Economic Development Incentives
Are you ready to take your business to the next level? There are local, regional, and state incentives that can assist with a range of needs for your business, including workforce training, infrastructure, and financing. Whether you need loans, workforce training, infrastructure improvements, or new capital equipment, a variety of incentives exist to reduce the costs of expanding your operations.
Growth Company Initiative
Southwest Colorado has long recognized the importance of Growth Companies. These are growing firms that sell their products and/or services outside of Southwest Colorado and often support numerous other jobs through demand for business services, housing, and retail. The Growth Company Initiative (GCI) supports and promotes Growth Companies throughout Southwest Colorado through peer networking, facilitating access to capital, partnering with Fort Lewis College to provide internship and workforce opportunities, and training and mentoring on key issues that growing firms face. More information and the GCI brochure can be found here.
Office of Economic Development and International Trade (OEDIT)
The Colorado Office of Economic Development and International Trade (OEDIT) is the state agency responsible for overseeing the retention and expansion of our existing businesses and helping to recruit new businesses to the State. They manage a variety of incentive programs designed to assist targeted businesses and workforce development. A list of incentives offered by OEDIT can be found here.
OEDIT has recently received financing to help expand the amount of assistance they can provide for businesses looking to start or grow their international markets. These include grants and technical assistance to help defray costs for identifying business partners, doing due diligence, legal assistance, interpretation, and other issues that make foreign trade unique. For information on programs your business may be eligible for, please visit the OEDIT web page here.
INFRASTRUCTURE – COMMUNITY DEVELOPMENT BLOCK GRANTS
OEDIT oversees the administration of Community Development Block Grants, or CDBGs. A CDBG may be awarded for infrastructure improvements and other projects that lead to job creation and retention. Typically, the project must be at least $100,000 in size and create at least 5 jobs. When complete, the infrastructure must be publicly owned. For more information about infrastructure, please review this page or contact us to discuss whether your project may be eligible for CDBG funds in La Plata County.
Colorado Workforce Training
Southwest Colorado Community College presented to the La Plata Economic Development Alliance on two of the workforce development programs offered by OEDIT and administered through the local community colleges in the state. These are the Colorado First and Existing Industry Job Training Grants.
Job Growth Tax Credits and Incentives
The Colorado Economic Development Commission (EDC) is responsible for developing incentive programs to help recruit and retain businesses. Two of the primary incentives that they use are the Job Growth Incentive Tax Credit and the Strategic Fund. The Incentive Tax Credit reduces FICA payments by local businesses based on job creation and wage rates, while the Strategic Fund provides cash incentives for job creation based on wages. More information on the Job Growth Incentive Tax Credit can be found here, and information on the Stategic Fund can be found here.
Enterprise Zones were enacted in 1996 to provide businesses in certain targeted areas with access to tax credits for capital investment, job creation, research and development, and other business initiatives that could help with revitalization. Region 9, which oversees La Plata County, provides information to businesses on the Enterprise Zone program and whether your company is eligible for tax credits.
Economic Development Block Grant- Durango
The City of Durango recently enacted an economic development block grant, which was matched by the La Plata Economic Development Alliance. This incentive is available for companies interested in expanding or locating within Durango or other targeted areas in La Plata County. To qualify, the business must primarily sell goods or services outside of La Plata County. The incentive is administered by the La Plata Economic Development Alliance, and may be leveraged with regional and state incentives.