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Three state entities have collaborated to allocate $4 million in State Small Business Credit Initiative stimulus funds in seed or early-stage venture funds that will invest in Utah companies.
The Utah Governor’s Office of Economic Development (GOED), the Governor’s Economic Council and the Utah Small Business Growth Initiative (USBGI) collaborated on the allocation.
USBGI has been selected to administer these funds on behalf of the state. USBGI is led by Mike Plaizier, who is also the executive director of Utah Center for Affordable Housing.
“This new program will be a welcome addition to the financing options available to small businesses in Utah,” said Spencer Eccles, executive director of GOED. “Equity investing, through managed fund partners, provides a new option where Utah’s robust entrepreneurial ecosystem can be supported.”
The state may also make direct investments in early-stage companies who may receive funds directly from Utah small business investors.