Utah Small Business Credit Initiative Treasury Report
October 1 to December 31, 2023
The U S Treasury requires states participating in its State Small Business Credit Initiative program to report program allocations, income, and expenses quarterly and annually. The Treasury’s fiscal year starts in January and ends in December This report is for the Utah Small Business Credit Initiative (USBCI) and its 2023 fourth-quarter activities (Q4; the reporting period from October 1 to December 31, 2023).
Administered by the Utah Governor’s Office of Economic Opportunity, in Q4 of 2023, the USBCI moved from its development to an open phase for one of its loan programs, the Capital Access Program.
This report shows an updated overview of the status of program funds and adjustments to historic report amounts that had been erroneously miscalculated: all interest income earned on undisbursed program funds has been added to this report
Utah’s Loan Guarantee Program funds, reflected in the program allocation table, will be moved to the Loan Participation Program (LPP) This reallocation to the LPP better serves Utah’s small businesses by offering more advantageous financial options. The LPP, now enhanced with an additional $31,052,700, offers lower-than-market interest rates This key feature makes it a more attractive and accessible funding source for Utah businesses, particularly those seeking growth and expansion Those allocated funds will be combined and reflected in the following quarterly report after an official Treasury vote confirms the reallocation
Although no loans were issued in 2023, the USBCI program welcomed five regional lending partners The program continues funding loans through the Capital Access Program and the backend development of the Loan Participation Program. The following quarterly report will include CAP and LPP loan activity
business.utah.gov/usbci Updated 1/24/2024 1
Program Allocation
Capital Access Program
Loan Guarantee Program
Loan Participation Program
10,350,900
31,052,700
27,602,400
-
-
-
-
Total*
69,006,000
Cumulative Funds
Disbursed to Participating
Jurisdiction
-
-
$ 21,305,996 00
* The total represents the SSBCI distribution that could be received from the U.S. Treasury to the Utah Small Business Credit Initiative if the program meets the requirements of each funding tranche
Program Income
Program Expenses
Administrative Costs
Threshold $ 1,065,300
Administrative Costs as a percentage of cumulative funds disbursed to Participating Jurisdiction 1.5%
Administrative Costs as a percentage of cumulative program allocated funds
EOT as of current quarter 0 0%
USBCI 2023 Q4 Report Page 2
EOT
EOT
Approved Program Program Allocation Program Allocated Funds
Recycled Funds
$
$
$
$
$
$
-
$
$
$
$
$
$
Cumulative
Current Quarter Cumulative as of Current Quarter Program Income $
$
$ 347,827 $
as of Prior Quarter End Adjustment
114,571
279,294
741,691
Administrative Costs Cumulative as of Prior Quarter End Adjustment Current Quarter Cumulative as of Current Quarter Direct Administrative Costs $ 213,428 $ 89,195 $ 19,971 $ 322,593 Indirect Administrative Costs $ - $ - $ - $Total $ 213,428 $ 89,195 $ 19,971 $ 322,593
business.utah.gov/usbci Page 2
The USBCI program 2023 Q4 report reflects a continued effort to fund loans through the Capital Access Program and launch the state’s Loan Participation Program. This report reconciles all historical financial transactions within the USBCI program
If you have feedback or questions, please get in touch with us: business utah gov/usbci capitalaccess@utah.gov
801-538-8680
@BusinessUtah
USBCI 2023 Q4 Report Page 3
business.utah.gov/usbci Page 3