On Thursday, July 16, financial institutions, Community Development Financial Institutions (CDFIs), and non-profit economic development leaders gathered at the Miller Free Enterprise Center at SLCC’s Sandy Campus to discuss issues facing small businesses.
The meet, titled “Utah Banker CRA Roundtable: Strengthening the Small Business Continuum,” was co-hosted by the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Bank of San Francisco. The roundtable brought stakeholders together from across the region to address critical credit gaps, improve capital access for underserved entrepreneurs, and explore effective Community Reinvestment Act (CRA) compliance and community lending strategies.
Paul Jolley, director of the Utah Small Business Credit Initiative (USBCI), attended on behalf of the program and engaged alongside key technical assistance and community lending partners, including Andrea Benitez and Silvia Castro Bennett from the Suazo Business Center.
Driving Capital Access Through Strategic Partnerships
A primary focus of the roundtable was demonstrating how public state programs like USBCI partner with traditional banks and local CDFIs to expand small business credit. By leveraging capital-blending programs and reducing risks for financial institutions, state and federal initiatives help bridge the gap for entrepreneurs who fall slightly outside standard commercial underwriting criteria.
“Collaborative events like the CRA Roundtable reinforce how vital it is for state programs, regulatory agencies, and community lenders to work in sync,” said Jolley. “By leveraging strategic CDFI partnerships and blending capital, we are creating sustainable pathways for Utah small businesses to access the credit they need to grow, hire, and succeed.
Key Takeaways & Program Impact:
Navigating CRA Compliance: Highlighting how financial institutions can meet Community Reinvestment Act goals by investing in local small business programs and CDFI networks.
Leveraging Technical Assistance: Demonstrating how partners like the Suazo Business Center provide critical pre-loan coaching and financial consulting to ensure business owners are capital-ready.
Catalyzing Private Capital: The USBCI framework combines state-allocated funding with private bank loans, aiming to generate a 10-to-1 economic leverage ratio and unlock up to $690 million in private investment for Utah small businesses.
For more details on the event agenda and CRA resources, visit the official FDIC Event Announcement
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. To learn more about USBCI loan participation and enrolled lenders, visit business.utah.gov/usbci.
