(May 10) – A central component of the House Democrats’ jobs and economic development package became law today when a bill to increase funding for the state’s Small Business Development Center system was signed by Gov. John Hickenlooper.
HB13-1002, sponsored by Rep. Max Tyler (D-Lakewood), boosts funding for the SBDC system by $200,000 per year, leveraging matching federal dollars. The increased funding takes effect in the 2013-14 fiscal year, which begins July 1.
The network of 14 SBDCs around the state provide coaching and consultation to startup companies needing help with such basics as writing a business plan and securing capital. With only $85,000 in state dollars in 2011, companies seeking training and consultation from SBDCs produced 1,700 new jobs, the highest rate of return for any economic development program in Colorado.
“It translates to one job for every 50 state dollars spent,” Rep. Tyler said. “Jobs and the economy are our highest priority, and this program is proven to deliver more bang for the buck than anything else we’ve attempted.”
To help market the SBDC system, the state Office of Economic Development and International Trade launched a new website this week, coloradosbdc.org.