Colorado Office of Economic Development and International Trade is coming to Durango to share information about their Rural Jumpstart, Skill Advance Colorado and Advanced Industries Tax Credit (AITC). Meet representatives, Morgan Vankat, Rural Jump Start and Skill Advance Business Funding and Incentives Program Manager and Ali Karp, AITC Program Analyst. They will outline their offerings for rural startups over lunch. Join us to learn more about:
The Rural Jump-Start program provides tax relief and grants to new businesses and their new hires located in certain economically distressed counties of rural Colorado. Companies participating in the Rural Jump-Start program must have a relationship with a local economic development organization or an institute of higher education, be new to Colorado, export goods or services outside their county and cannot compete with a similar existing business in an adjacent economically distressed county.
New businesses locating in Rural Jump-Start zones are eligible for up to $20,000 in grants; in Tier 1 Just Transition Communities, up to $40,000. The new business is also eligible for up to $2,500 for each net new hire in a Rural Jump-Start Zone, and up to $5,000 per net new hire in a Tier 1 Just Transition Community.
The Skill Advance Colorado program offers short-term, customized training grants for businesses in two foramts:
Colorado First Customized Job Training - Provides grants to new hires at Colorado companies. Based on self-reported information by grant recipients and compiled by the Colorado Community College System administration, in FY 2022-23, the Colorado First program made 11 grants for the training of 275 people.
Existing Industry Customized Job Training - Provides grants to companies to support training of existing employees. Based on self-reported information by grant recipients and compiled by the Colorado Community College System administration, in FY 2022-23, the Existing Industry program made 39 grants for the training of 1,957 people.
ADVANCED INDUSTRY INVESTMENT TAX CREDIT (AITC) PROGRAM
AITC encourages investments in Colorado advanced industry small businesses to stimulate the economy and create high-paying jobs by incentivizing investors with state income tax credits. When qualified investments are made into a Colorado advanced industry small business, investors can earn a Colorado state income tax credit of 25 or 35% of their full investment (rates for tax credits vary depending on the businesses’ location). There are seven advanced industries in Colorado: Advanced Manufacturing, Aerospace, Bioscience, Electronics, Energy/Natural Resources/Cleantech, Information Technology, and Infrastructure Engineering.
The program has $4,000,000 in credits to award on a first-come-first-served basis a given calendar year.
Space is limited to 20 attendees, RSVP below!
SCAPE is located in the Purgatory Sports building behind the retail shop - 2615 Main Ave. #1, Durango, CO 81301. Park in the lot on the north side of the building that's shared with Doughworks. Our office is located through the side door facing the lot, follow the signs, head up the stairs to the second floor (there’s an elevator on the first floor through the door).