Utah Fund of Funds Economic Development Program Secures Financing from Zions Bank

Utah’s premier economic development program, the Utah Fund of Funds (Utah FoF), has obtained a second round of financing from Salt Lake City-based Zions Bank. The $20 million line of credit enables Utah FoF to continue moving its economic development efforts forward with additional capital while it waits for the broader financial market to unfreeze. “The Zions financing is a great help to the Utah FoF program and we are pleased to partner with a local entity, like Zions, as we continue the success of this unique economic development program” said Jeremy Neilson, Utah FoF’s Managing Director.

The Utah Fund of Funds is an innovative economic development program created by the Utah State Legislature to foster entrepreneurship by increasing the amount and diversity of capital available to Utah’s established, growth and emerging companies. The program was initially established with the passage of Utah House Bill 240 (“The Venture Capital Enhancement Act”) and has $300 million of contingent tax credits. The Fund of Funds invests in strong-performing venture capital/private equity firms, which in turn explore investments in promising Utah companies.

The state-supported fund helps create and build new high-tech, life science and energy start-ups in Utah, leading to higher paying jobs and economic growth. To date, 37 Utah Companies have received capital from Utah Fund of Funds portfolio funds, with total investment dollars reaching over $190M, creating over 2,000 high paying jobs in the state.  The current portfolio of 27 funds was carefully selected from over 500 funds which applied to the Utah Fund of Funds. The Utah FoF management team carefully maintains this network and plays match-maker for Utah Companies and potential sources of capital. 

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Press Contact:

Tamee Roberts

Utah Fund of Funds

801.521-3078

tamee@utahfof.com