The Utah Governor’s Office of Economic Opportunity recently announced increased funding to the Utah Small Business Credit Initiative (USBCI) Loan Participation Program (LPP) – a sizeable $59 million boost. The initiative includes lending programs to expand access to capital at lower interest rates for Utah small business borrowers.
Increased funding to the LPP includes:
- Loans available at a guaranteed low-blended interest rate
- More funding available for participating Utah lenders
- Larger loans offered to growth-stage businesses
Utah lenders can apply to be part of the program. USBCI will begin to announce the program’s vetted lenders starting next month. For more information visit the USBCI website.
The LPP is a state-run program that helps small businesses access capital. The program provides loan guarantees to lenders that make loans to small businesses. This helps reduce the risk of lending to small businesses, making it easier for them to get the capital they need to grow.
A small business must meet the following criteria:
- Be located in Utah
- Be a for-profit business
- Have a loan amount of at least $25,000
- Have a good credit history
- Be able to provide collateral for the loan
The LPP is a great option for small businesses that need capital, but may not be able to get a loan from a traditional bank. The LPP can help them to get the capital they need to grow their businesses.