20253rd Quarter–July1toSept.30,2025
ThisreportoutlinestheUtahSmallBusinessCreditInitiative’s(USBCI)2025thirdquarter (Q3)2025activities,detailingprogressinsupportingUtah’ssmallbusinessesandfostering economicgrowth,asrequiredbytheU.S.Treasury’sStateSmallBusinessCreditInitiative (SSBCI)program.
AdministeredbytheUtahGovernor’sOfficeofEconomicOpportunity(GOEO),USBCI providescrucialcapitalaccessthroughitstwoU STreasury approvedloanprograms:the CapitalAccessProgram(CAP)andtheLoanParticipationProgram(LPP) Theprogram’score missionistodirectcapitaltobusinessesacrossUtah,focusingonrural,underservedmarkets andcommunitieslackingadequatecapitalaccess
Q32025ProgramHighlights
Thethirdquarterof2025markedsignificantachievementsforUSBCIinsupportingsmall businessesstatewide:
● CapitalDeployed:$7.5millioncommittedacross18smallbusinessloans,addressing diversefundingneeds
● JobCreation&Retention:USBCIfundingledtothecreationof165newjobsandthe retentionof200existingjobs,foratotalimpactof365jobs.Onaverage,eachnewjob createdcorrespondedtoapproximately$45,733infunding
● StrategicPartnerships:Expandedloanaccessstatewidethroughcollaborationswith fiveeconomicdevelopmentorganizations(EDOs)and17locallendingpartners
● GeographicImpact:CapitaldistributionsupportedeightUtahcounties:Davis,Grand, Iron,SaltLake,Sanpete,Tooele,Utah,andWashington
● IndustryDiversification:LoancommitmentsduringQ3supportedarangeofsectors:
● TemporaryShelters:40%
● SurgicalandMedicalInstrumentManufacturing:17%
● WoodWindowandManufacturing:16%
● ResearchandDevelopmentinBiotechnology:7%
● Plumbing,Heating,andAir-Conditioning:5%
● RealEstate,Healthcare,Education,Commerce,andOtherServices:16%
● LoanMetrics:Theaverageloansizewasapproximately$419,000,withthelargest singlefundingcommitmentat$1 6million
● OperationalEfficiency:Deliveredinitialcommitmentstolendingpartnerswithinnine businessdaysandfundedthosecommitmentswithin36days,acceleratingthefunding process
TheUSBCIteamapprovesloansupto$1million;requestsabovethatarereviewedbythe USBCIloancommittee.
TranchePerformance&Allocations
InQ3,USBCIhassuccessfullydeployedmorethanhalfofthesecondtrancheof$23.5million, prioritizingjobcreationandsupportingSociallyandEconomicallyDisadvantagedIndividuals (SEDI)andVerySmallBusinesses(VSB).
AsofSept.30,2025,approximately$8.1million(34.6%)ofTranche2hadbeenexpended, and$4.7million(19.8%)hadbeencommitted,leaving$10.7million(45.6%)availablefor disbursement.Thus,$12.8millionhadbeencommittedorexpendedoutofthe$23.5millionof Tranche2.
Thismeansthattheprogram deploymenthasreached49 4% ofthe$69millionallocatedto UtahbytheU S Treasuryin 2022 Deploymentiscontinuing withtheremainingfunds availableinTranche2,andwe anticipatefurtherutilizationof thetotalallocationwhenUSBCI securesTranche3of approximately$24millionfrom theU.S.TreasurylaterinQ42025.
ImpactonUnderservedBusinesses
Ourcommitmenttoequitableeconomicgrowthyieldedspecificresultsforunderserved communitiesinQ32025:
● Socially&EconomicallyDisadvantagedIndividuals(SEDI):$2 3millioninloanswas directedtoSEDIbusinesses
● VerySmallBusinesses(VSB):Approximately$2 7millionwasallocatedto businesseswithfewerthan10employees
TechnicalAssistanceProgram(TAP)
DuringQ3,USBCIdesignedthestructureanddeploymentofits$1.2millionU.S.Treasury grantforitsTechnicalAssistanceProgram(TAP).Thisinvestmentwillexpandourprogram's reachbyofferingessentialfinancial,accounting,andlegalservicestobusinessowners applyingforUSBCI.ThisprogramdirectlysupportsUSBCIloanapplicationsbyfundinglegal andfinancialadvisoryservices(upto$2,000perentity)toeligiblebusinessesstatewide, helpingtocultivateamorerobustfoundationofpreparedbusinessownersacrossUtah.
LookingAhead
Followingasuccessfulpublicprocurement,USBCIwillawardcontractstothreetechnical assistanceprovidersfortheStateofUtah.Theseprovidersareanticipatedtoreceivetheir firstroundoffundstoinitiateTAoperationsbyQ42025andofficiallystartofferingservicesby Q12026 ThisfirstdeploymentstagewillstrengthenUSBCI’soverallloansupport infrastructurethroughoutthestate
Additionally,theUtahChamberReferralIncentive(CRI)Programwillconcludeattheendof Q42025 TheprogramwasestablishedtodrivereferralsfromlocalChambersofCommerceto USBCIresources Wecontinuetoacceptloanreferralapplicationsuntiltheprogram'sclosure date ChambersofCommerceareencouragedtosubmitapplicationstoearnareferral incentiveof0 5%oftheloanamount,uptoamaximumof$7,500
ForMoreInformation
ContactUSBCIforanyquestionsorfeedback:
Website: business utah gov/usbci
Email: usbci@utah gov
Phone: 801-538-8680
SocialMedia: @BusinessUtah
ProgramAllocation
ApprovedProgram ProgramAllocation ProgramAllocatedFunds Expended,Obligated, Transferred(EOT)
* ThetotalrepresentstheSSBCIdistributionthatcouldbereceivedfromtheU.S.TreasurytoUSBCIifthe programmeetstherequirementsofeachfundingtranche. ProgramIncome
^ InTranches1and2,administrativecostsarenottoexceed5%ofallocatedfunds.
