Colorado’s unemployment rate fell for the sixth straight month to 3.3% in July, the lowest (again) since the pandemic began but not quite down to its pre-pandemic low of 2.8%. However, a state economist thinks we’ll get back to that low rate, despite talk of recession, by the end of the year.
But first, last year’s $1.9 trillion American Rescue Plan keeps on doling out dough to Colorado.
The latest was announced Friday as U.S. Department of Treasury officials awarded Colorado up to $104.7 million as part of a program that started 12 years ago. Some of the funding will serve as collateral for small businesses that don’t have enough but need a loan. Most will be invested in the state’s venture capital funds — which expect returns and don’t rely on taxpayers.
Called the State Small Business Credit Initiative, the program was reauthorized and expanded under ARP last year so the money has been expected. About $31 million was deposited into state coffers Tuesday, said Jeff Kraft, deputy director in charge of business funding and incentives for the Colorado Office of Economic Development and International Trade.
“We’ve been planning for this SSBCI infusion now for a year plus and have been putting the mechanics in place,” Kraft said. “We just did two (requests for proposals) and have selected some winners that haven’t been publicly announced. But one of them is for a follow-on rural fund to focus on venture investing in rural Colorado. The other one has a focus on urban...
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