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Bill Detail: SB19-067

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Title Rural Development Grant Program Creation
Status Senate Second Reading Laid Over Daily - No Amendments (05/01/2019)
Bill Subjects
  • Business & Economic Development
  • State Government
House Sponsors J. Arndt (D)
B. McLachlan (D)
Senate Sponsors D. Coram (R)
House Committee
Senate Committee Finance
Date Introduced 01/10/2019
Description

The bill creates the rural development grant program to be
administered by the Colorado office of economic development. The
grants are to be awarded to early stage rural businesses that are primary
employers in a rural area with the potential to export goods or services
outside of the rural area. The businesses must be at the seed stage of

capital financing, have raised less than five hundred thousand dollars of
third-party capital, and are able to provide nonstate matching funding
equal to at least one-third of the grant award. The grants may be used for
developing prototypes, proof of business concepts, or proof of business
models. The grants are funded from the general fund and are limited to no
more than $150,000 per early stage rural business per year.

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