63N-3-105. Qualification for assistance -- Application requirements.
(1) Subject to the requirements of this part, the administrator may provide loans, grants, or other financial assistance from the restricted account to an entity offering an economic opportunity if that entity:
(a) applies to the administrator in a form approved by the administrator; and
(b) meets the qualifications of Subsection (2).
(2) As part of an application for receiving financial assistance under this part, an applicant shall demonstrate the following to the satisfaction of the administrator:
(a) the nature of the economic opportunity and the related benefit to the economic well-being of the state by providing evidence documenting the expenditure of money necessitated by the economic opportunity;
(b) how the economic opportunity will act in concert with other state, federal, or local agencies to achieve the economic benefit;
(c) that the applicant will expend funds in the state with employees, vendors, subcontractors, or other businesses in an amount proportional with money provided from the restricted account at a minimum ratio of one to one per year or other more stringent requirements as established on a per project basis by the administrator;
(d) for an application for a loan, the applicant's ability to sustain economic activity in the state sufficient to repay, by means of cash or appropriate credits, the loan provided by the restricted account; and
(e) any other criteria the administrator considers appropriate.
(3)
(a) The administrator may exempt an applicant from any of the requirements of Subsection (2) if:
(i) the applicant is part of a targeted industry; or
(ii) the applicant is a quasi-public corporation organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, or Title 63E, Chapter 2, Independent Corporations Act, and the applicant's operations, as demonstrated to the satisfaction of the administrator, will provide significant economic stimulus to the growth of commerce and industry in the state.
(b) The administrator may not exempt the applicant from the requirement under Subsection 63N-3-106(1)(b) that the loan be structured so that the repayment or return to the state equals at least the amount of the assistance together with an annual interest charge.
(4) The GOED board shall make recommendations to the administrator regarding applications for loans, grants, or other financial assistance from the Industrial Assistance Account.
(5) Before awarding any money under this part, the administrator shall:
(a) make findings as to whether an applicant has satisfied the requirements of Subsection (2);
(b) establish benchmarks and timeframes in which progress toward the completion of the agreed upon activity is to occur;
(c) monitor compliance by an applicant with any contract or agreement entered into by the applicant and the state as provided by Section 63N-3-107; and
(d) make funding decisions based upon appropriate findings and compliance.
Amended by Chapter 379, 2026 General Session
