Department or Agency: The Governor’s Office of Economic Opportunity (Utah)
Loan or Grant title: Rural Employment Development Incentive Grant (REDI)
The Rural Employment Development Incentive grant is designed to promote job creation in rural Utah. A business entity can receive up to $250,000 per year, and up to $6,000 per job created. New roles can be online or in a satellite/hub office, but must be physically located in the same county as the business. Eligible sites are either rural towns or cities with populations under 10,000 in Webster, Davis, Utah, or Washington counties. Jobs created must be full-time, pay over 110% of the county average wage, and exist for over 12 months. See the webpage for full eligibility and program requirements.
Department or Agency: The Governor’s Office of Economic Opportunity (Utah)
Loan or Grant title: Utah Technology Innovation Funding
The Utah Technology Innovation Funding (UTIF) program offers two microgrant opportunities for Utah small businesses that are involved with the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. The microgrant program supports Utah businesses applying to SBIR or STTR federal grants by covering staff time to develop, write, and submit competitive grant proposals. Grants are limited to one $3,000 award per company, with an additional $2,000 of funding available to women-owned small businesses, small disadvantaged businesses, and rural businesses. Winners of SBIR/STTR federal grants of at least $100,000 may apply to the Utah Technology Innovation Fund (UTIF) for an additional $50,000. An additional $10,000 is available to women-owned businesses, small disadvantaged businesses, and businesses in rural counties. See the instructions for full information and eligibility requirements.
Department or Agency: The Governor’s Office of Economic Opportunity (Utah)
Loan or Grant title: Economic Assistance Grant FY24
The Economic Assistant Grant program promotes economic development in Utah with business grants related to industry, education, community development, and infrastructure. The program opens on August 17, 2023, so check back for details and application requirements.
Department or Agency: Utah Department of Agriculture and Food (UDAF)
Loan or Grant title: Agricultural Voluntary Incentive Program
The Agricultural Voluntary Incentive Program is an annual program designed to help agricultural producers in Utah improve soil health and increase crop yields, while also improving water quality. One-time grants of up to $1,000 are available for producers to work with a conservation planner to develop a Comprehensive Nutrient Management Plan (CNMP). Payments are made after the plan is completed, after which UDAF will pay producers $12/acre annually for each acre covered under the comprehensive plan. Farmers must meet annually to review soil and manure tests and records to qualify to receive incentive acreage payments for the subsequent year. See the program page for more details.
Department or Agency: The Governor’s Office of Economic Opportunity (Utah)
Loan or Grant title: Utah Small Business Capital Initiative for Small Business
The Utah Small Business Capital Initiative has two loan programs that vary by size and purpose. While borrowers may prefer one of the two programs over the other, lenders will determine which is the best fit. The Capital Access Loan Program (CAP) supports borrowers who find it hard to secure financing, with market-rate loans ranging from $25,000 to $250,000. The Loan Participation Program (LPP) typically funds borrowers over $250,000 and is best for small businesses with strong growth potential. LPP offers low-interest loans with rates fixed between 1–3%. Utah businesses with less than 500 employees are encouraged to apply for loans that can be used for working capital, franchise fees, equipment, inventory, construction, renovation, and more. See the webpage for full details.
