Utah Fund of Funds gets $20 million credit line

The Utah Fund of Funds program said Tuesday it has obtained a $20 million second round of financing from Zions Bank, based in Salt Lake City.

The credit line enables the fund to "continue moving its economic development efforts forward with additional capital while it waits for the broader financial market to unfreeze."

The Utah Fund of Funds is an economic development program designed to foster entrepreneurship by increasing the amount and diversity of capital available to Utah's established, growth and emerging companies. Featuring $300 million of contingent tax credits, the funds invest in strong-performing venture capital and private equity firms, which in turn explore investments in promising Utah companies.

So far, 37 Utah companies have received capital from Utah Fund of Funds portfolio funds, with total investment dollars reaching over $190 million, creating more than 2,000 jobs in the state.