Agricultural Innovation Grants

The bill creates an agricultural grant and reimbursement program within the department of agriculture. The Colorado agricultural value-added development board will oversee the program. The board will create an advisory body containing people with expertise in technology, agriculture, business, and finance.

The following grants and requirements are established:

To be eligible for a proof-of-concept and feasibility study grant, the applicant must:

• Submit a description of the project;
• Provide an analysis of the potential economic benefit or competitive advantage for Colorado agriculture; and
• Have a dedicated source of funding that is at least 25% of the amount of the requested grant.

To be eligible for an early-stage capital and business-expansion grant, an applicant must:

• Be headquartered in Colorado, have at least 50% of the applicant's employees residing in Colorado, or indicate that Colorado's agricultural industry will be the primary beneficiary of the project;
• Submit a description outlining the need for capital;
• Provide an analysis indicating that the project could enhance the commercialization of an agricultural product or service within Colorado; and
• Have a dedicated source of funding that is at least equal to the amount of the requested grant.

To be eligible for a reimbursement of market development and promotion expenses, the applicant must:

• Employ fewer than 100 employees;
• Be headquartered in Colorado, have at least 50% of the applicant's employees residing in Colorado, or indicate that Colorado's agricultural industry will be the primary beneficiary of the project;
• Have a product that is market-ready;
• Have a dedicated source of funding that is at least half the amount of the requested grant; and
• Have a project and reimbursable expenses authorized by the board before the applicant incurs the expense.

The bill sets basic requirements for the programs and authorizes the board to establish administration policies. Funding limits are placed on each grant or reimbursement. Rural counties are given priority.

An appropriation is made to implement the bill.

(Note: This summary applies to this bill as introduced and does not reflect any amendments that were subsequently adopted.)