Colorado Continues to Encourage Small Business Growth Through Grant Funding: OEDIT Awards 40 Market Research Grants

Today, Governor Polis and the Business Support division of the Colorado Office of Economic Development and International Trade (OEDIT) announced that 40 grants have been awarded to small businesses in Colorado through the Small Business Accelerated Growth Program. These $8,000 grants will help small business owners across the state, from Arapahoe County to Chaffee County, identify and reach their target markets to increase sales and grow profits.

“As an entrepreneur, I know what it’s like to grow a business and the impact finding the right customers can have on increasing sales,” said Governor Polis. “Small businesses are an important part of our economy and culture here in Colorado, and I am thrilled to announce the second round of this important grant that will continue to support small business owners statewide.”

The Market Research training teaches business owners how to identify and reach their target markets so they can connect their products to consumers and increase profits. A total of $320,000 has been distributed to 40 small business owners across the state as the first of two grant opportunities for participants of the Market Research training.

“Across Colorado, small businesses are the heart of our communities and contribute to our strong economy. The Small Business Accelerated Growth Program empowers these businesses with the tools they need to continue to grow and thrive,” said OEDIT Executive Director Eve Lieberman.

Among the recipients, 60% identified as woman-owned and 22.5% identified as minority-owned, including 7.5% who reported as Black and/or African American and 12.5% who identified as Hispanic and/or Latino. Approximately 7.5% identified as individuals having a disability and 10% identified as veteran-owned. Approximately one third of business owners came from rural communities, particularly on the western plains from La Plata and Archuleta to Routt and Montezuma counties.

The Small Business Accelerated Growth Program was created by SB21-241, sponsored by state Senators Rhonda Fields and Jeff Bridges and state Representatives Naquetta Ricks and Lindsey Daugherty and implemented in partnership with the Colorado Small Business Development Center (SBDC) network.

“Through online content and with the help of SBDC experts, small business owners learn how to access relevant research and use their findings to make strategic decisions for their businesses. Guided through the process, businesses learn skills and techniques to keep aligning their businesses to their customers in the future,” said Sharon King, Executive Director, Boulder SBDC.

Grant recipients announced today include:

  • Anthology Framing and Portraits, LLC, Englewood
  • Durango Accounting (FCBS), Bayfield
  • Future Light Digital, Durango
  • Hair Glam by Kam, Aurora
  • Kenyan Furnished Rentals LLC, Denver
  • Land Right, LLC, Durango
  • Moxie Mountain Guides, Ridgway
  • New Horizons Travel, Aurora
  • Rent-A-Theme Entertainment, Grand Junction
  • Revolutionary Media Group, Sterling
  • Samba Colorado Dance School + Company, Boulder
  • SoulRIde Psychotherapy LLC, Durango
  • Willowtail Springs, Mancos

Registration is open for the next session of the Market Research training, which will be conducted exclusively in Spanish. Ten participants will be selected to receive Market Research grants of $8,000 each. Interested businesses can learn more about the Small Business Accelerated Growth Program, and sign up to receive email notifications as future rounds open for applications.

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