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SBA Announces End-of-Year Capital Benchmarks for Utah and Nationally
Agency provided nearly $43 billion through small business capital programs and over 1.2 billion went to Utah businesses
Despite ongoing, structural challenges that exist for small business owners when seeking capital, the SBA’s efforts in helping them pursue their American dream showed signs of progress. Notably, the SBA’s low-interest 504 loan program grew in volume to $9.2 billion, a record level of lending for the 504 program. In addition, the 7(a) program saw an increase in small-dollar loans, evidence of the SBA’s prioritization of startups and businesses hampered by gaps in credit markets.
“Making sure Utah Small Businesses have access to capital for their business needs is a top priority for the SBA Utah District Office,” said Marla Trollan, SBA Utah District Director. “We have added a new microlender and two CDC lenders in our state and will continue to find ways to increase funding options for Utah entrepreneurs. In FY2022, Utah more than double the SBA funding approved in pre-pandemic FY2019. Utah businesses were able to access over $1.2 billion in financing using SBA’s 7(a) and 504 loan programs.”
“SBA’s finance programs continue to show strong performance in 2022, and this strength should only continue to help more small businesses prosper in the coming year,” said SBA Regional Administrator Aikta Marcoulier. “The SBA is building a more favorable environment for entrepreneurship and innovation across the nation and is helping entrepreneurs with the tools they need to start, grow, and expand their businesses. I’m particularly proud of the work we’ve done to better assist underserved areas in both rural and urban communities.”
By the Numbers: Utah SBA Overall Funding and Impact
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Type of SBA Loan
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Dollar Amount
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Total Loans
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7(a)
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$425,586,400
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761
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504
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$371,026,000
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370
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Microloans
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$1,447,715
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38
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Export
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$9,632,000
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6
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Underserved
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Dollar Amount
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Total Loans
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Woman
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$79,283,700
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156
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Minority
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$66,230,700
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146
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Veteran
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$31,457,800
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34
|
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Rural
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$71,395,800
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112
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For more info, Read the Press Release of SBA’s National Funding and Impact.
SBA Announces End-of-Year Capital Benchmarks Showing Historic Support for Small Businesses Under Administrator Guzman
SBA Press Releases
U.S. Small Business Administration Awards New Regional Grants to Spur Innovation and Support High-Quality Jobs (sba.gov)
U.S. Small Business Administration Statement on the House Select Subcommittee on the Coronavirus Crisis Report Concerning Fraud in the Paycheck Protection Program (sba.gov)
U.S. Small Business Administration to Offer Disaster Loans with No Interest and No Payments for First Year (sba.gov)
Deadline Approaching in Utah for SBA Working Capital Loans Due to Drought
Utah Business Bridge
Webinar: Jan. 19, 2023 from 10:00 am – 11:30 am
The Utah Business Bridge is a virtual networking series sponsored by the Governor’s Office of Economic Opportunity and the Utah Small Business Administration. At this quarterly event series, attendees will learn about small business resources available throughout the state.
This Quarter’s Topic:
Launching a Business
For Additional Trainings and Events Please Check out the SBA Utah District Calendar
Free Local Business Counseling through SBA’s Resource Partners
Serving Utah with 13 locations across the state. Visit the Utah SBDC’s website to schedule an appointment with an experienced business counselor.
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The WBC of Utah has locations in Salt Lake City and Cedar City, they also provide virtual mentoring making it easy to access a counselor regardless of what county you live in. Visit the WBC of Utah’s website to schedule an appointment.
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SCORE provides free business mentoring through volunteered retired executives. They are focused on creating a vibrant small business community through mentoring and education. Visit their website for more info.
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Find an SBA Lender
Utah SBA DIRECTORY
Marla Trollan, District Director
marla.trollan@sba.gov, (o) 801-524-3209 (c) 385-218-1995
John Gygi, Deputy District Director
john.gygi@sba.gov, (o) 801-524-3209 (c) 801-889-6170
Karl Wernick, Lender Relations Specialist
karl.wernick@sba.gov, (o) 801-524-3209 (c) 385-355-5815
Don MacMillan, Lender Relations Specialist
donald.macmillan@sba.gov, (o) 801-524-3209 (c) 385-429-8627
Jackie Hobson, Outreach and Marketing Specialist jackie.hobson@sba.gov, (0) 801-524-3209 (c) 435-632-0355
Cheryl Richens, Administrative Officer
cheryl.richens@sba.gov, (o) 801-524-3209
Scott Carlson, Business Opportunity Specialist scott.carlson@sba.gov, (c) 801-657-1371
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