What’s Working: Here’s how Colorado plans to dole out $104.7 million to small businesses | SteamboatToday.com

What’s Working: Here’s how Colorado plans to dole out $104.7 million to small businesses

Did you know Colorado has its own venture capital agency? Plus: Unemployment rate drops to 3.3%, retail jobs sink and about that minimum wage hike.

Tamara Chuang
The Colorado Sun
With the labor shortage continuing in the Colorado high country, the Taste of Philly shop (seen here on Friday) on the Snowmass Mall is paying $25 an hour and offering cash.
David Krause, The Colorado Sun

Colorado’s unemployment rate fell for the sixth straight month to 3.3% in July, the lowest (again) since the pandemic began but not quite down to its pre-pandemic low of 2.8%. However, a state economist thinks we’ll get back to that low rate, despite talk of recession, by the end of the year.

But first, last year’s $1.9 trillion American Rescue Plan keeps on doling out dough to Colorado.

The latest was announced Friday as U.S. Department of Treasury officials awarded Colorado up to $104.7 million as part of a program that started 12 years ago. Some of the funding will serve as collateral for small businesses that don’t have enough but need a loan. Most will be invested in the state’s venture capital funds — which expect returns and don’t rely on taxpayers. 

Called the State Small Business Credit Initiative, the program was reauthorized and expanded under ARP last year so the money has been expected. About $31 million was deposited into state coffers Tuesday, said Jeff Kraft, deputy director in charge of business funding and incentives for the Colorado Office of Economic Development and International Trade.

Read more at ColoradoSun.com.

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