Grants for Businesses in Utah
The state of Utah awards grants to businesses to create new jobs and to support facility expansion, business relocation, and innovation. In addition to state incentives, Utah counties and cities financially assist businesses that have programs accomplishing local economic development goals. Winning grants is not automatic, and small businesses may need to align their corporate strategies with government goals to obtain them.
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Types of Assistance
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Utah assists its businesses with a combination of grants, incentives, and tax credits. Each of these specialized economic development tools is designed to accomplish strategic government goals. Grants are given directly to a business in order to finance a specific project or service. Incentives reimburse a small business when it meets specific program criteria. The reimbursement can include cash or in-kind services given to businesses after they have performed a service. Sometimes, incentives are advanced and the business assumes the risk of paying it back if goals are not achieved. Tax credits have the advantage of directly reducing liabilities. Once they have met certain criteria, businesses are granted credit against their tax bills.
Small Business Grants
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Utah has eight active grant programs for small business, which are administered by the Governor's Office of Economic Opportunity. Encouraging business-education partnerships, Utah's Centers of Excellence offer dollar-for-dollar matching grants for small businesses by licensing technology from one of the state's universities. Rural Fast Track pays up to $50,000 to offset wages and benefits for new employees, with each qualifying new employee generating a $1,500 cash payment. Utah's Renewable Energy Development grants will refund the equivalent value of five to 10 years of federal, state and local taxes, including business license fees. Working through local governments, Utah Industrial Assistance Funds provide capital for equipment purchases and job expansion. The state funds are combined with local grants to help businesses leverage capital acquisitions.
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Local Programs
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Some local government bodies in Utah offer grants when a small business agrees to meet local economic development objectives. These programs combine state and federal grant funds. Counties and cities also offer small business in-kind grants covering the cost of infrastructure expansion and fees, telecommunications, road improvements, and other local development costs.
Application Process
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Utah's Office of Economic Opportunity functions as the central application point for all business programs and coordinates local government applications. Office staff connects businesses with local economic development agencies. Each state or local program has its own form or process, and this state coordinating body is designed to help small businesses navigate complicated application requirements.
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References
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- Photo Credit at the canyonlands national park, utah image by monamakela.com from Fotolia.com
