IAF Guidelines:
The Industrial Assistance Fund is a job-creation incentive fund available to companies seeking relocation and expansion of operations in the State of Utah. The IAF provides grants for the creation of jobs paying higher than prevailing wages within the community. Grant disbursements are made on a post-performance basis after jobs have been created and retained. Applications for assistance are reviewed and approved by the Governor's Office of Economic Development Board (GOED Board).
Applicants should be aware of the following eligibility guidelines:
Red Flags
Financial problems in 3 year period
- Bankruptcy
- Losses
- Sales declines
- Liquidation of assets
Venture Capital Characteristics
- In business less than 3 years
- Risk in the particular project
- Negative upfront cash flows
- Non-Profit organizations or businesses
The Following items are green flag items or key criteria and companies with these characteristics in the positive have a good chance of passing the staff screening process and being approved by the GOED Board.
Green Flags
Positive Economic Impacts
- Number of jobs created over 5 and 10 years
- Percent of salaries over the county median
- Long term capital investment
- Capital investment in equipment
- Taxable business purchases
IAF Staff accepts all applications that meet the application deadline schedule. If an application is received less than 10 business days prior to the Board meeting, it will be rolled over to the next board meeting to allow for sufficient processing time.
Updated September 2004