At their March 9 board meeting, the Governor’s Office of Economic Development (GOED) Board of Directors approved five rural Utah businesses in four counties for Rural Fast Track grants. The projects are expected to increase the companies’ current operations for sustained economic growth. The businesses represent the sectors of construction, design, manufacturing, tourism and childcare.
“This month’s Rural Fast Track grants are expected to lead to 21 jobs paying above county average wage,” said Linda Gillmor, associate managing director of Urban and Rural Business Services. “These are high-quality positions that will enhance and diversify the local economies involved.”
Wardell Brothers Construction, located in Morgan County, plans to use the $50,000 grant for the expansion of a new company headquarters. The company expects to create three new full-time positions with a total project cost estimated at $726,409.
K Screens, also located in Morgan, is a screen-printing business. The $38,092 grant will support the purchase of fabrication and finishing machinery. The company expects to create three new full-time positions with a total project cost estimated at $76,183.
Optimum Composite Technologies, located in Brigham City, Box Elder County, specializes in the design, fabrication, and production of alternative fuel cylinders and composite over-wrapped pressure vessels. The $50,000 grant will be used for equipment and modification, and facility adjustment to accommodate the improvements. The company expects to create two new full-time positions with a total project cost estimated at $232,292.
Little Learners, located in Price, Carbon County, is a childcare center and plans to use the $50,000 grant for building expansion and equipment purchases. The company expects to create one new full-time position with a total project cost estimated at $503,115.
AVA Management – Red Sands Hotel, located in Torrey, Wayne County, plans to use the $50,000 grant to expand its current property to include 20 guest-room suites and villas, employee dorms and a full-service spa. The company expects to create 12 new full-time positions with a total project cost estimated at $2,000,000.
“It’s exciting to note that, in aggregate, each dollar of the state’s grant funding is matched by nearly $14 of private investment,” Gillmor said.
To see if a business in your rural county may be eligible for a Rural Fast Track grant, visit http://business.utah.gov/programs/incentives/rural-fast-track/.