The Colorado Workplace of Financial Improvement and Worldwide Commerce (OEDIT) introduced the launch of a brand new three-year Rural Soar-Begin (RJS) Working Grant program aimed toward stimulating financial growth and job creation in economically distressed rural counties. The initiative, permitted by the Colorado Financial Improvement Fee (EDC), will distribute as much as $630,000 in grants to help roughly 36 companies and a minimum of 120 new jobs throughout the state.
“Colorado is dedicated to supporting the small companies that drive our economic system and these grants will help companies in our rural communities across the state. Colorado is likely one of the finest locations to start out and develop a enterprise, and we stay up for constructing on this necessary work to strengthen our economic system,” mentioned Governor Jared Polis.
Beneath the brand new grant construction, eligible companies positioned in RJS-designated zones can obtain both $15,000 or $25,000 in working help, with increased awards out there to corporations 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 unbelievable 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 influence with these new working grants,” mentioned OEDIT Government Director Eve Lieberman.
The brand new grants exchange the unique RJS grant program, which is scheduled to sundown on the finish of the present fiscal 12 months. Alongside direct monetary help, taking part companies stay eligible for a set of tax reduction advantages, together with exemptions from state revenue 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 might also obtain state revenue tax reduction.
“The Rural Soar-start program was initiated in partnership with rural communities and has a confirmed observe report of supporting new companies and new jobs throughout Colorado’s rural counties. Implementing these new grants will allow extra rural companies to profit 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. Up to now, 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 help to companies that contribute to the financial vitality of Colorado’s rural areas.
