The Rural Development team supports GOED’s overall mission “to enhance quality of life by increasing Utah’s revenue base and improving employment opportunities” by connecting directly with rural businesses. The office offers a variety of resources, including state tax credits through the Enterprise Zone, Targeted Business Tax Credit, Non-Profit Tax Credit and the Recycling Market Development Zone. The Rural Fast Track grant offers a unique opportunity to rural companies who are investing in their businesses and hiring new employees. The new REDI Program gives grants to businesses creating new positions in small rural counties, providing opportunities for online remote workers. Additionally, in 2018, the Utah Rural Jobs Program will grow rural companies by working with select “Rural Investment Companies” to infuse capital into the business.
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.
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
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