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Utah House approves Capital Access Fund aimed at expanding small‑business lending
Summary
The Utah House passed HB 51 to create a Utah Capital Access Fund, a loan‑loss reserve program administered by the State Treasurer to encourage banks to lend to small businesses; sponsor estimated a $375,000 state match could leverage roughly $7 million in private lending. Vote: 62–4.
Representative David M. Jones urged colleagues to approve HB 51, the “Utah Capital Access Fund,” saying the measure is modeled on a successful Michigan program and is aimed at narrowing a documented capital gap for Utah small businesses.
“If this bill passes, it would require an agreement to be formed between the state treasurer's office and certain banks participating in the program,” Jones said, explaining the proposal would create bank‑held reserve accounts combining private premiums and a state match to offset losses on a special portfolio of…
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