Information about COVID-19 grants, loans and programs

Rural Business Programs & Incentives

For more information about the Office of Rural Development’s programs download the ORD All Programs PDF.

The Office of Rural Development (ORD) offers 6 programs that enhance economic development in rural Utah. From tax credits to grants, there is a wide variety of programs to help businesses prosper.

Please review the following programs to see which would most benefit your company and project.  Contact goedruralprograms@utah.gov with questions.

 

Click here for the Rural Fast Track (RFT) Reimbursement Claims Form

Enterprise Zone Tax Credits

Are you seeking to expand or relocate your business in rural Utah?

Incremental Tax Credits for New Jobs Paying Above County Average Wage and Capital Investment Tax Credit

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 (jimgrover@utah.gov) or download this PDF for more information about applying for Enterprise Zone Tax Credits and Job Creation Tax Credits

  • A maximum of 30 full-time positions per tax year
  • A $750 tax credit for each new full-time position filled for at least six months during the tax year.
  • An additional $500 tax credit if the new position pays at least 125% of the county average monthly wage for the respective industry (determined by the Utah Dept. of Employment Security). In the event this information is not available for the respective industry, the position must pay at least 125% of the total average monthly wage in the county.
  • An additional $750 tax credit if the new position is in a business that adds value to agricultural commodities through manufacturing or processing.
  • An additional $200 tax credit, for two consecutive years, for each new position insured under an employer-sponsored health insurance program if the employer pays at least 50% of the premium.
Other Tax Credits:
  • A tax credit (not to exceed $100,000) of 50% of the value of a cash contribution to a 501(c)(3) private nonprofit corporation engaged primarily in community and economic development and is accredited by the Utah Rural Development Council.
  • A tax credit of 25% of the first $200,000 spent on rehabilitating a building that has been vacant for at least two years, and which is located within an enterprise zone.
  • an annual investment tax credit may be claimed in an amount equal to 5% of the first $750,000 qualifying investment in plant, equipment, or other depreciable property.

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 taxmaster@utah.gov

Rural County Grant Program

Learn about the Rural County Grant Program Application by watching this webinar. (June 4, 2020)

For background information about the Rural County Grant program click here.

Rural Co-working and Innovation Center Grant Program (RCIC)

RCIC Webinar

RCIC Information & Instructions

RCIC One-pager

RCIC Application

Application process is open from July 1 – September 1, 2020

Questions? Please email goedruralprograms@utah.gov

Rural Economic Development Incentive (REDI)

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.

Eligibility:
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:

      • Pays at least 110% of the county’s average wage
      • Is filled by an employee who works at least 30 hours per week or that meets the customary practices by that industry as full-time standards
      • Will exist for at least 12 consecutive months

Incentives:
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 

Resources
REDI Information and Instructions
REDI Application
Request for Grant Funds
May 2020 Webinar

2020 REDI Grant Levels

Targeted Business Tax Credits (TBTC)

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 goedruralprograms@utah.gov

Utah Rural Jobs Program

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.

Utah Rural Jobs Program

The Utah Rural Jobs Program supports growth and expansion of eligible small businesses by providing flexible and affordable capital.

Who is eligible?

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:

  • Aerospace
  • Agribusiness
  • Defense
  • Energy and natural resources
  • Financial services
  • Information technology
  • Life sciences
  • Manufacturing
  • Outdoor products
  • Software development

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.

Incentives

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

Utah Rural Jobs Program Authorized Rural Investment Companies:

Advantage Capital Utah Partners I, LLC
909 Poydras Street, Suite 2230
New Orleans, LA 70112
Bo Gustafsson
512-409-7011
bgustafsson@advantagecap.com
Damon Rawie
512-409-7012
drawie@advantagecap.com

Elevation Fund I, LLC
101 3rd Ave. SW., Suite 211
Cedar Rapids, IA 52404
Ryan Barton
rbarton@communityimpactfund.com
(319) 389-6439

Enhanced Capital Utah Rural Fund, LLC
201 St. Charles Avenue, Suite 3400
New Orleans, LA 70170
Shane P. McCarthy
smmccarthy@enhancedcapital.com
(504) 569-7909

Videos, Webinars and Presentations

To learn more about programs refer to the videos.

Department of Energy Programs, Incentives and Initiatives
Learn about the Department of Energy in this webinar. (Oct. 1, 2020)

Department of Workforce Services, Housing & Community Development
Learn about the Community Development Office in this webinar. (Sept. 3, 2020)

Utah Industry and Innovation Center
Learn about the opportunities for your business from the Utah Industry and Innovation Center webinar. (Aug. 11, 2020)

Rural County Grant Program
Learn about the Rural County Grant Program Application by watching this webinar. (June 4, 2020)

REDI Grant
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)

Contact Us

_Rural Outreach Manager

Rebecca Dilg

801-538-8681 rdilg@utah.gov

_Rural Outreach Manager

James Dixon

801-538-8687 jdixon@utah.gov

_Rural Outreach Manager

Nan Anderson

435-287-4170 nanderson@utah.gov

_Program Support Specialist

Beckie Page

801 538-8793 beckiepage@utah.gov

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