By Marla Trollan, SBA Utah District Director
Utah’s rural and agricultural businesses, and the communities they support, have endured many unforeseen challenges this past year, including the COVID-19 pandemic and drought. These trials have tested their will, but they have come together as a community to help each other weather the storm. They have also availed themselves of the different programs offered by the U.S. Small Business Administration and specially tailored for these circumstances.
SBA’s Economic Injury Disaster Loan (EIDL) program has been around for decades and was specially modified for the pandemic to include agricultural and farming enterprises. Additionally, Congress recently created the Paycheck Protection Program to assist small businesses, including agricultural and farming enterprises, in preserving jobs and withstanding the other devastating economic effects of the pandemic.
To date in Utah, SBA has, through its lenders, provided more than 52,000 loans valued at more than $5.2 billion. The SBA has directly funded almost 22,000 EIDL loans in the state totaling over $1.3 billion. SBA EIDL loans have also been made available in many rural communities due to drought conditions. Lending in rural areas through SBA’s normal loan products has also been strong this year at almost $477 million.
To further support small business activity in rural communities during this difficult year, the SBA’s Utah District Office collaborated with the World Trade Center Utah, the Governor’s Office of Economic Development, the U.S. Department of Agriculture and local elected officials to present a series of webinars on SBA’s products and services.
In conjunction with staff members of Utah’s two senators and local economic development organizations, we held rural roundtables in Moab, Blanding, Bluff, Cedar City and St. George. Small business owners were invited to convey their experiences with SBA’s pandemic-related programs, describe their challenges in accessing the programs and offer suggestions for legislative improvements to the programs.
I recently participated in Congressman Curtis’ Rural Summit in Price, and I have visited several rural businesses to listen and to offer information and resources. Our office has developed and published success stories, in print and video, covering rural businesses and helping raise awareness of the different resources available to small businesses in weathering challenges like those experienced this year.
My office is responsible for delivering SBA’s programs directly to rural communities, businesses and stakeholders in the state. My staff works closely with our various resource partners – the Small Business Development Centers (SBDCs), SCORE counselors, Women’s Business Centers and Veterans Business Outreach Centers — who have dedicated resources in many rural areas to serve the needs of small businesses in those areas.
My office has also worked to bring in additional lenders, including credit unions, farm credit lenders and community banks, to provide Paycheck Protection Program loans and other SBA loan products to rural small businesses.
The SBA recognizes the importance of our rural communities and remains committed to assisting businesses, farmers, ranchers, agricultural co-operatives and non-profit groups in those communities.
For additional information on the aforementioned programs or to find additional resources in your area, please visit www.sba.gov.