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Senate advances bill to create rural development loan/grant fund with $5 million target
Summary
Senate Bill 57 would authorize the Board of Business and Economic Development to administer a revolving $5 million loan and grant fund for disadvantaged rural counties, with a per‑project cap and questions remaining about the fiscal note and overlap with existing CIB programs.
SALT LAKE CITY — The Utah Senate advanced legislation on Feb. 14 to create a loan and grant fund intended to spur economic development in the state’s smaller counties.
Sen. Knudson, sponsor of Senate Bill 57, described amendments that move responsibility for managing the proposed loan/grant fund from the Division of Finance to the Department of Business and Economic Development, consistent with the bill’s aim. He said the program would target third‑through‑sixth class counties and fund infrastructure improvements designed to encourage economic development in communities with deteriorated infrastructure.
On the funding mechanics, the sponsor said…
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