Go Utah launches federal program to increase credit access to small business

The state has launched a federal program designed to expand access to capital, promote economic resiliency, create new jobs and increase economic opportunity in Utah.

The Governor’s Office of Economic Opportunity (Go Utah) has established the State Small Business Credit Initiative program, with $69 million expected to become available to small businesses through local lenders by year-end. The amount includes $4.1 million for businesses with fewer than 10 employees and $8.3 million for businesses owned by socially and economically disadvantaged individuals.

The American Rescue Plan Act of 2021 reauthorizes and expands the program, providing a combined $10 billion to states, the District of Columbia, territories and tribal governments to expand access to capital for small businesses emerging from the pandemic, build ecosystems of opportunity and entrepreneurship, and create high-quality jobs.

Utah selected three SSBCI programs through a discovery and design process to promote capital access to all recipient jurisdictions, including in underserved areas. The programs include the Capital Access Program, the Loan Guarantee Program and the Loan Participation Program.

Alecia Hart, Go Utah’s strategic programs manager, is responsible for managing the SSBCI program and the state’s newly formed 1,000 New Women-Owned Businesses initiative, among other duties.

“Alecia is a great asset to the Go Utah team, and her work with the SSBCI program will benefit Utah’s small businesses,” said Ryan Starks, Go Utah’s managing director of business services. “We also look forward to her continued contributions to strengthen ties with Utah’s financial institutions which will play a critical role in deploying capital to rural and underserved populations.”