The Colorado Workplace of Financial Growth and Worldwide Commerce (OEDIT) introduced the launch of a brand new three-year Rural Soar-Begin (RJS) Working Grant program geared toward stimulating financial improvement and job creation in economically distressed rural counties. The initiative, permitted by the Colorado Financial Growth Fee (EDC), will distribute as much as $630,000 in grants to help roughly 36 companies and not less than 120 new jobs throughout the state.
“Colorado is dedicated to supporting the small companies that drive our financial system and these grants will help companies in our rural communities across the state. Colorado is among the finest locations to start out and develop a enterprise, and we stay up for constructing on this essential work to strengthen our financial system,” mentioned Governor Jared Polis.
Below the brand new grant construction, eligible companies situated in RJS-designated zones can obtain both $15,000 or $25,000 in working help, with increased awards obtainable to firms in coal transition communities. These funds are supposed to assist cowl enterprise working bills, encouraging startups and enterprise relocations to rural Colorado.
“Corporations in rural Colorado are creating unimaginable new applied sciences, enhancing our provide chain and creating priceless, good-paying jobs of their communities. Final 12 months, the Rural Soar-start Program facilitated 212 new hires in our rural communities, and we’re thrilled to proceed the affect with these new working grants,” mentioned OEDIT Government 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 12 months. Alongside direct monetary help, collaborating companies stay eligible for a set of tax aid advantages, together with exemptions from state revenue tax, state gross sales and use tax, county private property tax, and municipal private property tax in collaborating areas. As well as, Certified New Hires might also obtain state revenue tax aid.
“The Rural Soar-start program was initiated in partnership with rural communities and has a confirmed monitor file 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 firms are collaborating in this system.
The brand new working grants goal to proceed this momentum, offering important help to companies that contribute to the financial vitality of Colorado’s rural areas.
