Last Updated on August 23, 2023 by Hannah Stevens
The federal government allocates the majority of the budget of more than $4,945.00 million dollars in grants and additional $3,942.00 million dollars of local government funding sources annually into the business sector since small businesses and large corporations are the backbone of Utah’s economic growth. The state of Utah has 58,115 businesses, and they are broken down into the following:
Utah Business Sector Breakdown by Size
- 35,793 registered businesses in Utah have 0 to 4 employees. This breakdown includes those who work from home and have sole proprietorship.
- 8,700 registered businesses in Utah have 5 to 9 employees.
- 5,720 registered businesses in Utah have 10-19 employees.
- 4,779 registered businesses in Utah have 20-99 employees.
- 1,260 registered businesses in Utah have 100 to 499 employees.
- Over 1,863 registered businesses in Utah have over 500 employees.
Utah Business Sector Breakdown in Service Industries
- 8,435 registered businesses in Utah belong in the Professional, Scientific and Technical Services sector.
- 3,964 registered businesses in Utah are in the Administrative, Support, Waste Management, and Remediation Services sector.
- 4,692 registered businesses in Utah are part of the Accommodation and Food Services sector.
- More than 4,603 registered businesses in Utah are also service orientated businesses, but are not part of the categories above.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. The state of Utah has more than 17,000 farms.
Small Businesses in Utah
It is difficult to start and manage a small business in Utah. More than $37,848,144,000.00 US dollars is spent on employees salaries/payroll alone in the state, and every year, more than 17,343 companies declare bankruptcy. The federal government doesn’t provide grants publicly for expanding or starting a business. However, some small business grants can be given in Utah to help business owners start and grow their ventures. Moreover, grant recipients don’t have to repay the government funding. So, it is worth looking into small business grants to help fund your business.
Contact Utah financial aid agencies to apply for business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: