The Rural Fast Track (RFT) Program is administered by the Governor’s Office of Economic Development (GOED) for the State of Utah. It is a post-performance grant available to small companies in rural Utah. The program provides an efficient way for growing small companies to receive incentives for creating high paying jobs in qualifying rural areas of the state, and to further promote business and economic development.
Qualifying Businesses Must:
• Be in business for at least 2 years.
• Show 2 consecutive years of positive net income on tax returns.
• Must have at least 2 full time employees.
• Demonstrate business promotion and economic development in a rural county (associated with “project summary”)
• Must have at least 2 FTE's - full-time employees as shown on DWS quarterly form – 33H. RFT applications from businesses without a minimum of 2 FTE’s listed on the DWS form 33H will not be accepted
May be used for:
• Construction of a new building (or add on to an existing building)
• New or upgraded equipment (maximum grant for specialty vehicles is $25,000)
• Value-added agriculture
• Professional Services
• Retail ("Retail" means a business or person that sells goods to an end-user or consumer.)
• Non-profit organizations
• Purchase of raw land (land purchase may be calculated in the overall project cost, but RFT may not be used for its purchase)
• Most vehicles
• Computer/laptops, non-specialized office equipment, etc.
What are the Incentives?
Incentive based on Capital Improvement/Purchases:
• Up to $50,000 for qualifying capital improvement project. This requires a 50/50 fund match. Purchases made as listed under qualifying contractual uses must be made and paid for in full, and project completed before requesting reimbursement
Incentive based on job creation and retention:
The Governor’s Office of Economic Development (GOED) will administer the Rural Fast Track Program by entering into a legal agreement with the qualifying business. GOED reserves the right to deny the application request based on qualifying parameters at any time through the application process. Compliance standards as established in the legal contract by GOED must be met prior to reimbursement of Rural Fast Track funds.
To the best of your knowledge, having reviewed the above information, if your company appears to qualify you may click "Next Page" to proceed to the Rural Fast Track Pre-application.