SB19-067 Summary

• Creates the Rural Development Grant Program administered by the Colorado Office of Economic Development to provide grants to early-stage rural businesses that are primary employers with potential to export goods or services outside their rural area.

• Eligible businesses must be at seed stage of capital financing, have raised less than $500,000 in third-party capital, and secure at least one-third of the requested grant amount in matching funds from nongovernmental sources.

• Grants are limited to a maximum of $150,000 per early-stage rural business per year and may be used for developing prototypes, proof of business concepts, or proof of business models.

• Requires grant recipients to submit annual reports on milestone achievements, revenue growth, job creation, product development, and capital raising; the Office must submit annual reports to the Finance Committees by April 15.

• Appropriates $2,500,000 from the general fund to the Colorado Office of Economic Development for the 2019-20 fiscal year to implement the program, with guidelines to be posted by October 1, 2019.