Funding approved for Technical Assistance Program for Utah small businesses

The U.S. Treasury Department has approved the Utah Small Business Credit Initiative (USBCI) for funding the state’s Technical Assistance Program (TAP).

The initiative provides $1.2 million in federal funding, allowing USBCI to offer legal, accounting and other financial advisory services to qualifying businesses and private contractors across the state.

TAP is specifically designed to assist very small businesses (VSBs) and socially and economically disadvantaged individual (SEDI) businesses that have previously secured funding from USBCI or other federal sources. Through this initiative, USBCI aims to empower businesses by enhancing their operations, strengthening their management, and fostering overall entrepreneurial success, the agency said.

Like the USBCI program, TAP program funds are deployed in three tranches and are active until 2030. Upon disbursement of 80 percent of the first tranche or round of qualifying funds, the second tranche is requested. Funds are distributed to contractors with a statewide presence in providing enterprise services through all rural areas of Utah. As a matter of compliance, USBCI is obligated to implement and report the semi-annual and annual results of this program to state and federal jurisdictions.

More details about the program and opportunities to participate will be shared soon, USBCI said.