(1) As used in this section: (a) "Business resource centers" means the same as that term is defined in Section 63N-3-303. (b) "Rural economic development entity" means a public, nonprofit, or private organization primarily engaged in economic development efforts in a rural area of the state, and may include: (i) county, city, or tribal economic development offices; (ii) associations of governments, established pursuant to an interlocal agreement under Title 11, Chapter 13, Interlocal Cooperation Act; (iii) business resource centers; or (iv) small business development centers, established under the United States Small Business Administration's small business development center program.

(a) "Business resource centers" means the same as that term is defined in Section 63N-3-303.

(b) "Rural economic development entity" means a public, nonprofit, or private organization primarily engaged in economic development efforts in a rural area of the state, and may include: (i) county, city, or tribal economic development offices; (ii) associations of governments, established pursuant to an interlocal agreement under Title 11, Chapter 13, Interlocal Cooperation Act; (iii) business resource centers; or (iv) small business development centers, established under the United States Small Business Administration's small business development center program.

(i) county, city, or tribal economic development offices;

(ii) associations of governments, established pursuant to an interlocal agreement under Title 11, Chapter 13, Interlocal Cooperation Act;

(iii) business resource centers; or

(iv) small business development centers, established under the United States Small Business Administration's small business development center program.

(2) (a) There is created the Business Expansion and Retention Initiative. (b) The program is a funded component of the economically disadvantaged rural areas designation in Subsection 63N-3-103(1)(a).

(a) There is created the Business Expansion and Retention Initiative.

(b) The program is a funded component of the economically disadvantaged rural areas designation in Subsection 63N-3-103(1)(a).

(3) In awarding a grant under this section, the administrator shall: (a) consider whether the grant will: (i) assist new and existing rural businesses; (ii) influence rural job creation; and (iii) diversify Utah's rural economies; and (b) request and consider a recommendation from the Governor's Rural Partnership Board created in Section 63C-10-102 regarding an applicant seeking financial assistance under this section.

(a) consider whether the grant will: (i) assist new and existing rural businesses; (ii) influence rural job creation; and (iii) diversify Utah's rural economies; and

(i) assist new and existing rural businesses;

(ii) influence rural job creation; and

(iii) diversify Utah's rural economies; and

(b) request and consider a recommendation from the Governor's Rural Partnership Board created in Section 63C-10-102 regarding an applicant seeking financial assistance under this section.

(4) (a) Subject to available funds in the restricted account, at least $350,000 from the Industrial Assistance Account created in Subsection 63N-3-103(1) shall be used to fund the program at the beginning of each fiscal year. (b) The amount referred to in Subsection (4)(a) is not in addition to but is a part of the up to 50% designation for economically disadvantaged rural areas referred to in Subsection 63N-3-103(1)(a). (c) If any of the funding referred to in Subsection (4)(a) has not been used in the program by the end of the third quarter of each fiscal year, that money may be used for any other loan, grant, or assistance program offered through the Industrial Assistance Account during the fiscal year.

(a) Subject to available funds in the restricted account, at least $350,000 from the Industrial Assistance Account created in Subsection 63N-3-103(1) shall be used to fund the program at the beginning of each fiscal year.

(b) The amount referred to in Subsection (4)(a) is not in addition to but is a part of the up to 50% designation for economically disadvantaged rural areas referred to in Subsection 63N-3-103(1)(a).

(c) If any of the funding referred to in Subsection (4)(a) has not been used in the program by the end of the third quarter of each fiscal year, that money may be used for any other loan, grant, or assistance program offered through the Industrial Assistance Account during the fiscal year.

(5) (a) To qualify for participation in the program a rural economic development entity: (i) shall complete and file with the office an application for participation in the program; (ii) shall be located and conduct its operations in a county in the state of the third, fourth, fifth, or sixth class as described in Section 17-50-501; and (iii) that is located and conducts its operations in a county of the third class as described in Section 17-50-501, may not be located and conduct its operations within a city that has a: (A) population of more than 20,000; or (B) median household income of more than $70,000 as reflected in the most recently available data collected and reported by the United States Census Bureau. (b) (i) The office shall verify an applicant's qualifications under Subsection (5)(a). (ii) The application must be approved by the administrator in order for a rural economic development entity to receive a grant under this section. (c) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the administrator may make rules governing: (i) the content of the application form referred to in Subsection (5)(a)(i); and (ii) the verification procedure referred to in Subsection (5)(b).

(a) To qualify for participation in the program a rural economic development entity: (i) shall complete and file with the office an application for participation in the program; (ii) shall be located and conduct its operations in a county in the state of the third, fourth, fifth, or sixth class as described in Section 17-50-501; and (iii) that is located and conducts its operations in a county of the third class as described in Section 17-50-501, may not be located and conduct its operations within a city that has a: (A) population of more than 20,000; or (B) median household income of more than $70,000 as reflected in the most recently available data collected and reported by the United States Census Bureau.

(i) shall complete and file with the office an application for participation in the program;

(ii) shall be located and conduct its operations in a county in the state of the third, fourth, fifth, or sixth class as described in Section 17-50-501; and

(iii) that is located and conducts its operations in a county of the third class as described in Section 17-50-501, may not be located and conduct its operations within a city that has a: (A) population of more than 20,000; or (B) median household income of more than $70,000 as reflected in the most recently available data collected and reported by the United States Census Bureau.

(A) population of more than 20,000; or

(B) median household income of more than $70,000 as reflected in the most recently available data collected and reported by the United States Census Bureau.

(b) (i) The office shall verify an applicant's qualifications under Subsection (5)(a). (ii) The application must be approved by the administrator in order for a rural economic development entity to receive a grant under this section.

(i) The office shall verify an applicant's qualifications under Subsection (5)(a).

(ii) The application must be approved by the administrator in order for a rural economic development entity to receive a grant under this section.

(c) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the administrator may make rules governing: (i) the content of the application form referred to in Subsection (5)(a)(i); and (ii) the verification procedure referred to in Subsection (5)(b).

(i) the content of the application form referred to in Subsection (5)(a)(i); and

(ii) the verification procedure referred to in Subsection (5)(b).

(6) A rural economic development entity shall use a grant awarded under this section to: (a) conduct outreach and information gathering efforts to better understand the needs of local businesses; or (b) engage in other activity approved by the administrator that is intended to expand or retain businesses in a rural area of the state.

(a) conduct outreach and information gathering efforts to better understand the needs of local businesses; or

(b) engage in other activity approved by the administrator that is intended to expand or retain businesses in a rural area of the state.

(7) The administrator shall make an annual report to the board of the awards made by the administrator under this section and submit a report to the office on the awards and their impact on economic development in the state's rural areas for inclusion in the office's annual written report described in Section 63N-1-301.