Roger Koyle, the Regional Director at the Small Business Development Center (SBDC), took the stage at the Carbon County Chamber of Commerce (CCCC) February luncheon as the keynote speaker on Thursday.
Koyle explained that the SBDC is funded by both federal and state funds and that he is actually a Utah State University employee. Before diving into the main topic of his presentation, Koyle spoke lightly on two other subjects.
First, he welcomed a fellow employee to the microphone to speak on Custom Fit. This is a program that has set aside state legislative funds to help businesses with training for employees.
To be eligible, a business must be for-profit. Custom Fit can help to cover up to 50% of training for employees. There is a simple application process and the training can fit any subject a business may need. Funding can be up to $20,000, in which Custom Fit would pay $10,000.
Koyle then briefly explained the Wildcat fund. This is through the SBDC and originated out of Weber State University. It is a $3,000 grant and those that apply must be in business for less than two years and have made less than $30,000 in revenue.
This funding helps business owners get through the early stages and Koyle said that the SBDC has helped about 15 business owners locally in the last few months, with more applicants in the process currently.
Finally, Koyle turned the attention toward the Beneficial Owner Information Report (BOIR). Koyle stressed the importance of business owner’s compliance with this report. This comes from the Financial Crimes Enforcement Network and the majority of business owners must comply with this report.
Koyle stated that willful failure to report complete or updated information or the willful provision or attempt to provide false information may result in criminal or civil penalties, including up to $500 per day that the violation continues, or criminal penalties, including imprisonment and fines.
Those that are already in business have until January of 2024 to complete this information report. However, business that are just getting started do not have as much time.
Businesses that began this year have 90 days to complete and submit the report, while businesses that begin after January of 2025 will have only 30 days to comply.
Koyle explained that the Beneficial Owner Information (BOI) Report is an attempt to cut out fraud and money laundering. Koyle took luncheon attendees through the process application process step-by-step, ensuring business owners that the SBDC is there to help with questions.
The SBDC of Price is located in the McDonald Career Center on the USU Eastern campus, located at 420 North 300 East. They can be contacted at (435) 613-5460.
