Utah Rural Jobs Act

U.C.A. 63N-4-3 The Utah Rural Jobs Act enables an eligible small business located in a rural county to expand and create high-paying jobs by providing flexible and affordable capital. The program has three types of participants: 1. Investors who provide capital investment to a

Rural Investment Company (RIC), 2. Rural Investment Companies that raise funds for investors to be invested in eligible small businesses, and

3. Eligible small businesses that may receive up to $5 million in capital for business development and expansion needs.

Initiatives Businesses that fall within the following industry types are encouraged to connect with the Rural Investment Companies as they consider making investments in their growth: • Aerospace • Agribusiness • Defense

• Energy and Natural Resources • Financial Services

• Information Technology • Life Sciences

• Manufacturing • Outdoor products • Software Development

The Office of Rural Development will continue to encourage Rural Investment Companies to attend events around the state at which rural businesses in these industries will be in attendance.

Outcomes In CY 2017 three Rural Investment Companies (RICs) applied for and were given investment authority of $42 million. In cooperation with the compliance team, ORD processed applications to verify the qualifications of each applying RIC.

Challenges and Achievements The Rural Investment Companies have two years to invest $42 million in eligible small businesses. These companies are required to pursue their own investment opportunities. ORD will direct qualifying businesses to these companies as they are discovered in the course of department outreach.

Contact

James A. Dixon Rural Programs Administrator 801-538-8687 jdixon@utah.gov