This week, Governor Polis and the Office of Economic Development and International Trade’s (OEDIT) Business Support division announced 180 Small Business Accelerated Growth Programs grants to support small businesses in Colorado. Consisting of 113 Access to Capital grants and 67 Digital Marketing grants, these $5,000 awards will help small business owners across the state secure financing to grow their businesses. They will also help businesses establish an online presence, utilize website best practices, and focus on social media to reach more customers.
“Small businesses are the foundation of Colorado’s economy and we are proud to provide them with more tools and resources to grow their businesses. This is another example of our efforts to make it easier and more affordable to start and run a successful business in our great state,” said Governor Polis.
Small businesses are the backbone of Colorado’s economy, accounting for 99.5% of all Colorado businesses and more than 47% of all Colorado employees, according to the U.S. Small Business Administration. These grants support businesses in more than half of Colorado counties. From Moffat County to Las Animas County and Montezuma County to Morgan County, these programs equip small business owners with new skills to operate in a continually changing environment.
“Across the state, small businesses contribute to the characters of their communities and drive local economies,” said OEDIT Executive Director, Eve Lieberman. “We applaud this diverse group of entrepreneurs who are using their Small Business Accelerated Growth grants to grow their businesses, contribute to their communities and create a stronger, more diversified economy for Colorado.”
The Access to Capital training course helps small businesses identify their capital needs, assess the financial health of their business, and prepare for a loan application by focusing on accounting, profit and loss, cash flow, and other financial topics.
Through the Access to Capital grants announced today, $565,000 has been distributed to 113 small business owners across the state. Among the recipients, 60.2% identified as woman-owned and 41.6% identified as minority-owned, including 13.3% who reported as Black and/or African American and 17.7% who identified as Hispanic and/or Latino. Approximately 6.2% identified as individuals having a disability or as veteran-owned.
The Digital Marketing and Online Presence training course supports small business owners by teaching them the fundamentals of online marketing, allowing them to promote their products and reach new customers. Business owners learn a variety of ways to establish an online presence, including best practices to increase website traffic, improve user experience, and develop e-commerce websites to help their businesses grow.
The Digital Marketing and Online Presence grants announced today will support 67 small business owners that participated in the training course, resulting in $335,000 being distributed across the state. Among the recipients, 79.1% identified as woman-owned and 53.7% identified as minority-owned, including nearly 12% who reported as Black and/or African American and 25.4% who identified as Hispanic and/or Latino. Nearly 13.5% identified as individuals having a disability and approximately 5% identified as veteran-owned.
“The classes taught through the Small Business Accelerated Growth Program equip small business owners with the tools they need to continue to grow,” said Small Business Development Center (SBDC) State Director Hannah Krieger. “I am excited to see these entrepreneurs further pursue their dreams and help their communities and Colorado’s economy thrive.”
The Access to Capital and Digital Marketing and Online Presence training courses are offered through the Small Business Accelerated Growth Program created by SB21-241, which was sponsored by Senators Rhonda Fields and Jeff Bridges and Representatives Naquetta Ricks and Lindsey Daughtery. The program is implemented in partnership with the Colorado SBDC network.
In total, the Small Business Accelerated Growth Program awarded 326 grants which distributed $1,785,000 in funding to small businesses across the state. Among the small business recipients, 62.6% identified as women-owned and nearly 48% identified as minority-owned.
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.