SB24-140: Colorado Small Business Innovative Research Matching Program

• Creates the Colorado Small Business Innovative Research Matching Money Program in the Colorado Office of Economic Development to provide matching funds to businesses that receive federal SBIR or STTR awards.

• Eligible businesses must be Colorado-based (headquartered in state or have 50% of employees in state) and maintain a meaningful nexus to Colorado for 3 years after commercializing a product or service developed with program funds.

• Office awards up to $100,000 matching 100% of federal Phase I SBIR/STTR awards, or up to $250,000 matching 100% of federal Phase II SBIR/STTR awards.

• Recipients must repay all matching funds plus 4% annual interest if they commercialize a product using program funds but fail to maintain a meaningful state nexus for 3 years while continuing to market the product.

• Establishes a $5 million Colorado Small Business Innovative Research Matching Cash Fund from the general fund on July 1, 2024; the program sunsets January 1, 2029.