The Colorado Office of Economic Development and International Trade (OEDIT), in partnership with the Economic Development Council of Colorado (EDCC) and with support from the Colorado Economic Development Commission (EDC), has awarded $1,512,000 to economic development organizations (EDOs) throughout the state to help fuel Colorado’s recovery from the pandemic
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“We are so proud to partner with OEDIT on this program. We hope to see future programs that support this equitable approach to economic development and provide much needed assistance to EDOs in Colorado, who play such a critical role in our economy. Thank you to the EDC for their support of this program,” said Kim Woodworth, Executive Director of the EDCC.
OEDIT received 84 applications from EDOs, and 55 of them across 34 counties were awarded funding amounts ranging from $9,000 to $40,000. The Selection Committee, composed of representatives from the EDCC, the EDC, the Department of Local Affairs, and OEDIT, aimed to equitably distribute the limited grant funding across the state and prioritized the EDOs who were most severely impacted by the pandemic and demonstrated a decrease in headcount, loss of revenue, increase in expenses, threat of closure, and/or a suspension of core economic development activities.
“We really want to thank the EDCC for advocating and assisting in the distribution of these funds, and Governor Polis and Pat Meyers for their leadership and support for the funding. We especially want to thank the State Legislature for funding this initiative, and their recognition of the vital role economic development organizations across the State play in sustaining the job growth and economic vitality of the State’s economy,” said Wendell Pryor, EDC Commissioner.
This one-time grant funding opportunity was provided by the Colorado General Assembly in Senate Bill 21-042 to drive the state’s overall economic recovery from the pandemic by supporting local EDOs that provide key business support services across Colorado. The EDCC advocated on behalf of its membership to create this grant funding opportunity and collaborated extensively with OEDIT to develop and administer the program.
Award recipients will receive funding this month and are required to send a close-out report describing the economic impact generated by the funding to OEDIT in November 2022.