The Rural Development team supports GOED’s overall mission “to enhance quality of life by increasing Utah’s revenue base and improving employment opportunities” by connecting directly with rural businesses. The office offers a variety of resources, including state tax credits through the Enterprise Zone, Targeted Business Tax Credit, Non-Profit Tax Credit and the Recycling Market Development Zone. The Rural Fast Track grant offers a unique opportunity to rural companies who are investing in their businesses and hiring new employees. The new REDI Program gives grants to businesses creating new positions in small rural counties, providing opportunities for online remote workers.
Additionally, in 2018, the Utah Rural Jobs Program will grow rural companies by working with select “Rural Investment Companies” to infuse capital into the business. The Office of Rural Development also supports rural economic development through the Business Expansion & Retention (BEAR) Grant Program. This program is designed to assess the needs of local businesses and to address unique economic opportunities. It is offered to local economic development professionals in county and city economic development departments, Chambers of Commerce, Small Business Development Organizations, Native American Tribes and other regional economic development organizations.
The Office of Rural Development (ORD) offers 9 programs that enhance economic development in rural Utah. From tax credits to grants, there is a wide variety of programs to help businesses prosper.
Do businesses in your community have access to the resources they need?
Learn more about FY20 BEAR Application and Process by watching this video.
The Business Expansion and Retention (BEAR) program is designed to assist in growing new and existing rural businesses, influence rural job creation, and increase economic diversity in rural regions by enhancing the level of technical services provided. The BEAR initiative is available to rural county economic development offices, Tribes, Associations of Governments, Business Resource Centers (BRCs), Small Business Development Centers (SBDCs), and formal partnership consortiums directly involving these entities within the state for business training and skill development. BEAR actively reaches out to rural businesses and makes the connection between the company and needed existing resources from all agencies, higher education, and other resources.
For more information and to apply:
FY2020 Application Information & Instruction
FY2020 Quarterly Reports and Reimbursement Claims Form
Purpose: The purpose of the Enterprise Zone/Non-Profit (EZNP) program is to encourage nonprofit organizations (501C-3 only) to develop projects that have a positive community and economic impact in rural Enterprise Zone Areas.
What is the Benefit? If selected and the project approved, the non-profit may provide a Utah state tax credit to their donors who make contributions to the nonprofit corporation for the approved project. The selected non-profits will be provided with a tax credit allocation – the maximum dollar amount that is available to their donors for tax credits.
Are you seeking to expand or relocate your business in rural Utah?
These tax credit may be claimed by eligible businesses locating or expanding in enterprise zones on Utah state income tax forms.
Please contact Jim Grover (firstname.lastname@example.org) for more information about applying for Enterprise Zone Tax Credits and Job Creation Tax Credits
Non-refundable tax credits are available to eligible businesses in designated enterprise zones from the start of the tax year in which the designation is made. Unused credits may be carried over for three years. Businesses closing operations in one rural area to locate in another rural area may not claim tax credits under this program. Construction jobs are not eligible for tax credits. Retail businesses and public utilities are not eligible to claim tax credits.
To apply for the Enterprise Zone Tax Credits use our online application:
Frequently Asked Questions (FAQ): Answers to Frequently Asked Questions are in general and may change depending upon the circumstances of the situation. Neither the Utah State Tax Commission nor the Governor’s Office of Economic Development prepare returns for taxpayers and cannot advise taxpayers to the extent we are not their accountants or legal representatives.
For more information about tax credits, please contact: Utah Tax Commission Technical Research Unit Taxpayer Services Division 210 North 1950 West Salt Lake City, Utah 84134 Telephone: (801) 297-2200 Fax: (801) 297-7574 email@example.com
Beginning July 1, 2020, this program will be managed by the Department of Environmental Quality
Does your business reduce or reuse post-consumer waste material?
What is a Recycling Zone? In 1996, the Utah Legislature created the Utah Recycling Market Development Zone Program which focuses on recycling as an economic development tool. As more products are recycled and used to manufacture new products the economy will be stimulated through new company expansion or formation and the creation of additional jobs. The zone legislation was established to incent businesses to use recycled materials in their manufacturing processes and create new products for sale. It also benefits business or individuals that collect, process, distribute recycled materials. Composting is considered to be eligible recycling operation. Eligibility: Eligible recycling businesses that are located in designated Recycling Market Development Zones qualify for: • 5% Utah state income tax credit on the cost of machinery and equipment • 20% Utah state income tax credit (up to $2,000) on eligible operating expenses • Technical assistance from state recycling economic development professionals • Various local incentives Related Links:
More information to follow as soon as it is available.
Application process is open from July 1 – September 1, 2019
The Rural Co-working and Innovation grant provides funding for facilities that serve individuals working in rural communities with infrastructure and equipment to participate in the online workforce.
The state allocated $500,000 per fiscal year (July 1 through June 31) for this program. The Rural Online Working Hubs Grant Advisory Committee, will review applications, advise and make recommendations to the Office of Rural Development on grant awards.
Qualifying Activities of this Grant are:
Qualifying Entities and Counties
Qualifying entities for this grant include a county, city, institution of higher education or a private company that is within a defined county designated as a “Rural Area.”
Qualifying “Rural Area” Counties are:
Beaver, Box Elder, Carbon, Daggett, Duchesne, Emery, Garfield, Grand, Iron, Juab, Kane, Millard, Morgan, Piute, Rich, San Juan, Sanpete, Sevier, Uintah, Wasatch, Wayne
Non-qualifying Counties are:
Cache, Davis, Salt Lake, Summit, Tooele, Utah, Washington, Weber
Priority will be given to applicants:
Questions? Please email firstname.lastname@example.org
Working remotely in rural Utah allows individuals to live, work and play where they love. Opportunities like these are made possible with the robust broadband infrastructure in rural Utah. Watch a short video about one Uintah Basin success story here.
The Rural Economic Development grant incentivizes businesses up to $250,000 for new positions created in rural Utah counties.
Download the REDI flyer here.
What is the Rural Economic Development Incentive (REDI) Grant?
The Rural Economic Development Incentive (REDI) program is designed for businesses creating new high-paying jobs in rural Utah counties or all Utah counties except Salt Lake, Utah, Davis, Weber, Washington, Cache, Tooele, and Summit counties. These jobs can be remote, online, or in a satellite hub/office space, or physically located in the same county as the business. For each new position, the business will receive $4,000 to $6,000 based on the employee’s location.
Any business other than those primarily engaged in construction, retail, staffing or public utility industries are encouraged to apply. A business considering the REDI grant must apply for and receive approval through the Utah Governor’s Office of Economic Development (GOED) in advance of creating any new position(s) which meets the following requirements:
A business entity may qualify for up to $250,000 in rural employment expansion grants each fiscal year.
A business entity that has received a REDI grant may concurrently apply for or receive another GOED grant or incentive.
Potential Allocation Award Amounts:
– $4,000 for each new full-time employee position in a county where the average county wage is equal to or greater than the state average wage
– $5,000 for each new full-time employee position in a county where the average county wage is between 85% and 99% of the state average wage
– $6,000 for each new full-time employee position in a county where the average county wage is less than 85% of the state average wage
The Rural Fast Track program will end June 30, 2020 as required by the Utah Legislature. The following deadlines are now in effect:
– Last day to accept a pre-application: May 8
– Last day to accept a full application: May 22
– Last Rural Fast Track Review Meeting by the GRPB Executive Committee: June 5
– Last GOED Board Meeting reviewing RFT endorsements: June 11″
Are you seeking to grow your company?
The Rural Fast Track (RFT) Program is a post-performance grant available to small companies in rural Utah. The program provides an efficient way for existing, small companies to receive incentives for creating high paying jobs in the rural areas of the state and to further promote business and economic development. *Applicant must work with and obtain a letter of support from local city or county economic development representative. The letter must confirm that the local economic developer has reviewed and is in support of the project, the project meets the criteria and explain how the project will promote business and economic development in the local community. Applicants: Please view the application for eligibility Requirements:
*Companies located in a county of the third class may not be located within a city that has a population of more than 20,000 or a median household income of more than $70,000. Downloads:
The purpose of the Targeted Business Tax Credit (TBTC) program is to encourage private investment and the creation of jobs in rural Utah counties with populations less than 25,000. This is an annual program, and the application process opens on January 1 of each year.
What is the Incentive?
The Governor’s Office of Economic Development (GOED) may award up to $300,000 of Targeted Business Tax Credits, with no more than $100,000 being allocated to one project, to businesses with eligible Community Investment Projects (CIP).
The TBTC is a post-performance refundable tax credit. Post-performance means the application, notice of award and contracting with GOED take place prior to project commencement. The company then applies to GOED for the TBTC tax credit certificate once the capital investment/project and high paying jobs benchmarks/commitments are met.
For more information:
Learn more about the TBTC — download the one-page document.
Learn more about the TBTC by watching this video.
Learn how to complete the TBTC application here (opens 1/1/2020 and closes 5/19/2020 at 12:01 am)
Questions? Contact email@example.com
The Utah Rural Jobs program enables an eligible small business located in a rural county to expand and create high wage jobs by providing flexible and affordable capital to small businesses in these areas.
The Utah Rural Jobs Program supports growth and expansion of eligible small businesses by providing flexible and affordable capital.
Small businesses eligible for the Utah Rural Jobs program must:
Be located in a rural Utah county
Fall within any of the following industry types:
Have fewer than 150 employees, and have less than $10,000,000 in net income for the preceding taxable year.
Conduct principal business operations in the State of Utah; 60 percent of total employees must be in the state currently, or within 180 days after receiving the investment from the Rural Investment Company.
The Utah Rural Jobs Program is available to start-up companies.
Please note that small businesses will work directly with a Rural Investment Company to secure a potential investment and not with the State. All terms and conditions related to a potential investment are strictly between the small businesses and the Rural Investment Company only.
Eligible small businesses may receive up to $5,000,000 in capital via a loan from an approved Rural Investment Company (see list below) for business development and expansion needs.
If your business fits the above parameters, and you are ready to expand, please contact the following Rural Investment Companies directly to learn more about their funding options
Advantage Capital Utah Partners I, LLC
909 Poydras Street, Suite 2230
New Orleans, LA 70112
Elevation Fund I, LLC
101 3rd Ave. SW., Suite 211
Cedar Rapids, IA 52404
Enhanced Capital Utah Rural Fund, LLC
201 St. Charles Avenue, Suite 3400
New Orleans, LA 70170
Shane P. McCarthy
To learn more about programs refer to the videos.
View the most recent information about the Rural Economic Development Incentive Grant by viewing this webinar. (May 1, 2020)
Rural funding opportunities for small businesses during the coronavirus pandemic.
Find out more about rural funding opportunities for small businesses by watching this webinar. (April 23, 2020)
Opportunity Zones Update
Learn about Utah Opportunity Zones with Patrick Mullen by watching this video. (March 9, 2020)