The Colorado Workplace of Financial Growth and Worldwide Commerce (OEDIT) introduced the launch of a brand new three-year Rural Leap-Begin (RJS) Working Grant program geared toward stimulating financial growth and job creation in economically distressed rural counties. The initiative, authorized by the Colorado Financial Growth 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 economic system and these grants will assist companies in our rural communities across the state. Colorado is likely one of the greatest locations to start out and develop a enterprise, and we stay up for constructing on this vital work to strengthen our economic system,” stated Governor Jared Polis.
Below the brand new grant construction, eligible companies positioned in RJS-designated zones can obtain both $15,000 or $25,000 in working assist, 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 useful, 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 impression with these new working grants,” stated 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, collaborating 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 collaborating areas. As well as, Certified New Hires may obtain state revenue tax reduction.
“The Rural Leap-start program was initiated in partnership with rural communities and has a confirmed observe 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,” stated 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 collaborating in this system.
The brand new working grants goal to proceed this momentum, offering important assist to companies that contribute to the financial vitality of Colorado’s rural areas.
