The act creates the rural jump-start zone grant program (grant program) and authorizes the Colorado economic development commission (commission) to issue grants, subject to available appropriations, as follows:
- Up to $20,000 to new businesses to establish operations;
- Up to $40,000 to new businesses to establish operations in a tier one transition community;
- Up to $2,500 to new businesses for each new hire; and
- Up to $5,000 to new businesses for each new hire who is hired for operations established in a tier one transition community.
The act also authorizes the commission to issue grants, at its discretion and subject to available appropriations, not to exceed $30,000 per applicant, to a state institution of higher education or an economic development organization that collaborates with a new business in order to support the new business in meeting the requirements for the business under the grant program.
The act creates the rural jump-start zone grant fund account in the Colorado economic development fund, which consists of any money appropriated to the fund by the general assembly, and may be used:
- By the commission to issue grants; and
- For the direct and indirect costs that the Colorado office of economic development incurs, not to exceed a specified amount, to administer the grant program.
(Note: This summary applies to this bill as enacted.)