Economic Development Loan Fund

The Economic Development Loan Fund stimulates business development and expansion, encourages private investment, promotes economic development, and enhances neighborhood vitality in Salt Lake City by making low-interest loans available to businesses.

Salt Lake City Redevelopment Agency

The Salt Lake City Redevelopment Agency (RDA) was created for the purpose of improving the environment of the city and creating better urban living conditions by mitigating blight. The RDA has developed a variety of loan programs for building renovation, new construction, and tax increment financing to assist property owners within Redevelopment Project Areas.

Foreign Trade Zone (FTZ) #30

Salt Lake City is the only city in the state with a Foreign Trade Zone. Strategically situated near the Salt Lake City Airport, the zone offers companies the ability to defer, reduce or eliminate customs duties on product stored within the General Purpose Zone of FTZ #30. The FTZ also offers logistic and administrative benefits through procedures such as weekly Customs entry summaries and associated reduced transaction costs.

Industrial Revenue Bond Program

Industrial revenue bonds are a special tax-exempt form of financing made available by the State of Utah and issued through Salt Lake City Corporation to finance qualified projects at interest rates substantially below comparable commercial rates.

SLCGreen Recycle Market Development Zone

This program is an incentive that businesses with a direct tie to recycling are aware of and consider when choosing a location.  Momentum Recycling, Metech Recycling and SpringBack Utah have all used the incentive to begin operation in SLC, within our zone designation.

Economic Development Area (EDA)/Urban Renewal Area (URA) – All public entities that are entitled to property tax (school districts, counties, cities, libraries, etc.) can agree to rebate their increment back to the new development for a specified period of time as a way to promote development. In a Community Development Area (CDA), public entities can choose to opt-in on a property tax rebate if they see fit.

• Utah Manufacturing Modernization Grant
  The $10 million Utah Manufacturing Modernization Grant incentivizes Utah businesses to modernize, establish, relocate, retain, or develop manufacturing in the state. Its goal is to modernize Utah companies’ manufacturing, increase supply chain resilience, and lessen American dependence on foreign manufacturing.

• Economic Development Zone Tax Increment Finance
  (EDTIF) The incentive is used for projects in specific targeted industries (list of industries) in urban areas and projects. Only 30% may be rebated to the company over the life of the project and a company cannot receive a rebate of more than 50% of the total state revenue generated in any one year. The incentive typically lasts 5 years and cannot last more than 10 years. The incentive may not be used for retail distribution projects.

• Custom Fit Training
  Custom Fit training money is used to help companies train their employees and is administered generally through state colleges and state applied technology centers.

• Private Activity Bond (PAB)
  The Private Activity Bond is Utah’s tax-exempt bonding authority creating a lower cost, long-term source of capital under the Federal Tax Act of 1986.

• Film Incentives
  The Motion Picture Incentive Fund’s purpose is to attract film production with a post-performance rebate plan.
• TCIP Grant – The Technology Commercialization and Innovation Program provides competitive grants to small businesses and university teams to accelerate the commercialization of their innovative technologies.
• Research Tax Credits
  Companies doing qualified research in Utah are eligible for incomes tax credits of up to 6% of qualified research expenses. Qualified research expenses include wages, machinery, software, and equipment.

• Sales Tax Exemption for Manufacturing Equipment
  Manufacturers (SIC 2000-3999) are exempt from sales tax on the purchase of new equipment for Utah Plant start-up. Replacement manufacturing equipment purchases are also exempt from sales tax.

• EDCUtah – Match Grant is designed to provide funding in support of specific economic development efforts that will spur job growth and capital investment in Utah communities.
• Governor’s Office of Economic Opportunity
• Export-Import Bank of the United States
• Miller Business Resource Center – SLCC
• Salt Lake Chamber of Commerce
• Salt Lake County
• State of Utah
• US Small Business Administration
• Utah Microenterprise Loan Fund
• Suazo Business Center
• Women’s Business Center
• Zions Bank Business Resource Center
• MoFi Small Business Loans