Utah’s economic development strategy has been focused in large part on trying to convince companies with good-paying jobs to relocate or expand in the Beehive State. So far, it’s been a successful strategy!
Utah has been recognized nationally for its success with corporate expansion, even during the recession. Few other states have had such a high degree of success luring companies such as Goldman Sachs, Adobe, eBay and countless others that have brought thousands of high-paying jobs and significant capital investment to the Wasatch Front.
The state is now building on those successes by investing in ways to grow new companies and jobs. A collaboration between the Utah Governor’s Office of Economic Development (GOED), the Governor’s Economic Council and the Utah Small Business Growth Initiative (USBGI) announced that $4 million in State Small Business Credit Initiative (SSBCI) stimulus funds will be placed in seed or early-stage venture funds that invest in Utah companies.
Through this effort, the state is trying to help new businesses take flight. It’s just one of many ideas state economic developers will be implementing to better support business formation in the state. Utah has always been an entrepreneurial hot spot; this effort and others in the works are designed to rev up business creation and take it to the next level. Stay tuned!