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By Julie Johansen
The Emery County Economic Development Council has grants and loans available for businesses in Emery County that meet certain criteria. At the present time, there is $50,000 in funds waiting for businesses. The Retail Incentive Program (RIP) and Revolving Loan Fund (RLF) are ready to provide assistance to retail businesses.
The purpose of the RIP Main Street Incentive Program is to provide assistance on a case-by-case basis to retail businesses located within Emery County that enhance the vibrancy of the overall retail mix of the county. It is a matching grant in which the ECEDC will match up to 50%.
Only retail businesses that are consistent with the goals of the ECEDC and local or county master plans and that strengthen or add to the diversity of the county are eligible. This program is jointly funded by matching grants from the ECEDC and local municipalities. Incentives for website assistance will not exceed $500 and exterior signage and improvement are up to available up to $1,000.
The purpose of the Revolving Loan Fund is to create permanent, long-term jobs within the Southeastern Utah region by providing “gap” financing to qualified businesses. Loans are available in Emery County. Loans made through the RLF are intended to bridge the gap created by shortfalls in commercial financing, such as banks.
RLF participation can be up to 100% of the total project with the cost not to exceed $40,000. Funds are repaid into the program and recycled to other businesses, thus allowing an on-going job creation program. The RLF can loan to both start-up and early-stage businesses. Eligible uses of the capital are land and building acquisition, building construction and renovation, purchase of machinery and equipment, and working capital.
The exact criteria can be obtained from members of the ECEDC, specifically Ethan Migliori (ethan.migliori@usu.edu) and Jordan Leonard (jordan.leonard@usu.edu).