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The Revolving Loan Fund Program (RLF) is a lending program through the Southeastern Utah Association of Local Governments (SEUALG) for start-up businesses and businesses with the desire to expand that are unable to receive financing from traditional lending institutions. Retaining or creating jobs in the community is a criteria for the program.
San Juan County businesses can qualify to use the Utah State Legislature's Custom Fit Program funds. Designed to be a training solution for startups, established, and growing companies.
Custom Fit Training's goal is to help organizations develop a qualified employee base. Campinies receive training consulting services and tuition assistance for high-quality, short-term, non-credit taining that aligns with industry-specific needs.
For more information or help finding training, contact Meghan McFall
Email: [email protected]
Are you seeking to expand or relocate your business to rural Utah? The Enterprise Zones can provide:
The following tax credits may be claimed by eligible businesses locating or expanding in enterprise zones on Utah state income tax forms: Please contact Jim Grover ([email protected]) for more information about applying for Enterprise Zone Tax Credits. Job Creation Tax Credits: (maximum 30 full time positions per tax year):
Other Tax Credits:
Non refundable tax credits are available to eligible businesses in designated enterprise zones from the start of the tax year in which the designation is made. Unused credits may be carried over for three years. Businesses closing operations in one rural area to locate in another rural area may not claim tax credits under this program. Construction jobs are not eligible for tax credits. Retail businesses and public utilities are not eligible to claim tax credits. To apply for the Enterprise Zone Tax Credits use our online application:
The purpose of the Enterprise Zone/Non-Profit (EZNP) program is to encourage nonprofit organizations (501C-3 only) to develop projects that have a positive community and economic impact in rural Enterprise Zone Areas.
What is the GOED Rural Development Enterprise Zone Non-Profit Program?
Purpose: The purpose of the Enterprise Zone/Non-Profit (EZNP) program is to encourage nonprofit organizations (501C-3 only) to develop projects that have a positive community and economic impact in rural Enterprise Zone Areas.
What is the Benefit? If selected and the project approved, the non-profit may provide a Utah state tax credit to their donors who make contributions to the nonprofit corporation for the approved project. The selected non-profits will be provided with a tax credit allocation – the maximum dollar amount that is available to their donors for tax credits.
The San Juan County CRA was created with the purpose to increase economic development and activity within our communities. A CRA is a separate legal entity, comprised of our County Commissioners and is utilized as an Economic Development tool primarily used to provide tax increment investment. A CRA can be used to: reimburse horizontal infrastructure, reimburse development costs, buy or buydown land, provide direct development incentives, or for public Infrastructure.
In December of 2017, new tax legislation was enacted that included the “Investing in Opportunity Act.” This act created an investment tool called “Opportunity Zones,” with the goal of incentivizing private investment to revitalize economically distressed communities across the U.S. Over 8,700 census tracts throughout the nation were designated as Opportunity Zones, nominated by the governor of each state.
The Opportunity Zone program provides tax benefits for investors to re-invest their capital gains into dedicated Opportunity Funds, which are then used to make investments in qualifying business or real estate projects in designated Opportunity Zones.
San Juan County has one Opportunity Zone located in the southern part of San Juan County, which also overlaps with the Navajo Nation, in the heart of the Four Corners region. The zone is boarded by the Glen Canyon National Recreation Area (Lake Powell), 191, and the AZ state boarder.
Investors qualify for three different tax benefits if they invest their capital gains into qualifying zones.
More details regarding these incentives are provided here and/or here. A timeline for capturing these benefits is provided below. To maximize the step-up in basis, capital gains must be invested by the end of 2019.
The Utah Rural Jobs Act enables an eligible small business located in a rural county to expand and create high wage jobs by providing flexible and affordable capital to small businesses in these areas. The program has three types of participants: 1) Investors who provide capital investments to a Rural Investment Company, 2) Rural Investment Companies who raise the funds from investors to be invested in eligible small businesses; and 3) Eligible small businesses who may receive up to $5,000,000 in capital for business development and expansion needs. The program authorizes $42,000,000 of investment authority to Rural Investment Companies.
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 counties of the fourth, fifth or sixth class (populations of less than 31,000). These jobs can be remote, in a satellite hub/office, or physically located in the same county as the business.
Businesses not primarily engaged in construction, retail, staffing or public utilities industries are eligible to apply. A business considering the REDI grant must apply for and receive approval through GOED in advance of creating a new position. The company will enter a written agreement with GOED and must demonstrate that the new jobs:
A business entity may qualify for up to $25,000 in rural employment expansion grants each fiscal year.
Potential Allocation Award Amounts:
|2018 County Average Wage||125% County Average Wage||2018 State of UT Average Wage||Percentage State Average Wage||Potential Job Incentive|
|$35,078||$ 43,848||$ 45,727||77||$ 6,000|