Rural Fast Track

U.C.A. 63N-3-104

The Rural Fast Track (RFT) grant program supports small companies in rural Utah by awarding post-performance matching grants of up to $50,000 for investment directed toward improved production and the creation of high-paying jobs.

The objective of RFT is to identify and support eligible businesses throughout rural Utah that are ready to grow.

Working with county economic development directors, businesses complete a rigorous application process and submit projects that are then analyzed for program adherence. After meeting all requirements and receiving approval from the Governor’s Rural Partnership Board and GOED Board, companies that are offered grants may start their projects by making initial capital investments and hiring at least one new full-time employee. Once a project is complete, reimbursement is coordinated with GOED’s Office of Rural Development (ORD) and the office’s compliance team.

Initiatives

ORD’s ongoing initiative is to increase communication between potential RFT applicants and the economic development departments assisting them. ORD staff provides prospective applicants with detailed RFT application information and instructions, and helps them throughout the grant application process. ORD’s goal is to increase awareness of the job creation incentive connected to the grant.

Challenges and Achievements

The RFT successfully helps growing rural companies with capital investments that improve production and help hire new employees. Applicants are required to prove they were profitable for two consecutive years before the time of their application. Additionally, they must agree to hire at least one new full-time employee to qualify for the grant.

Outcomes

Rural Fast Track Grant FY 2017 FY 2018 FY 2019

Grant Reimbursements Issued 23 23

23 Amount $988,628 $1,120,513 $1,005,241 Company Capital Expenditure $4,343,779 $3,221,570 $6,459,465 Jobs Created 26 27 27

Projections for Approved Grants

Contracts have a life cycle of up to two years. In FY 2019, GOED approved 24 new grant projects. If all approved grant projects are successfully completed, it is projected that 45 new jobs will be created and nearly $4.5 million in private capital investment will be made against approximately $1.1 million in grant funding.

Claims made on open RFT contracts during FY 2019 are reflected above, and compared to the two prior fiscal years.

Business Services

Spotlight

-“Opportunities created through the Rural Fast Track grant have been two-fold, for both our rural community and us. The expansion of our building allowed us to increase the scale of our business model with potential growth that will easily continue. We outgrew our previous space, both in square footage needs as well as functionality. The rehabilitation of the building has been a boon for our community. What was once an abandoned warehouse in our economically depressed area is now a feature point of the town, and has demonstrably led to others investing in commercial and residential properties in our community as the tourism and telecommuting market continues to grow.”

Ben Steele, Ben Steele Fine Art

Contact

James Dixon | Rural Program Manager 801-538-8687 | jdixon@utah.gov