Morgan County becomes a Rural Jump-Start Zone

DENVER >> The Business Funding and Incentives Division of the Colorado Office of Economic Development & International Trade (OEDIT) announced on Feb. 16 that Morgan County has been designated as a Rural JumpStart Zone. This designation is intended to encourage economic development and job creation by offering new businesses or businesses that move to these zones significant financial benefits.

Through the Rural Jump-Start (RJS) program, businesses that start in or move to RJS zones can qualify for relief from the state business income tax, the sales and use tax, and county/municipal business personal property taxes. Qualified employees also receive relief from their state personal income tax. In addition, businesses are eligible for a general operating grant of up to $20,000 and up to $2,500 per qualified new hire. These grants are intended to support regional economic and workforce development activities that expand local business, create new good-paying jobs, and create more diversified and strong local economies. Businesses located in Colorado communities transitioning away from the coal industry, such as Morgan County, can qualify for additional funding: up to $40,000 in a general operating grant and $5,000 per qualified new hire.

RJS zones are designated to spur economic growth and job creation in economically distressed, rural counties of Colorado. In order to become RJS zones, Morgan County passed a resolution in support of the designation on Jan. 17. The Colorado Economic Development Commission (EDC) approved the application on Feb. 16.

To learn more about the Rural Jump-Start program, contact Morgan Vankat at morgan. vankat@state.co.us.

About Colorado Office of Economic Development and International Trade:

The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to advance the State’s economy through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a host of programs and services tailored to support business development at every level including business retention services, business relocation services, and business funding and incentives. Our office includes the Global Business Development division; Colorado Tourism Office; Colorado Outdoor Recreation Industry Office; Colorado Creative Industries; Business Financing & Incentives division; the Colorado Small Business Development Network; Cannabis Business Office; Colorado Office of Film, TV & Media; the Minority Business Office; Employee Ownership Office; and Rural Opportunity Office. Learn more at oedit.colorado.gov.