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Utah Small Business Credit Initiative U.S. Treasury Report – 2026 3 Quarter
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This report outlines the Utah Small Business Credit Initiative’s (USBCI) third-quarter (Q3) 2026 activities, detailing progress in supporting Utah’s small businesses and fostering economic growth, as required by the U.S. Treasury’s State Small Business Credit Initiative (SSBCI) program.
Administered by the Utah Governor’s Office of Economic Development (GOED), USBCI provides crucial capital access through its two U.S. Treasury-approved loan programs: the Capital Access Program (CAP) and the Loan Participation Program (LPP). The program’s core mission is to direct capital to businesses across Utah, focusing on rural, underserved markets and communities lacking adequate access to capital.
Q3 2026 Program Highlights The third quarter of 2026 marked significant achievements for USBCI in supporting small businesses statewide: ● Capital Deployed: $786,655 has been committed across 14 small business loans, addressing diverse funding needs. ● Job Creation & Retention: USBCI funding this quarter created 114 new jobs and retained 112 existing jobs, for a total impact of 226 jobs during the quarter. On average, each new job created corresponded to approximately $6,900 in funding. ● Strategic Partnerships: Expanded loan access statewide by collaborating with five economic development organizations (EDOs) and 17 local lending partners. ● Geographic Impact: Capital distribution supported nine Utah counties: Davis (63%), Juab (23%), Sevier (6%), Sanpete (4%), Washington (2%), Utah (0.8%), Weber (0.5%), Salt Lake (0.4%), and Kane (0.3%). 35% of funds targeted rural areas and 65% the Wasatch Front. ● Industry Diversification: Loan commitments during Q3 of 2026 supported a range of sectors: ○ Hotels and Motels: 63% ○ Fine Art Schools: 23% ○ Farm Supplies: 5% ○ Cattle Feedlots: 4% ○ Specialty Trade: 2% ○ Beauty, Pet Care, Bars, Manufacturing, Landscaping, and Glass: 3%
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Utah Small Business Credit Initiative U.S. Treasury Report – 2026 3 Quarter
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● Loan Metrics: The average loan size was approximately $154,433, with the largest single funding commitment at $500,000. ● Operational Efficiency: Delivered initial commitments to lending partners within 8 business days and funded those commitments within 21 days.
The USBCI team approves loans up to $1 million; requests above that are reviewed by the USBCI loan committee.
Tranche Performance & Allocations In Q3, USBCI deployed nearly 89% of Tranche 2, totaling $23.5 million, prioritizing job creation and support for Socially and Economically Disadvantaged Individuals (SEDI) and Very Small Businesses (VSBs).
As of September 30, 2026, approximately $21.7 million (92.6%) of Tranche 2 had been expended, and $786,655 (2.6%) had been committed, leaving $1.1 million (4.8%) available for disbursement. In total, $22.4 million had been committed or expended out of the $23.5 million of Tranche 2.
To date, USBCI has successfully deployed 63% of Utah’s $69 million federal allocation. As we wrap up distribution of our remaining Tranche 2 capital, we're already shifting focus forward, having secured approximately $24 million for Tranche 3 in Q2 2026 after the U.S. Treasury approved our federal request in Q1 2026.
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Utah Small Business Credit Initiative U.S. Treasury Report – 2026 3 Quarter
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Impact on Underserved Businesses Our commitment to equitable economic growth yielded specific results for underserved communities in Q3 2026: ● Socially & Economically Disadvantaged Individuals (SEDI): $514,000 in loans was directed to SEDI businesses. ● Very Small Businesses (VSBs): $207,440 was allocated to businesses with fewer than 9 employees.
Technical Assistance Program (TAP) Supported by $1.2 million in U.S. Treasury funding, this initiative strengthens the foundation for small businesses statewide by expanding access to essential financial, accounting, and legal services to improve loan readiness. During Q3, the USBCI Technical Assistance Providers network, Suazo Business Center, the Women’s Business Center of Utah, and Small Business Consulting delivered Technical Assistance (TA) services to 204 businesses across Utah, providing 857 hours of advisory support. By offering up to $2,000 per business for these professional services, the program ensures that applicants are well prepared for USBCI or similar lending opportunities.
Looking Ahead With approximately $24 million secured for the final phase of USBCI program funding, loan operations with this last tranche will begin October 1, 2026. Meanwhile, TAP will continue to deliver year-round services. Our extensive network of providers stands ready to provide specialized, expert guidance to entrepreneurs across all industries and regions of Utah. As we push forward with both the USBCI and TA initiatives, we remain deeply committed to improving our performance metrics, delivering exceptional quarterly results for ourselves and our partners, and uncovering new strategies to foster long-term economic growth and job creation throughout the state.
For More Information Contact USBCI with any questions: Website:
business.utah.gov/usbci
Email:
usbci@utah.gov
Phone:
801-538-8680
Social Media: @BusinessUtah
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Utah Small Business Credit Initiative U.S. Treasury Report – 2026 3 Quarter
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Program Allocation Approved Program
Program Allocation
Program Allocated Funds
Recycled Funds
Expended, Obligated,
EOT
Transferred (EOT) Loan Participation Program
$ 10,350,900
$ 42,666,535
$-
Capital Access Program
$ 58,655,100
$ 40,250
$-
Total*
$ 69,006,000
$ 43,706,785
$-
Cumulative Funds Disbursed to Participating Jurisdiction
$ 69,006,000
* The total represents the SSBCI distribution that could be received from the U.S. Treasury to USBCI if the program meets the requirements of each funding tranche.
Program Expenses Administrative Costs
Cumulative as of
Adjustment
Prior Quarter End
Current
Cumulative as of
Quarter
Current Quarter
$ 94,505
$ 1,474,481
Current
Cumulative as
Quarter
of Current
Direct Administrative Costs
$1,379,976
$0
Administrative Costs Threshold
$ 2,496,299.92
Administrative Costs as a Percentage of Cumulative Funds Disbursed To Participating Jurisdiction
2.14%^
^ In Tranches 2 and 3, administrative costs are not to exceed 3% of allocated funds.
Program Income Cumulative as of
Adjustment
Prior Quarter End Program Income
$ 3,211,669
Quarter $0
$ 199,266
$ 3,420,935
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Utah Small Business Credit Initiative U.S. Treasury Report – 2026 3 Quarter
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