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.
Rural Economic Development Initiative (REDI)
In 2018, the Utah Legislature passed the sister bill to the Rural Online Initiative's H.B. 327 called the Rural Economic Development Incentives (REDI) H.B. 390. The program authorizes a rural employment expansion grant for the creation of new high paying jobs in counties of the fourth, fifth, or sixth class.
Application for REDI Grant Allocation Award:
A business entity seeking to receive a rural employment expansion grant must apply for and receive approval for participation in the program. To affirm program participation the business entity must enter a written agreement with the office prior to the creation of any incentivized new full-time employment positions.
After entering the agreement to receive a rural employment expansion grant, the approved business entity must demonstrate that the “new full-time employee positions”: pay at least 125% of the average county wage; are filled by an employee that works at least 30 hours per week and for a period of at least 12 consecutive months; and cannot be filled by an immediate family member.
Program restrictions:A business entity may qualify for no more than $25,000 in rural employment expansion grants in any fiscal year. Additionally, business entities that primarily engaged in construction, staffing, retail trade, or public utility activities do not qualify for participation in the program.
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