There are several resources within Davis County to better serve your business. Whether you are looking to relocate, expand or you have some other business need, be sure to reach out Davis County’s Community & Economic Development department for help. Some of the county’s resources include:
Industrial Revenue Bonds (IRB) are available and issued through local government entities. There is a $20 million cap per issue, and $150 million total annual state allocation cap. Funds may be used for construction and/or equipment, or capital expenditures. They cannot be used for overhead costs.
Businesses that collect, process, distribute, or use recycled materials in their manufacturing processes can earn incentives by applying for a new zone. Incentives include: 5% state tax credit on equipment; 20% state tax credit of up to $2,000 on eligible operating expenses; and technical assistance from state recycling economic development professionals.
The Business Development Loan Fund (BDF) is a loan program run through the Davis Council of Governments. Ability to loan is based on the funding available at the time. Minimum amount is $50,000, with the highest being $1.2 million. The BDF works closely with banking and financial institutions to assist in partnership loans. Quick turnaround times, low origination fees, and flexible terms make B.D.F. loans attractive. They are full recourse loans requiring personal guarantees and collateral and are generally used for gap financing. Funds are available for companies that have difficulty obtaining traditional financing yet have revenues, are profitable, and present growth potential.
The Davis Fund for Economic Development is a small business loan program that creates jobs and helps grow the Davis County economy with financing options to viable but non-traditional businesses. It is managed by Davis County on behalf of the Davis County Council of Governments. Loan uses include: fixtures, furnishings, equipment, working capital, inventory, construction, and gap financing. Terms range between .5 and 7 years. Amortization is available up to 12 years with balloon payment options. Loan amounts range from $50,000 to $250,000 for new business, and up to $500,000 for businesses older than 3 years.
Short Term Intensive Training (STIT) is a state-funded program that allows businesses the opportunity to improve their workforce development by offering customized training courses for the organization’s individual training needs. STIT serves organizations that need short-term, non-credit training.