Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Small Business Finance topic
No spam. Unsubscribe anytime.
House Amends and Reauthorizes Utah Capital Access Program to Improve Small‑business Uptake
Summary
Lawmakers approved amendments to the Capital Access Act to broaden eligible small businesses, increase early‑stage incentives, and authorize a marketing partner (UTFC) to promote the program after finding prior technical and marketing barriers limited use.
The Utah House approved amendments to the Capital Access Act on Feb. 2 to fix implementation barriers that left program funds unused. Representative David M. Jones presented technical and structural reforms intended to increase lender participation and small‑business loan activity.
Sponsors said the original program required loans that "could not otherwise be made," a definition that prompted regulatory pushback and discouraged banks because of reserve requirements. The substitute bill changes eligibility to align with SBA‑sized small businesses, increases early‑stage incentives to encourage initial lending, and authorizes the Utah Technological Finance Corporation (UTFC) to market the program to banks and rural communities.
Representative Jones said the Capital Access Act still held over $400,000 but had little uptake because of technical definitions and inadequate marketing; the amendments seek to remove the catch‑22 and leverage small dollars into greater private lending. The House passed the amended bill and deferred it to the Senate (floor record: 73 affirmative, 0 negative).
