The Colorado Workplace of Financial Growth and Worldwide Commerce (OEDIT) introduced the launch of a brand new three-year Rural Bounce-Begin (RJS) Working Grant program aimed toward stimulating financial growth and job creation in economically distressed rural counties. The initiative, accredited by the Colorado Financial Growth Fee (EDC), will distribute as much as $630,000 in grants to assist roughly 36 companies and no 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 assist companies in our rural communities across the state. Colorado is among the greatest locations to begin and develop a enterprise, and we stay up for constructing on this essential work to strengthen our financial system,” stated 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 assist, with larger awards accessible to firms in coal transition communities. These funds are meant 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 Bounce-start Program facilitated 212 new hires in our rural communities, and we’re thrilled to proceed the affect with these new working grants,” stated OEDIT Government Director Eve Lieberman.
The brand new grants change the unique RJS grant program, which is scheduled to sundown on the finish of the present fiscal 12 months. Alongside direct monetary assist, taking part companies stay eligible for a set of tax reduction 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 can also obtain state earnings tax reduction.
“The Rural Bounce-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. Up to now, 35 counties have been designated as RJS Zones by the EDC, and 33 firms are taking part in this system.
The brand new working grants purpose to proceed this momentum, offering important assist to companies that contribute to the financial vitality of Colorado’s rural areas.
