The $2,500 allocated by the Utah Economic Development Board to fly someone familiar with Small Business Investment Corporations to Utah to help in a decision to create a similar organization apparently will go unspent.
Heather Barney, public information officer for the Utah Division of Economic Development, said 11 SBICs in various parts of the country have been contacted and apparently nobody wants to spend the time to come to Utah for a day and talk to Utah officials.The money was allocated by the board several weeks ago in response to a request for $160,000 to help get an SBIC organized. SBICs provide money for companies on the verge of expansion, but cannot get long-term financing from banks, which generally loan money on a short-term basis.
Barney said David J. Grant, division director, has talked to several SBIC officials and will write a report to be given to the board's Special Opportunities Fund Subcommittee. It was the subcommittee's recommendation that before the board voted on the $160,000 request from the Salt Lake Area Chamber of Commerce SBIC Task Force more information be gathered from SBICs.
The subcommittee will meet Aug. 15 at 4 p.m. in the State Office Building to consider Grant's report and the issue will be discussed by the board Aug. 16, Barney said.