Senate Bill 21-241 Summary

• Creates the Small Business Accelerated Growth Program within the Colorado Office of Economic Development to provide business development support (marketing, operations, finance, capital access, exporting, SEO) to eligible businesses with 19 or fewer employees that have operated for over one year.

• Targets businesses located in designated economic zones including state opportunity zones, enterprise zones, historically underutilized business zones, rural jump-start zones, and tier one transition communities (coal transition areas).

• Appropriates $1,650,000 for fiscal year 2020-21: $1,500,000 for program administration and $150,000 for marketing, with unused funds available through December 31, 2023.

• Requires the Office to publish participation criteria by October 1, 2021, select eligible businesses by December 31, 2022, and award $1,350,000 in grants from the Colorado Startup Loan Fund to participating businesses demonstrating need and success by December 31, 2023.

• Mandates annual reports to the Governor and relevant legislative committees through July 1, 2024, detailing program expenditures, participating businesses, and promotion success in target areas; program expires July 1, 2025.