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USDA Invests $24.5 Million to Expand Market Opportunities for Rural Businesses and People in Utah

Name
Djinni Yancey
Phone
City
Salt Lake City
Release Date
May 24, 2022

SALT LAKE CITY, Utah., May 24, 2022 – USDA Rural Development Utah State Director Michele Weaver today announced that the Department is investing $24.5 million to help create new and better market opportunities for five rural businesses in Utah.

"Utah's business industry is vital to the economic success of rural areas throughout the state, Weaver said. "USDA is committed to making investments through programs like these, to create opportunities for rural communities to thrive in today’s economy."

The funding will help a diverse rural America keep resources and wealth right at home through job training, business expansion and technical assistance. It will help companies hire more workers and reach new customers. It will open the door to new economic opportunities for communities and people who historically have lacked access to critical resources and financing. It will also help entrepreneurs and business cooperatives create jobs, grow businesses, and find new and better markets for the items they produce.

  • In Moab, Utah, View Gate Development LLC will use a $17.8 million loan to provide additional financing on a recently constructed 120-room limited-service-hotel. The investment will create five jobs and save 25 existing jobs. The hotel provides accommodations to travelers visiting the Moab area, which is known worldwide for its dramatic scenery.
  • In Sanpete County, Utah, Roam La Sal LLC will use a $500,000 loan to provide long-term financing for the recently purchased R.V. Campground. This investment will save four jobs.
  • In Tooele, Utah, Waheguru Ji LLC will use a $1.8 million loan to purchase the Best Western hotel. This hotel primarily provides accommodations to Interstate 80 travelers and those visiting the Tooele area. Ten jobs will also be saved from this investment.
  • In Lake Point, Utah, Satnam Ji LLC will use a $2 million loan to purchase the Oquirrh Mountain Inn. This hotel mainly provides accommodations to Interstate 80 travelers. The investment will save ten jobs.
  • In Torrey, Utah, The Mercantile Benefit LLC will use a $2.2 million loan to purchase and renovate a commercial building. The building will be divided into four rental spaces for new opportunities including a community-owned food and retail co-op, a farm-to-table restaurant, and a modern eco-friendly water-wise laundromat. This project is expected to create up to 45 full-time and three part-time jobs when complete.

USDA is making 154 investments through three programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Business and Industry (B&I) Loan Guarantee Program, the Rural Economic Development Loan and Grant Programs, and the Rural Microentrepreneur Assistance Program.

Under the Biden-Harris Administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, tribal and high-poverty areas. For more information, visit www.rd.usda.gov.

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