Prepare Your Utah Business to Apply for up to $200K in Project-Based Funding

Funding

This guide teaches Utah businesses how to prepare for the Economic Assistance Grant, a project-based funding opportunity offering up to $200K from the Governor's Office of Economic Opportunity. It covers eligibility requirements, three funding tiers ($50K–$200K), application deadlines, and what reviewers expect: clear metrics, strong budgets, and 18-month project completion plans. Ideal for for-profit and nonprofit organizations in targeted industries seeking growth capital.

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With summer ending and fall steadily approaching, grant season is gearing up, providing many Utah businesses with a chance to take a big step forward. The Economic Assistance Grant, issued by the Utah Governor’s Office of Economic Opportunity, is one such offering — drawing from a $4.5 million fund to provide one-time, project-based financing.

The grant, which is taking applications from Sept. 1 to Sept. 15, is designed to support projects that enhance Utah’s economic landscape, focusing on industry, education, infrastructure, and community development. It’s open to both for-profit and nonprofit organizations, so long as they’re based in Utah and registered in good standing with the Utah Division of Corporations and Commercial Code.

“The Economic Assistance Grant offers a transformative opportunity for businesses to drive growth and innovation in Utah,” said Jim Grover, managing director of economic growth at GOEO. “We invite Utah companies focused on developing the state’s targeted industries to apply.”

To ensure fair competition, grant applications are divided into three funding tiers: Tier 1 for up to $50,000; Tier 2 between $50,000 and $100,000; and Tier 3 greater than $100,000, with a maximum award of $200,000.

In the past, the grant has funded diverse projects that have gone on to have a notable impact on the state’s economy and ecosystem. Wasatch Biolabs, a Heber City biotechnology company, was awarded an Economic Assistance grant in the fall of 2023, which allowed the company to upgrade its DNA and RNA sequencing capabilities. The result: faster diagnostics, improved patient outcomes, and an expanded role in Utah’s growing biotech sector.

Opportunities like the EAG are about more than dollars — they’re about momentum. Businesses interested in applying should be prepared to present clear metrics, strong budgets, and a plan that can be completed within 18 months of receiving the award.

Visit GOEO’s website for more information about the Economic Assistance Grant. Looking to further support your small business in Utah? See what type of funding is right for your business, and check out the Startup State Initiative’s resources page to move your business forward.