Utah’s low corporate tax rate, remarkable outdoor scenery, and excellent quality of life make it an ideal state in which to do business. Whether you’re an aspiring entrepreneur trying to open a new business or a longtime business owner with a history of success, capital is crucial to getting ahead. Fortunately, Utah has a variety of state funding resources. Here are the business grants and loans available across the state.
Department or Agency: Utah Governor’s Office of Economic Opportunity
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 or 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’s average wage, and have been in existence for over 12 months. See the webpage for full eligibility and program requirements.
Department or Agency: Utah Governor’s Office of Economic Opportunity
Loan or Grant title: Utah Technology Innovation Funding
The Utah Technology Innovation Funding (UTIF) program offers two microgrant opportunities for Utah small businesses participating in 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. Refer to the instructions for full details and eligibility requirements.
Department or Agency: Utah Governor’s Office of Economic Opportunity
Loan or Grant title: Economic Assistance Grant FY25
The Economic Assistance Grant program promotes economic development in Utah through business grants focused on industry, education, community development, and infrastructure. The program reopens frequently for new application periods, 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 initiative designed to assist Utah agricultural producers in enhancing soil health, increasing crop yields, and improving water quality. One-time grants of up to $1,000 are available to help producers 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 per acre annually for each acre covered under the comprehensive plan. Farmers must meet annually to review soil and manure tests and records in order to qualify for incentive acreage payments for the subsequent year. See the program page for more details.
Department or Agency: Utah Governor’s Office of Economic Opportunity
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 struggle to secure financing, offering market-rate loans ranging from $25,000 to $250,000. The Loan Participation Program (LPP) typically funds companies with fewer than 750 employees, and funding needs between $10,000 and $20 million.
Department or Agency: Utah Governor’s Office of Economic Opportunity
Loan or Grant title: Utah Rural Jobs
The Utah Rural Jobs program is designed to support small businesses in rural counties that need assistance with expansion and job creation. Businesses can get loans up to $5 million from a rural investment company. To be eligible, businesses must have fewer than 150 employees, less than $10 million in net income from the previous year, and conduct their principal business operations in Utah. They also need to belong to one of the following industries: Aerospace, agribusiness, defense, energy and natural resources, financial services, information technology, life sciences, manufacturing, outdoor products, and software development.
Department or Agency: Utah Microloan Fund
Loan or Grant title: Microloans
Utah Microloan Fund is a Community Development Financial Institution that provides loans to small businesses in Utah that have struggled to obtain financing in the past. Eligible businesses can obtain capital to purchase equipment, inventory, make property improvements, and more. Loan amounts vary, and interest rates are fixed.
Department or Agency: Salt Lake City Department of Economic Development
Loan or Grant title: Economic Development Loan Fund
Salt Lake City’s Economic Development Loan Fund’s purpose is to stimulate business expansion within the city. Both startup businesses and established operations can get loans to make energy-efficient upgrades, enhance their marketing plans, purchase inventory and materials, and cover gaps in working capital. Startups can get loans up to $100,000; established businesses with more than three years of operation can get up to $350,000; and smaller operations can get microloans up to $25,000.
Department or Agency: Salt Lake City Department of Economic Development
Loan or Grant title: Small Business Construction Mitigation Grant
The Small Business Construction Mitigation Grant supports businesses in Salt Lake City that have been negatively impacted by nearby construction sites. Eligible independent merchants in the restaurant, retail, and bar spaces can get grants of $3,000 to put toward rent/mortgage, marketing, business improvements, and more.
Department or Agency: Provo Development Services
Loan or Grant title: Commercial Facade Improvement Program
The City of Provo’s Commercial Facade Improvement Program gives businesses the capital they need to improve their building exteriors. Businesses can get grants of up to $50,000 to use on painting, ADA accessibility, signage, gutters, and more. To qualify, businesses need to be located in buildings within Provo that are at least 30 years old. Businesses also have to match every $3 of grant funds with $1 of other funds spent on eligible improvements.
Department or Agency: Orem Economic Development
Loan or Grant title: Revolving Loan Fund
The City of Orem’s Revolving Loan Fund gives capital to local businesses, both startups and established operations. The maximum loan amount is $80,000; businesses can use the funds on working capital, equipment, and inventory. To qualify, businesses must create at least one new full-time job for every $35,000 they borrow, and 51% of the jobs they create must pay at least minimum wage and be available to low to moderate-income individuals.
