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Bill Detail: SB20-054

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Title Rural Development Grant Program Creation
Status Senate Committee on Agriculture & Natural Resources Postpone Indefinitely (02/06/2020)
Bill Subjects
  • Business & Economic Development
House Sponsors B. McLachlan (D)
Senate Sponsors D. Coram (R)
House Committee
Senate Committee Agriculture and Natural Resources
Date Introduced 01/08/2020

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 or for the programmatic expenses of economic
development organizations that help promote early stage rural businesses.

Early stage rural businesses must be at the seed stage of capital financing,
have raised less than $500,000 of third-party capital, and must be able to
provide nonstate matching funding equal to at least 1/3 of the grant
award. Grants to the early stage rural businesses 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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Fiscal Notes Fiscal Notes (05/06/2020) (most recent)  
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