How Ogden-Weber Businesses Can Access Millions in Growth Funding

As a small business owner in Weber County, you know that growth requires capital. Whether you’re looking to purchase new equipment, expand your storefront, or hire more employees, finding the right funding at the right price is often the biggest hurdle.

At the Ogden-Weber Chamber of Commerce, our mission is to provide you with the resources you need to succeed. That’s why we want to share a statewide program designed specifically to help you grow: the Utah Small Business Credit Initiative (USBCI).

What is the USBCI?

Administered by the Utah Governor’s Office of Economic Opportunity (GOEO), the USBCI program isn’t a direct loan from the state. Instead, it’s a program that partners with local lenders—many of whom you already know and trust—to make it easier for you to get the capital you need.

The state anticipates this program will unlock approximately $690 million in private investments. It’s designed to help small businesses succeed by providing funding, especially for those who might face challenges like limited equity, low credit scores, or less time in operation.

How USBCI Helps Your Business Grow

This program helps businesses by making loans more flexible and affordable. The Loan Participation Program (LPP), for example, is ideal for companies with fewer than 750 employees who need a loan between $10,000 and $20,000,000. Through the LPP, your lender can offer a more competitive rate by blending their standard market rate with a government-backed USBCI rate of 0.5% to 3%.

This program is particularly focused on expanding access to capital for entrepreneurs in underserved communities, with a significant portion of funds earmarked for women-owned businesses and other culturally or economically diverse entrepreneurs.

How to Apply

You do not apply to the state. The process is simple:

1. Prepare your documents: Just like any business loan, you will need your business plan, financial projections, tax returns, and information on collateral.
2. Contact a USBCI-Enrolled Lender: You apply for a USBCI loan directly through a participating financial institution. Many of our local Chamber members are on this list, including:
   • Bank of Utah: Shaun Sampson – ssampson@bankofutah.com
   • Cache Valley Bank: Richard Skidmore – rskidmore@cachevalleybank.com
   • D.L. Evans Bank: Jordan Harrison – jordan.harrison@dlevans.com
   • Suazo Business Center: Andrea Benitez – andrea@suazocenter.org
   • Utah Micro Loan Fund: Amy Phelps – aphelps@umlf.org OR Doug Keefe – dkeefe@umlf.org
3. Inform the lender you are specifically interested in applying for a USBCI loan. They will work with you to evaluate your eligibility and underwrite the loan in partnership with the USBCI program.

The Most Important Step for Our Members

When you contact a lender, please take one critical step: Tell them the Ogden-Weber Chamber of Commerce sent you.

Don’t wait to explore this opportunity. This is your chance to secure the capital you need to take your business to the next level. Learn more about the program HERE.