The Colorado Workplace of Financial Improvement and Worldwide Commerce (OEDIT) introduced the launch of a brand new three-year Rural Leap-Begin (RJS) Working Grant program aimed toward stimulating financial growth and job creation in economically distressed rural counties. The initiative, authorised by the Colorado Financial Improvement Fee (EDC), will distribute as much as $630,000 in grants to assist roughly 36 companies and at the very least 120 new jobs throughout the state.
“Colorado is dedicated to supporting the small companies that drive our financial system and these grants will assist companies in our rural communities across the state. Colorado is without doubt one of the greatest locations to start out and develop a enterprise, and we look ahead to constructing on this vital work to strengthen our financial system,” mentioned Governor Jared Polis.
Underneath the brand new grant construction, eligible companies positioned in RJS-designated zones can obtain both $15,000 or $25,000 in working assist, with larger awards accessible to corporations in coal transition communities. These funds are supposed to assist cowl enterprise working bills, encouraging startups and enterprise relocations to rural Colorado.
“Firms in rural Colorado are creating unbelievable new applied sciences, enhancing our provide chain and creating beneficial, good-paying jobs of their communities. Final yr, the Rural Leap-start Program facilitated 212 new hires in our rural communities, and we’re thrilled to proceed the influence with these new working grants,” mentioned OEDIT Govt Director Eve Lieberman.
The brand new grants substitute the unique RJS grant program, which is scheduled to sundown on the finish of the present fiscal yr. Alongside direct monetary assist, taking part companies stay eligible for a collection of tax aid advantages, together with exemptions from state earnings tax, state gross sales and use tax, county private property tax, and municipal private property tax in taking part areas. As well as, Certified New Hires may obtain state earnings tax aid.
“The Rural Leap-start program was initiated in partnership with rural communities and has a confirmed monitor document of supporting new companies and new jobs throughout Colorado’s rural counties. Implementing these new grants will allow extra rural companies to learn from this system and contribute to their native communities and economies,” mentioned OEDIT Deputy Director Jeff Kraft.
Initially established in 2016 as a tax incentive program, the RJS initiative expanded in 2021 to incorporate each working and new rent grants. To this point, 35 counties have been designated as RJS Zones by the EDC, and 33 corporations are taking part in this system.
The brand new working grants intention to proceed this momentum, offering important assist to companies that contribute to the financial vitality of Colorado’s rural areas.