Four Bills From the Colorado Comeback Stimulus Package Advance Through the Legislative Process

Bills to provide aid for farmers & ranchers, small businesses, and rural communities all pass through committees, bill to invest in clean energy finance moves to the House

DENVER, CO - Today, Senate Democrats advanced several stimulus bills through committees as well as the Senate floor. Bills include:

SB21-230: Transfer To Colorado Energy Office Energy Fund, sponsored by Senators Hansen & Winter.

• As Colorado works to transition our energy sector and meet our greenhouse gas reduction goals, there are many opportunities to invest in clean energy projects and help accelerate this transition. This bill allocates $40 million to the Colorado Energy Office for several clean energy finance initiatives. The majority of these funds will be directed to the Colorado Clean Energy Fund, which acts as Colorado’s “Green Bank” with the purpose of financing clean energy projects and bridging gaps between clean energy projects and private capital providers. The remaining funds will be spent between programs that support clean energy retrofits, energy efficient new construction, clean energy lending and funding for the installation of EV charging stations at facilities across the state.

This bill passed through the full Senate on third and final passage, and now makes its way to the House.

SB21-248: Loan Program For Colorado Agriculture, sponsored by Senators Donovan & Simpson.

• Although Colorado’s vibrant agricultural sector has served as the backbone of the state’s economy for decades, the industry must navigate a tumultuous future in which an estimated 64% of Colorado producers will exit farming, and over 20 million acres of Colorado’s agricultural land will need a new farmer. To help negotiate these challenges, invest in the future of Colorado agriculture, and provide incentives to build capacity for beginning farmers and ranchers, this bill allocates $30 million to create and implement the Colorado Agricultural Future Loan Program. This program will provide low-interest loans to beginning farmers and ranchers as well as farm-to-market infrastructure loans for businesses – putting Colorado on a pathway toward a sustainable and prosperous future for the agriculture industry.

This bill passed out of the Senate Agriculture & Natural Resources Committee with unanimous, bipartisan support.

SB21-241: Small Business Accelerated Growth Program, sponsored by Senator Fields.

• Colorado businesses have been impacted heavily by the pandemic, many of them shutting their doors and severely limiting their long-term growth potential. This bill creates the Small Business Accelerated Growth Program to provide small businesses with tools and resources that foster the growth of existing companies that have moved from the start-up stage into the second-stage or are on the verge of rapid growth. This program will ensure that these businesses, post-pandemic, will be able to build back stronger.

This bill passed out of the Senate Business, Labor, & Technology Committee with bipartisan support.

SB21-229: Rural Jump-start Zone Grant Program, sponsored by Senators Danielson & Story.

• As we work to help rural Colorado recover, we are providing additional targeted relief for small communities, communities with particularly low unemployment or income levels, as well as fossil fuel communities in transition. This bill directs $3 million to the Rural Jump Start Grant Program, which helps economically distressed communities – particularly communities that will be affected by the energy market’s transition away from coal to more renewable energy sources – attract new businesses and jobs. Of the grants available, new businesses can receive up to $20,000 for establishing operations in rural jump start zones and up to $2,500 for each new job they create. While businesses establishing operations in coal transition communities (as identified in the Office of Just Transition Action Plan) can receive up to $40,000 as well as up to $5,000 for each new job they create.

This bill passed out of the Senate Finance Committee with strong bipartisan support.