DENVER – Today, the Business Funding & Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT) announced a three-year Rural Jump-Start (RJS) grant program to continue to encourage economic development and job creation in economically distressed, rural counties of Colorado as approved by the Colorado Economic Development Commission (EDC).
“Colorado is committed to supporting the small businesses that drive our economy and these grants will support businesses in our rural communities around the state. Colorado is one of the best places to start and grow a business, and we look forward to building on this important work to strengthen our economy,” said Governor Jared Polis.
Grants of $15,000, or $25,000 in identified coal transition communities, will support operating expenses for businesses that move to or start in designated RJS zones. Up to $630,000 is expected to be distributed over three years, supporting approximately 36 businesses and at least 120 new jobs, continuing the RJS program’s impact in rural communities.
“Companies in rural Colorado are creating incredible new technologies, enhancing our supply chain and creating valuable, good-paying jobs in their communities. Last year, the Rural Jump-start Program facilitated 212 new hires in our rural communities, and we are thrilled to continue the impact with these new operating grants,” said OEDIT Executive Director Eve Lieberman.
The RJS Operating Grants announced today replace the original grant program, which sunsets at the end of this fiscal year. Eligible participating businesses are also eligible for relief from state income tax; state sales and use tax; county personal property tax; and municipal personal property tax (in participating municipalities). Qualified New Hires of participating businesses are also eligible for State income tax relief.
"The Rural Jump-start program was initiated in partnership with rural communities and has a proven track record of supporting new businesses and new jobs across Colorado’s rural counties. Implementing these new grants will enable more rural businesses to benefit from the program and contribute to their local communities and economies,” said OEDIT Deputy Director Jeff Kraft.
The RJS program was established by state statute in 2016 as a tax incentive program and expanded in 2021 to include operating and new hire grants. Currently, 35 Colorado counties have been approved as RJS Zones by the EDC and 33 companies are participating in the program.
About the Colorado Office of Economic Development and International Trade
The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.
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