfundsthroughanetworkofqualified serviceproviders ThisinitiativewillstrengthenUSBCI’soperationsandcultivateamore robustfoundationofpreparedbusinessownersacrossUtah
LookingAhead
USBCIisactivelydevelopingtheTAPprogramandplanstolaunchitinthethirdquarter(Q3) of2025throughanetworkofstatepartners PublicprocurementforUSBCITAPcontractorsis ongoing ThisprogramsupportsUSBCIloanapplicationsandfundingforlegalandfinancial advisoryservices(upto$2,000perentity)tobusinessesstatewide.
Additionally,Q3willseetheofficiallaunchoftheUtahChamberReferralIncentiveProgram. Thisinitiativewillincentivizechambersofcommercetoreferbusinessesintheircommunities toUSBCIresources.
ForMoreInformation
ContactUSBCIforanyquestionsorfeedback:
Website: business.utah.gov/usbci
Email: usbci@utah.gov
Phone: 801-538-8680
SocialMedia: @BusinessUtah
