The Colorado Office of Economic Development and International Trade (OEDIT) has officially launched a new three-year Rural Jump-Start (RJS) Operating Grant program designed to enhance economic development and create job opportunities in underserved rural areas. This initiative, endorsed by the Colorado Economic Development Commission, plans to allocate up to $630,000 in grants to support around 36 businesses and generate at least 120 new jobs throughout the state.
“Colorado is dedicated to bolstering the small businesses that are vital to our economy. These grants will specifically aid businesses within our rural communities. Colorado remains one of the premier locations to start and grow a business, and we are committed to advancing these efforts to strengthen our economy,” said Governor Jared Polis.
Eligible businesses within RJS-designated zones can receive $15,000 or $25,000 in operational support, with larger grants available for businesses in coal transition communities. These funds aim to alleviate operating costs, promoting the establishment of new businesses and relocations to rural Colorado.
“Rural Colorado companies are at the forefront of developing innovative technologies, enhancing our supply chains, and generating valuable jobs in their local communities. Last year, the Rural Jump-Start Program created 212 new jobs in our rural areas, and we are excited to extend this impact through the new operating grants,” stated OEDIT Executive Director Eve Lieberman.
The new grant program takes over from the original RJS grant framework, which is set to conclude at the end of the fiscal year. Along with direct financial support, eligible businesses can access various tax relief benefits, including exemptions from state income taxes, sales and use taxes, as well as county and municipal personal property taxes in designated areas. Additionally, Qualified New Hires may qualify for state income tax relief.
“The Rural Jump-Start program was launched in collaboration with rural communities and has effectively supported new businesses and job creation across Colorado’s rural counties. These new grants will allow even more rural enterprises to leverage the program for the benefit of their local economies,” remarked OEDIT Deputy Director Jeff Kraft.
Initially established in 2016 as a tax incentive initiative, the RJS program expanded in 2021 to encompass both operating and new hire grants. Presently, 35 counties have been recognized as RJS Zones, with 33 businesses engaging in the program.
The introduction of these operating grants seeks to sustain the progress made, offering critical support to businesses that enhance the economic health of Colorado’s rural regions.
