Skip to main content

Original text


Powered by Google TranslateTranslate
Powered by Google TranslateTranslate
Utah Assists Small Businesses with Expansion via Incentives in 2022
by Adam Torkildson
>
November 10, 2022
Rating

Utah focused on the manufacturing industry earlier this year with the Utah Manufacturing Modernization Grant. The $10 million program rewards Utah businesses for modernizing, establishing, relocating, retaining, or developing manufacturing in the state. The new grant aims to modernize Utah companies' manufacturing, improve supply chain resilience, and reduce American reliance on foreign manufacturing.

"We're thrilled to be able to provide this grant to Utah businesses," said Dan Hemmert, Executive Director of the Governor's Office of Economic Opportunity. "Supply chain issues have been a problem for several years, and we hope that this grant will assist Utahns in improving the supply chain in our state." We encourage all qualified businesses to apply."

The state provides a number of programs and incentives to businesses, including post-performance tax rebates, private activity bonds, and customized job training assistance. Utah announced the Site Ready Utah program to attract more industrial and other large corporate expansion projects. The program complements the existing Mega Sites program, which focuses on properties larger than 400 acres. The Site Ready Utah program is expanding to include properties ranging in size from 50 to 400 acres. This program provides timely and precise data to meet the needs of expansion projects, making industrial relocation and expansion to Utah much easier.

"When it comes to economic development, we recognize the importance of having vetted real estate product ready for serious consideration by a company," Hemmert said in a press release. "This program will assist Utah communities, both urban and rural, in accelerating their product development efforts and attracting the attention of professional site selectors."

The Utah Technology Innovation Funding was also announced as continuing this year (UTIF). By leveraging the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, this second-year program aims to assist small businesses in developing innovative technology. UTIF intends to assist Utah businesses in developing technology and charting a path to commercialization.

In the future, the Utah Governor's Office of Economic Opportunity will focus on five industries that will help to diversify and improve the state's economy: advanced manufacturing, aerospace and defense, finance, life sciences, and healthcare.

Salina, UT has easy access to major metropolitan areas.
Because of its geographical location and the intersection of interstate highways, railroads, and an international airport, Utah is often referred to as the "crossroads of the West." Given the proximity of Salt Lake City to major markets, that point is correct. However, there is a second "crossroads of the west" in Utah that provides nearly as much opportunity for companies seeking strategic and functional logistics, distribution, and warehouse centers: Salina City.

Businesses in Utah

According to Colliers International, there are approximately 38,381,105 people in an 11-hour drive time from Salina. There are approximately 1,433,539 people within a 4-hour drive. (Photo courtesy of Colliers International)
Salina is on Interstate 70, near the western end of the highway. Interstate 70 intersects Interstate 15 twice, once with a southern orientation and once with a northern orientation. Goods traveling from southern California ports and warehouses pass through Salina on their way to Denver and beyond until I-70 ends in Baltimore, MD.

Major metropolitan areas such as Los Angeles, Denver, and Phoenix are all within a day's drive. The Bay Area is not going to last much longer. According to Colliers International, there are approximately 38,381,105 people in an 11-hour drive time from Salina. There are approximately 1,433,539 people within a 4-hour drive.

Salina owns the industrial park, which has undeveloped land. Phase 1 of the Salina Industrial Park is a 245.5-acre improved site on the north side of I-70, approximately 56 miles east of I-15 and 27.6 miles southeast of Scipio, UT, on State Route 50. State Route 50 connects with I-70 in Salina before shifting east and connecting with I-70 in Denver and beyond. The land has been zoned for commercial use. A company can start planning the construction site right away. As previously stated, additional phases with more land for large developments are in the works.

The site is mostly flat and parallels West Industrial Park Drive, which starts just east of State Route 50 and runs for a quarter mile into the Salina Industrial Park. The park has a total elevation of 5,261 feet above sea level and 55 parcels, 17 of which are active commercial businesses and 38 of which are for sale. The Utah Economic Development Corporation has certified the site for a minimum number of data points.

With so much traffic passing through Salina, the city has developed a trucking and transportation hub. Several gas stations, fast food restaurants, and convenience stores line both sides of I-70 near the State Route 89 offramp in Salina, giving drivers plenty of options for refueling before the roughly seven-hour drive over the Rocky Mountains into Denver. Other service providers, such as truck repair, tires, travel-friendly restaurants, and mid-level motels, line State Route 89 to assist travelers.

SHARE THIS ARTICLE
About the author
Adam Torkildson
Adam Torkildson
Adam is a long-time resident of American Fork, UT. He serves in several local service organizations and advises several startups that he's invested in or founded.
Read full bio
Score Default Image
How To Find And Get Small Business Grants
As small business owners have issues with finding grants or funding, SCORE is recommended as a resource for small business owners to turn to, to receieve some mentorship and guidance on the best funding for them.
CONNECT
712 H St NE PMB 98848
}
Washington, DC 20002
‪(385) 212-4777‬

Copyright © 2024 SCORE Association, SCORE.org

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

Chat generously provided by:LiveChat

In partnership with
Jump back to top