Small Business Development Center uses transition funds to fund satellite office in northwest Colorado

Gov. Jared Polis and the Department of Economic Development and International Trade this week announced plans to use coal transition funds to establish a small business development center satellite office in northwestern Colorado.

“(The Small Business Development Center) will help local businesses grow, create jobs and support economic growth,” Polis said. “We are excited to expand these services in Northwest Colorado, diversifying the economy of our local communities and helping create new opportunities for people to save money.”

John Bristol, executive director of the Routt County Economic Development Partnership, praised the news Thursday. The new office will serve Routt, Moffat and Rio Branco counties by supporting the creation and growth of small businesses as local communities look to diversify their economies and create new jobs.

“Having a satellite office will give us additional resources to support business development in these communities, which is great,” Bristol said. “This will increase in-person business counseling and help people with ideas access counseling services, receive immediate help writing business plans, and find access to capital and other technical resources. You will be able to do it.”

He believes the satellite office will eventually bring business and economic diversity to northwest Colorado communities like Hayden and Craig.

This funding is part of an ongoing effort by Polis Administration and the Economic Development Department to help communities that have relied on coal mines and coal-fired power plants find new sources of jobs and property tax revenue. There are four coal mines and two power plants in Routt, Moffat, and Rio Branco counties. These power plants are scheduled to close within the next few years, which is expected to result in significant job losses as well as reduced property tax revenues.

The Small Business Development Center said small businesses are a way for communities to diversify their economies, replace tax revenue and create jobs. A 2023 survey of coal industry workers in the region found that 19% already run a small business, 21% expressed interest in training or starting a new business, and 46% in small business training It was found that they were interested in providing support to their partner and next of kin. member.

“Business consulting and training is a proven economic development tool for rural economies and a strategy that has been prioritized by local communities,” said Erin McCaskey, Regional Director of the Northwest Small Business Development Center. “SBDC has the tools and resources and is ready to meaningfully expand production capacity in the coal region. SBDC’s role is to help entrepreneurs focus their time on what makes the biggest impact. Whether it’s identifying the right funding opportunity or understanding your responsibilities under the latest employment laws, our team partners with businesses to help them maximize their results.”

Bristol believes the new satellite office will be a positive for the entire region and that Hayden and Craig’s strong business culture and economic success will be a positive for all of Northwest Colorado.

“It’s a smart move to take advantage of the coal transition funding that the state has allocated to attract this office and make some of it available,” Bristol said. “It’s great to put resources into helping existing businesses scale and supporting new startups. Adding more resources towards that and providing support towards that is really That’s a plus.”