August 9, 2024
The Utah Governor’s Office of Economic Opportunity announced the opening of its Economic Assistance Grant, a one-time funding opportunity for projects aimed at developing industry, education, community, and infrastructure to support the state’s economy. The Utah Legislature allocated $4.5 million to fund the grant. The application process opened on Aug. 1, 2024, and closes at 5 p.m. MDT on Aug. 15, 2024.
Historically, the grant has drawn diverse projects with a notable impact. Wasatch Biolabs, a Heber City biotechnology company, was awarded an Economic Assistance grant in the fall of 2023. The grant improved the company’s ability to serve customers with purchased machinery to increase the capacity of sequencing DNA and RNA samples. Improving capacity can advance genomic research to provide faster and more accurate diagnostics for better patient outcomes, reduce healthcare costs, and improve public health. This bolstered economic activity attracting more researchers, biotech institutions, and businesses to utilize Wasatch Biolabs’ services. Through the Economic Assistance Grant, the company has positively impacted the local community, the state of Utah, and beyond.
“The Economic Assistance Grant offers a transformative opportunity for businesses to drive growth and innovation in Utah,” said Jim Grover, managing director of economic growth at the Governor’s Office of Economic Opportunity. “Investing in projects that enhance Utah’s targeted industries and communities supports individual businesses while building a stronger, more resilient economy. We invite Utah companies focused on developing these industries to apply.”
There are three funding tiers:
- Tier 1: Grant requests up to and including $50,000.
- Tier 2: Grant requests greater than $50,000, up to and including $100,000.
- Tier 3: Grant requests greater than $100,000, up to a maximum award of $200,000.
The application includes questions about the project’s scope and goals, job creation and retention, key metrics of success, total cost and budget, and how the project fits into Utah’s targeted industries.
Utah has five targeted industries: advanced manufacturing, aerospace and defense, financial services, life sciences and healthcare, and software and IT. Projects developing one or more of Utah’s targeted industries will be given priority.
The grant also prioritizes business projects with clear metrics, comprehensive planning, other/matching funds, well-defined budgets, and the ability to be completed within 18 months of the award date. For additional questions, visit business.utah.gov/grants or email econgrants@utah.gov with “Economic Assistance Grant” or “EAG” in the subject line.