Starting and managing a small business in Utah is no easy feat, especially considering the annual bankruptcy declarations of over 17,043 businesses.
Securing funding is a critical aspect of business operations, and the government facilitates access to financial resources through various grants.
This blog is dedicated to providing in-depth information about these grants.
We will delve into the application process, eligibility criteria, and provide important contact numbers for those in need of application assistance.
Whether you are a business owner facing financial challenges or an entrepreneur looking to kickstart a venture, this blog is your go-to resource for essential help.
Top Small Business Grants In Utah
Below is a list of small business grants in Utah:-
1. The Shop In Utah Program
This is a grant aimed at assisting Utah businesses in promoting economic opportunity and providing industry-related services.
The grant has a funding capacity of $4.5 million.
Eligibility Criteria:
- Offer a discount or other financial incentive with an estimated value to customers of at least 50%.
- Have experienced a revenue decline related to COVID-19.
- Have employees physically located in Utah.
- Have fewer than 250 full-time equivalent employees.
- Establish that the use of funds will benefit the state’s economy.
How To Apply?
To apply for the Shop In Utah grant, businesses can visit the Utah Governor’s Office of Economic Development (GOED) website.
2. The Rural Community Opportunity Grant (RCOG)
This is designed to empower rural communities by enabling them to actively engage in economic development planning, projects, and activities.
The primary goal is to help these communities capitalize on their unique opportunities.
Eligibility Criteria:
The grant is open to community groups, charities, faith organizations, and parish/town councils that meet the following criteria: Possess unallocated reserves exceeding one year’s operational expenses.
Eligible rural communities include those falling under the third, fourth, fifth, and sixth class counties. This also extends to cities, towns, and metro townships within these counties.
Additionally, municipalities with a population of 10,000 or fewer in counties of the second class are eligible.
How To Apply?
To apply for the grant, interested parties should start by submitting an ‘outline proposal’.
This document should articulate the proposed idea and demonstrate its alignment with the objectives of the Fund.
Successful applicants at the outline proposal stage will receive a full application form for further consideration.
3. The Rural Fast Track (RFT) Program
This is a post-performance grant designed for small businesses in rural Utah.
Its purpose is to offer incentives for the creation of high-paying jobs in rural areas of the state.
Eligibility Criteria:
- Small businesses must be situated in a county with a population of fewer than 30,000 and an average household income lower than the state average.
- The business must have been operational for a minimum of two years and employ at least two full-time staff members.
- The company must not be excluded from federal funds, must meet Small Business Administration (SBA) size standards, and possess adequate resources to cover associated trade costs.
- It should be a for-profit company with its headquarters located in Utah.
How To Apply?
To get more information about the Fast Track program and to access the application form, interested parties can reach out to Beverly Evans at the Rural Development Governor’s Office of Economic Development by calling 801-538-8638 or emailing bevans@utah.gov.
4. The Small Business Innovation Research (SBIR) And Small Business Technology Transfer (SBT) Programs
These are federal grants available for small businesses involved in scientific research and development, as well as businesses serving rural communities
Eligibility Criteria:
- The applicant must be a Small Business Concern (SBC).
- Legal forms accepted include individual proprietorship, partnership, limited liability company, corporation, joint venture, association, trust, or cooperative.
- In the case of a joint venture, each entity involved must individually meet the eligibility criteria.
- The business must have a place of business located in the United States.
- It should operate primarily within the United States or make a significant contribution to the materials or labor within the country.
- The business, along with its affiliates, must not exceed 500 employees.
How To Apply?
The process of applying entails submitting a proposal in answer to the agency’s request and technical subject before the deadline for submission.
5. The Utah Office Of Economic Opportunity
This grant provides a range of grant programs to assist businesses based in Utah.
These grants cover various initiatives, including those focused on addressing air quality or water conservation through strategic and innovative solutions, with funding available up to $10 million.
Eligibility Criteria:
- The primary location of the applicant’s business must be in Utah.
- The applicant must be registered and in good standing with the Utah Division of Corporations and Commercial Code.
- Businesses should actively contribute to and support economic opportunities in the state, as well as initiatives related to education, community development, or infrastructure.
- Government entities are not eligible to apply for these grants.
How To Apply?
Businesses interested in these grants can visit the Utah Office of Economic Opportunity’s website and follow the provided instructions for the application process.
6. Custom Fit Training Program
This program provides funds for employee training and skill development.
It would help if you cleared the eligibility criteria to get customized training programs to adhere to the specific needs of the small business.
The purpose of the Custom Fit Training Program is to assist small businesses in enhancing the skills of their workforce, increasing their productivity, and building new jobs.
Eligibility Criteria:
- The applicant’s business must be in one of these industries: IT, customer support center, manufacturing, air courier services, life science, national headquarters, or regional or national warehousing/ distribution center.
- Profit companies that are based in Utah.
Fulfill at least two or more of the following conditions:
- Make an appreciable capital investment.
- Deploy new technology.
- Productivity and profitability of the operations in the state.
- Enhancing workers’ skills.
How To Apply?
Interested applicants can look for a local Custom Fit provider and know about the application process to be followed.
7. Economic Development Administration Grants
It comes under the US Department of Commerce, which provides:
- Grants to assist economic development.
- The creation of jobs.
- The growth of business in economically distressed communities.
Generally, these grants are allocated to local governments, nonprofits, and economic development organizations that support small businesses in their technical assistance, infrastructure development, and more services.
Eligibility Criteria:
Applicants must be:-
- political subdivision
- a state
- an Indian tribe
- a district organization
- higher education institute
- nonprofits working with a political subdivision or a state
How To Apply?
You can submit applications and proposals through Grants.gov or to the apt EDA regional office.
8. Utah Technology Commercialization And Innovation Program
It comes under the administration of the Utah Science Technology and Research initiative, which gives grants to assist the commercialization of innovative technologies and products made in Utah.
The funding is for prototype development, intellectual property protection, and market research.
Eligibility Criteria:
- Colleges and universities ought to commercialize their techs.
- Companies who license technology from different institutions.
- Revenue of no more than $500,000.
- Funding of no more than $3 million.
How To Apply?
Interested applicants can visit the website and gather information on eligibility criteria and the application process on business.utah.gov/TCIP.
9. Rural Business Development Grant
It comes under the US Department of Agriculture and provides grants to assist small businesses in rural areas.
It intends to create jobs and expand rural communities’ business and economic development.
Eligibility Criteria:
- It must be a public body or government entity in a rural area.
- If the applicant is an Indian Tribe.
- Nonprofit entity serving rural areas.
- Areas outside the urbanized periphery with a population of 50,000 or more.
How To Apply?
Interested applicants can apply through USDA Rural Development’s local or state offices.
Best Small Business Grants For Women In Utah
10. Women Business Center Of Utah
They provide technical assistance to women business owners and entrepreneurs to help them make opportunities and experience business ownership’s success.
They give out five grants of $1000 each to small businesses owned and managed by women.
Eligibility Criteria:
- It must be a woman.
- A small business owner.
- Women Entrepreneurs.
How To Apply?
Interested applicants can apply and gather more information at info@wbcutah.org or visit their offices at 201 South Main Street #2300, Salt Lake City, UT 84111 OR 510 W. 800 S.Cedar City, UT 84720.
11. Amber Grant
They give out at least $30,000 each month to women entrepreneurs.
They have “Startup Grants,” “Business Category Grants,” and two “$25,000 Year End Grants.”
Eligibility Criteria:
- Must be a woman.
- Must be 18 years or above.
- 50% women-owned business.
- Business operatives in the US or Canada.
How To Apply?
It is easy to apply at Amber Grant’s through its website.
Other Small Business Assistance In Utah
12. Small Business Administration Loan
Loans are available for small businesses ranging from $50,000 to $5 million with lower rates and preferred repayment terms.
The applicant should choose the type of loan as per their business type and requirement.
Eligibility Criteria:
- Small business as per SBA size standards.
- The company must be for-profit and located in the US.
- Good credit score.
- Repayment capability.
- Have equity in the business.
- Exhausted other lending options.
- Documented business owner.
- No defaulters of loans.
How To Apply?
Interested applicants can visit the SBA site for further information on the application process.
13. Utah Small Business Credit Initiative
This is to help small businesses facing the necessary capital.
It can come in to resume small companies that can’t access traditional bank loans because of limited equity or time in operation.
Eligibility Criteria:
- Utah Based Business
- Nonprofit Organisations
- Under 500 Employees
How To Apply?
Interested applicants can go to USBCI contracted lenders to apply. Hence, secure loans in partnership with the state.
The lenders could be Banks, Community development financial institutions, credit unions, and nonprofit lenders.
14. SBA State Trade Expansion Program (STEP) Grant
This grant is for small businesses wanting to expand in the global market.
The amount that each business receives depends on the nature of the company.
The grant receiver must match all the rewards in the grants with 25% cash.
Eligibility Criteria:
- Licensed business of manufacturing, assembling, or distributing.
- Business based in Utah.
- Good rapport with the Utah Department of Revenue and the IRS.
- Permitted to receive Federal funds.
- Meeting the definition of US Small Business Administration’s description of Small and Medium-Sized Enterprise.
How To Apply?
Interested applicants can apply by visiting the website.
15. Economic Assistance Grant
This promotes and supports economic opportunities in the state and offers service in connection to industry, education, community development, and infrastructure.
Government entities can not apply for this grant. A business has to be described as a for-profit or nonprofit entity.
Eligibility Criteria:
- Business should be based in Utah.
- Applicants should be registered.
- The Utah Division of Corporations and Commercial Code firms should be in good standing.
How To Apply?
Interested applicants can apply for this grant and more information through econgrants@utah.gov.
Where You Can Find Grants?
There are various sources where you can find grants. These are either government or subscription-based sources.
They provide grants, fun fellowships, ding opportunities, and databases from different sources involving government, foundations, and corporations. They offer different sections like Grants for Nonprofits, Grants for Small Businesses, Grants for individuals, Federal Grants, and Foundation Grants, amongst others.
They give you knowledge on different resources, loans, and grants available for small businesses. Interested applicants can also find information on limited small business grants and grants to states and to promote entrepreneurship with eligible community organizations.
Information is available on grants and programs emphasizing economic development and creating jobs.
Small Business Development Center National Information Clearinghouse gives resources, information, and opportunities on the market, business, grants, and funds.
It is a subscription-based platform that provides a comprehensive database about grants plus resources and tools for interested license applicants.
This is the official website for federal grants. Here, interested applicants can look and apply for grants from different government agencies.
This is a page to find government grants in the US. The Chamber of Commerce created this page with information on all major issues.
Conclusion
Navigating the challenging landscape of small business ownership in Utah becomes more manageable with the assistance of various grants available to entrepreneurs and business owners.
For those seeking financial support, it is essential to carefully review the eligibility criteria and application processes outlined for each grant.
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FAQs
Several small business grants are available for women entrepreneurs in Utah, including the Amber Grant, grants for women entrepreneurs like the Publish Her Business Impact Grant and Women of Color Grant Program, and broader Utah Small Business Grants.
These initiatives support women-owned businesses, fostering innovation, economic development, and access to international markets. Women entrepreneurs in Utah should explore these opportunities to find the best fit for their businesses.
The application process for small business grants in Utah differs based on the grant program. Generally, businesses are required to submit detailed applications, including information about their operations, financial status, and how the grant funds will be utilized.
Steps may involve submitting an initial proposal, completing a full application upon successful review, and adhering to specific deadlines.
Eligibility criteria for small business grants in Utah vary depending on the specific grant program. However, common factors include the business’s location, size, industry focus, and adherence to specific guidelines such as revenue decline due to COVID-19.
It is crucial to carefully review the eligibility requirements outlined by each grant program and ensure your business meets the specified criteria. Additionally, reaching out to the respective grant provider or contacting the Utah Governor’s Office of Economic Development can provide clarification on eligibility concerns.
