SMALL BUSINESSES THRIVE IN UTAH

BY: MARLA TROLLAN, DISTRICT DIRECTOR, SBA UTAH

Driving into the state of Utah, you are met with a sign reading “Welcome to Utah” with the words “Life Elevated” below. The state features otherworldly landscapes, national parks, world-famous outdoor sports, and a booming economy. One may suggest we add “Economy Elevated” to the tagline.

UTAH: ECONOMY ELEVATED

Utah has been named one of the strongest economies in the country for the last 14 years. Despite the global pandemic, Utah has seen record growth across many sectors. Interest rates have been rising and inflation has been hitting home among residents and business owners from every state, but Utah continues to have a promising economic future with limited interruption.

Our COVID-19 response included pension reform, creating a flat personal income tax under 5%, an unemployment rate of 2.9% (compared to the national unemployment rate of 6.1%), effective planning of our state budget, tax cuts, investments in our educational system, funding for infrastructure, and support of small businesses in the face of closures.

State and federal programs buoyed the economy as the people of Utah did what they do best — they pushed through, persevered, and worked hard. The Small Business Administration’s (SBA) Utah District Office responded by providing over 100,000 COVIDrelief programs to Utah businesses with over $10.1 billion in relief. Now that COVID has receded, the Utah District Office with its resource partners and lenders around the state is pushing forward to support growth for all businesses including the smallest of the small businesses and those who are underserved.

RESOURCES FOR UTAH’S SMALL BUSINESSES

Utah’s entrepreneurial spirit is second to none. There are many SBA-funded programs to assist our local start-ups, those looking to grow their companies, and those wishing to relocate their business to our area. The Utah Small Business Development Center (SBDC) Network, the Women’s Business Center of Utah (WBC Utah), SCORE, and our Community Navigator Spokes are poised to offer free business consultations and low-cost training, both in-person and virtually.

UTAH’S SBDC

The Utah Small Business Development network has 13 centers throughout the state where you can get assistance with business planning, marketing and sales strategy, accounting, budgeting, cash flow management, capital access, and many other business-related issues. They provide free one-on-one counseling to help your business anywhere from start-up to exit strategy.

WBCUTAH

The Women’s Business Center of Utah offers free mentoring and business advising to women business owners as they begin their entrepreneurial journey. They also have multiple trainings which provide a variety of help for any stage of entrepreneurship. Offices are located in Salt Lake City and Cedar City to serve the entire state. Both face-to-face and online business consulting and trainings are offered.

SCORE

SCORE provides a valuable network of volunteer business professionals in a variety of industries who offer their time in the form of mentoring and training entrepreneurs. They can provide specific guidance in many industries and have access to a large network of over 10,000 business professionals throughout the United States.

COMMUNITY NAVIGATOR

The SBA recently launched its Community Navigator Pilot Program which was designed to reduce barriers that all small businesses, including those owned by disadvantaged groups such as veterans, women, and those from rural communities and communities of color, often face in accessing critical support. In Utah, we have two SBA Community Navigator Spokes, the International Rescue Committee, to better support immigrants and refugees looking to start or grow their businesses, and the Utah Black Chamber, which supports black-owned businesses.

CAPITAL ACCESS FOR UTAH’S SMALL BUSINESSES

Our SBA Utah District Office and SBA Lenders not only provided significant relief through COVID funds, but continually work hard to ensure small businesses have the capital they need to start and grow their companies. The SBA Microloan and Community Advantage are programs available to help businesses that are underserved and/or are considered a higher risk due to several reasons which could include lack of business history or bad credit. The SBA also works with over 68 active SBA Lenders in the state providing traditional loan programs like the 7(a) and 504, which both can provide up to $5 million in funding. Last year, SBA loans supported businesses in 27 of Utah’s 29 counties with over $800 million in capital.

EXPORT SUPPORT

The majority of the world’s purchasing power is outside of the U.S. With over two-thirds of global revenue outside of the county, our economy needs businesses to push through barriers to bring their products and services outside of our borders. The SBA Utah District Office thrives to build partnerships and resources to help Utah small businesses succeed in a global market. The SBA Utah District Office is partnered with the World Trade Center of Utah (WTC Utah) to assist small businesses with international trade expansion and administer the SBA STEP Grant Fund. Over the last decade, the SBA has provided over $4.5 million in SBA STEP Grant funding, which helps businesses build an international marketing strategy, localization and translation, website optimization, travel costs for foreign trade missions, and other similar costs of exporting goods. The SBA Utah District Office also partners with the U.S. Department of Commerce and International Trade Administration in Salt Lake City, which provides information and additional resources that help small businesses grow the country’s exporting capabilities. In addition to the SBA Step Grant and U.S. Department of Commerce Export Assistance, the SBA offers export loan programs to support Utah’s small businesses as they seek to compete in a global market.

GOVERNMENT CONTRACTING

The SBA works with federal agencies on specific prime and subcontracting opportunities for small businesses including special certificates for women, service-disabled veterans, and economically and socially disadvantaged individuals. Through the SBA’s 8(a) Program and other certifications, it works with federal agencies to ensure that businesses that sell to the government are stronger and more diverse, enabling all businesses, regardless of size, the opportunity to sell their products and services through government contracting. In FY 2021, there were 711 socially and economically disadvantaged opportunities awarded to Utah 8(a) businesses, 211 HubZone awards, 1,384 Women-owned Small Business awards, 1,093 Veteran-owned awards, and 841

Service-Disabled Veteran-Owned awards. The SBA Utah District Office is dedicated to working with its partners, such as the Utah Procurement Technical Assistance Center, to expand opportunities for small businesses and disadvantaged businesses through assistance and education regarding government contracting.

CONCLUSION

Whether you are coming to Utah for the scenery, the top economy in the nation, or the diverse business climate, the Utah SBA District office welcomes you to Utah, Economy Elevated.

CONNECT WITH SMALL BUSINESS RESOURCES

• SBA.gov/UT: Utah District Office Small Business Administration.

• SBA.gov/LenderMatch: Find lenders who can help you obtain capital for your business.

• UtahSBDC.org: Access free business counseling and training at 13 offices around Utah.

• WBCUtah.org: Learn about their services and get listed on the Utah Women-Owned Business Directory.

• Utah.SCORE.org: Find a SCORE business advisor near you.

• SBA.gov/CommunityNavigator: Find support for underserved business owners.

• WTCUtah.com: Get information about the SBA STEP grant and other services to help you export.

• Trade.gov/Export-Solutions: Assistance to create successful export strategies.

• Business.Utah.gov/PTAC: Free counseling to help you sell to the government.