I frequently hear the question, “It seems like there are a lot of resources and tax credits available to larger businesses, but how does that help small business?”
And further, “what resources exist for small business in the state?” I love being asked that set of questions because we have a great response! There is economic theory around the importance of attracting and retaining large employers, as those businesses and their employees purchase goods and services from smaller firms, which builds a strong eco-system. Additionally, I’m also always happy to share that there are several small business resources available in Utah.
Many of those resources exist within our partner organizations and are available at low or no cost. Just a few examples are below:
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Are you selling a good or service? Odds are, someone in government or one of government’s prime contractors is buying it. Get help selling through GOED’s PTAC program.
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Learn what international markets might be a good fit for your company by engaging in a Market Assessment — World Trade Center of Utah.
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International Grants – Once you know what market you want to be in, go to a trade show or on a trade mission, and let the State and Federal government help cover a portion of your costs. — World Trade Center of Utah.
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Do you have an innovative, technology based idea? Do you want a non-dilutive financing? Check out the TCIP and TAP grant programs administered by GOED and USTAR.
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Would you like to have an impact by hiring veterans? Talk to the Department of Workforce Services and qualify for a tax credit.
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Do you need financing? Talk to a CDE about a low-interest loan that is provided through the New Market Tax Credit program.
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Are you having a hard time attracting a qualified workforce? Upskill your employees at a subsidized rate, using the Custom Fit Training program through either the SLCC or your local ATC. Additionally, you can help yourself by helping to grow the overall pipeline by participating in a Pathways Program or in STEM MX.
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Are you a rural business adding headcount or machinery? Apply for a Rural Fast Track grant.
One of the great things about being a business in Utah is that in addition to non-profit and governmental programs to support your growth, State and local leaders know the best thing they can do is get out of your way. So let’s not forget that Utah government officials work hard to foster an great business climate for businesses of all sizes by maintaining a competitive tax rate and through engaging in mandatory reviews of business regulations.
If you are looking for resources to grow your business, contact someone from our team. We can point you in the right direction.
