Sustainable and Resilient (STAR) Business Grant
Now Accepting Applications!
Grand County Economic Development seeks to fund organizations, programs, and projects that shorten the gap between wages and the cost of living for local residents while addressing the need for an increasingly resilient and diverse economy. Grand County Economic Development pursues greater economic diversification in Grand County by supporting the existence and expansion of organizations that provide year-round, stable employment opportunities and are resistant to both economic shocks and seasonality.
Grand County Economic Development aims to support projects that sustainably raise wages or lower the cost of living for Grand County workers. Provided with free capital, businesses should be able to invest in improvements that boost productivity. The resulting increased profits can then be invested in workforce opportunities and retention.
Economic Diversification - what's that?
Grand County Economic Development defines economic diversification as economic development that supports a sustainable, livable, and resilient Grand County:
- Sustainable, in that we actively protect our public lands and preserve our community's natural resources;
- Livable, in that we support the creation of year-round, high-paying jobs in a community that offers a high quality of life and economic mobility; and,
- Resilient, in that we foster a diverse mix of industries that can withstand an array of economic shocks.
Examples of Applicable Projects
- Acquiring a larger or new production or commercial space
- Offsetting housing costs, such as renting a room for an employee
- Training workers in new skills and raising their wages as a result
- Creating new streams of revenue, such as establishing e-commerce for a local artisan @(Model.BulletStyle == CivicPlus.Entities.Modules.Layout.Enums.BulletStyle.Decimal ? "ol" : "ul")>
Grand County Economic Development encourages applicants to propose imaginative and innovative projects that do not necessarily align with the above list of examples.
Resources for Applicants
- Financial assumptions are crucial for proprietors who have yet to assemble financial projections
- Grand County Economic Diversification Action Plan (2020)
- Grant one-pager - share this with your friends to help us spread the word!
- Grant proposal as approved by the Grand County Commission on April 19th, 2022
- List of typical business expenses in a basic spreadsheet template (encouraged for those reporting start-up costs)
- Profit and Loss (P&L) Statement template
- REGISTER for your free SBDC counseling appointment
- Research by the Economic Policy Institute explaining economic multiplier effects by industry
- Research by the Kem C. Gardner Policy Institute explaining Utah's economic diversity by county
- Search your organization to ensure your business status is "Active" before applying @(Model.BulletStyle == CivicPlus.Entities.Modules.Layout.Enums.BulletStyle.Decimal ? "ol" : "ul")>
The STAR Business Grant application is now open! Begin your application today by clicking here.
Due to the anticipated volume of applications for this grant and the limited amount of resources available, Grand County Economic Development recommends detailing specific aspects of the project in the required project budget. By listing a number of detailed objectives in the required budget, evaluators will be able to consider partial funding for a project should the requested sum not be available.
Applications are due by the end of the day on July 31st, 2022. Grand County Economic Development will reach out to individuals with instructions on how to submit their application materials.
What's required to apply for the STAR Business Grant?
- Completed grant application - click above this menu to begin the application and budget process
- Construction Quotes - IF your project proposes construction or significant physical infrastructure modifications, construction quotes for your project must accompany your project application
- Consultation with our SBDC - all organizations will need to schedule a free meeting with local Small Business Development Center representatives to coordinate application assistance and learn about other available resources; schedule your meeting today
- Profit and Loss (P&L) statements for 2021, 2020, and 2019 - if your organization was not operating during one or more of these years, please provide 1) any P&L statements available and 2) a projection or record of your organization's start-up costs; click here for a P&L template
- Project Budget - this should include all required and potential costs, your match contribution amount (based on your funding ask) and match sources, and a brief description of all cost and match items; the budget template is provided during the application process found above
- State of Utah Articles of Incorporation Number - if your organization has not renewed its state incorporation number at application submission, your organization will not be considered for the STAR Business Grant @(Model.BulletStyle == CivicPlus.Entities.Modules.Layout.Enums.BulletStyle.Decimal ? "ol" : "ul")>