SALT LAKE CITY, Nov. 2 /PRNewswire/ -- The Utah Fund of Funds (Utah FoF), an innovative program created by the Utah State Legislature to foster entrepreneurship by increasing the amount and diversity of capital available to Utah's established, growth and emerging companies, today announced that the program's economic development effectiveness is far greater than that of the federal stimulus money.
Thus far, Utah's stimulus aid of just under $520 million spent as of the end of September had resulted in retaining or creating 4,164 jobs--approximately eight jobs per million dollars spent. In contrast, the Utah Fund of Funds program has resulted in 2,047 jobs, based on the $60 million deployed as of September 30 by the Fund of Funds program of its $100 million first fund. The Fund of Funds investment has thus far resulted in more than 34 jobs per million dollars spent, approximately 4.26 times the level of job creation provided by the federal stimulus money.
Utah Fund of Funds Economic Performance Dramatically Outpaces Federal Stimulus Investment