Legislators also approved $25 million in supplemental funding for OEDIT to be used for the Strategic Fund and Advanced Industries - key economic tools for the State. The Strategic Fund supports and encourages new business development, business expansions and relocations that generate new jobs throughout the state. In some cases, the Strategic Fund may also provide support for initiatives led by non-profit entities pertaining to key industries or regional development. The Advanced Industries Accelerator Grant Program or the “AI program” accelerates economic growth through grants that improve and expand the development of seven advanced industries in Colorado. These industries include advanced manufacturing, aerospace, bioscience, electronics, energy and natural resources, infrastructure engineering, and technology and information.
The Colorado Office of Economic Development and International Trade partnered with state legislators to pass 12 bills that will infuse $228 million into Colorado’s economic recovery efforts.