The bill 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 bill 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: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)