Economic Development and Workforce Incentive Programs For Colorado Companies

The business climate in La Junta is poised for growth and ready to expand with healthy economic development.

With a ready workforce, low cost of living as compared to the Front Range communities of Denver and Colorado Springs, and a well-established business support system in place to assist your business, it just makes sense to take a closer look at La Junta as the place to start or relocate your business.

The Colorado enterprise zone in La Junta is designed with you, the business in mind. Because of our government that is pro-business and our lower cost of living, your bottom line sees the difference with greater profitability and more opportunities for further growth and expansion. See below for some of the incentives, credits, and services we have to assist businesses.

Finance programs

The AI (Advanced Industries) Accelerator Program: This program was designed in 2013. Its purpose is to promote development within certain industries by encouraging creativity, speeding up sales of new technology, facilitating public-to-private business relationships, improving accessibility to beginning-stage funds, and fostering a solid ecosystem that works to increase Colorado’s worldwide engagement. This program also supplies POC (Proof of Concept) grants to experimental organizations with technology exchange offices, beginning-stage businesses, and to non-profit companies that patch holes in AI environmental systems.

The AI Export Grant Program: This grant is a state economic support program for new and existing export companies in Colorado’s advanced industries. These advanced industries include aviation, bioscience, consumer electronics, natural energy resources, commercial infrastructure engineering, and information technology. This program supports both small- and mid-sized companies in each of these industries, mitigating overseas business growth and associated advertising costs during the export market growth process.

The CAPCO (Certified Capital Companies) Program: This program offers business capital funds to new and/or developing small companies all over Colorado. It promotes new company advancement and expansion by making available a huge pool of funds for investing purposes to companies all throughout Colorado, even those located in rural areas. This program is expected to generate brand-new job opportunities throughout Colorado and to enhance the state’s economic development.

The Rural Jump-Start Zone Program: This resource is a tax reduction program for early-stage companies and new employees located in specified rural areas referred to as Jump-Start zones. Companies participating in this program are not required to pay state and local income, sale, usage, or personal property tax fees. Some company employees are also individually exempted from state income taxes. To participate, companies must be integrated into the economic base, and cannot presently be doing business in Colorado or competing with a currently existing Colorado business.

The Strategic Cash Fund Incentive: This company incentive program is a skill-based grant used for the generation of new jobs in the state which satisfy certain conditions. It facilitates and promotes new company expansions and relocations for the purpose of creating new work opportunities throughout the state of Colorado. The Strategic Cash Fund Incentive also offers guidance for projects in important statewide and local industries. Its main function of helping customers and promoting incentives to the EDC is carried out by the company’s business advancement team with assistance from OEDIT. This teamwork generates a financial report of candidates, works out contracts, and computes incentive payouts.

Tax credits

The JGITC (Job Growth Incentive Tax Credit): This is a skill-based program that offers state tax incentives to companies that develop new careers that could not have been created in Colorado without it. Its primary function of assisting companies and showcasing them to the EDC is performed by its corporate growth team in collaboration with OEDIT. This makes available applicant financial records, completes business deals, and calculates all incentive payouts.

Local Tax Authority Incentives: Local governing bodies may offer property tax breaks or incentive payouts according to the volume of rising property taxes for eligible startup companies within their particular zones.

Product Sale and Usage Tax Exemption: Colorado motivates manufacturing companies to carry out their production within the state, understanding their significance in the state’s economic stability. The state also offers exemption from sale and usage taxes on orders placed for production equipment, tools, and machine parts.

Public Infrastructure Assistance Program: This program was established to build new long-term jobs while retaining current jobs, mainly for low- to medium-income workers. It provides grants to construct the publicly-owned facilities required for serving a company (i.e. railways, utilities, and so on).

Workforce development

Colorado First & Existing Industry Job Training Programs: These grants are distributed by OEDIT and Colorado’s community college program. By covering expenses accrued by job-training companies, the grants promote interchangeable job skills which boost Colorado companies’ competition and the state’s capacity for attracting new companies. It also enhances employee resumes and permanent job opportunities.

PTAC (Procurement Technical Assistance Center): This system offers personalized technical support for free to companies that are pursuing contracted and subcontracted options with regional, local, and federal governments.

Other credits and incentives

City – Job Credits, Relocation Incentives

County – Revolving Loan Fund, Enterprise Zone Credits

La Junta Small Business Development Center Services – Assistance with SBA Programs

Colorado Office of Economic Development and International Trade

La Junta Urban Renewal Authority – Grants, Credits to Rehabilitate Selected Buildings

Otero Junior College – Job Training, Workforce Training Assistance

Colorado Workforce – Job Training, Workforce Training Assistance

Community Development Block Grants

Get company funds with La Junta Economic Development (LJED)

La Junta Economic Development helps companies that are growing or moving to the Southeastern Colorado area receive the funding that they need. La Junta, Colorado features a vividly renovated downtown area, huge open lots, and outstanding schools. To learn more about the region and how La Junta Economic Development can assist your business expansion or relocation, contact us today. Give us a call at (719) 384-6965 or Contact Us via email.

If you are interested in starting, relocating, or growing your business in La Junta, Colorado, please contact us today.