PRICE, Utah– There are state programs available designed specifically for small businesses in rural communities that provide funding to assist with expansion and growth, including the Rural Fast Track (RFT) grant.
The Rural Fast Track grant is a post-performance grant available to small companies in rural Utah. The program provides an efficient way for existing small companies to receive incentives for creating high-paying jobs in rural areas of the state and to further promote business and economic development. This provides an opportunity for small companies in rural Utah to receive support and to encourage them to grow and help their local economy.
“This is only one of the programs available to help our local businesses grow,” said Carbon County Economic Development Director Tami Ursenbach. “We encourage businesses to pursue these programs. Castle Country BEAR, USU Eastern and the Small Business Development Center (SBDC) are also available to offer resources to companies.”
Ursenbach works closely with the Governor’s Office of Economic Development (GOED) and the Economic Development Corporation of Utah (EDC Utah) to develop strategic plans and find solutions to obstacles Carbon County faces.
“My job as your economic development director is to keep Carbon County on the radar,” said Ursenbach. “If we don’t bring our issues and obstacles to their attention at a state level, how will they know how to help us to resolve the issues?”
The Rural Fast Track grant is a post-performance matching grant up to $50,000. As an example, if the project cost is $100,000, once the project is completed, the company will be reimbursed $50,000. One of the criterial requirements to receive a RFT is to hire a new, full-time employee at 110% of the county-average wages. In Carbon County, the average wage is $20.62.
On March 22, Carbon County was granted a “Temporary Adjustment” on the wage requirement. This means that businesses within the county who qualify in every way for a Rural Fast Track grant will still be required to create at least one new position in order to receive a grant, but the new position will not need to meet the 110% of the county’s average wage requirement. This went into effect immediately and will last one year. Carbon County can reapply annually for up to four additional years if they meet the requirements set by the State.
“This is refreshing news for our local businesses,” said Ursenbach. “We have had quite a few businesses that couldn’t meet the wage requirement and were unable to benefit from this grant. I am grateful the State understands the economic struggle our county is in and is willing to support us. I know this will be a turning point for several companies.”
Carbon County businesses are encouraged to contact Ursenbach if they would like to visit and discuss the needs of their company. Ursenbach has the knowledge and resources to help small to large companies.
To schedule a meeting, call (435) 636-3295 or email email@example.com.