The Colorado Office of Economic Development and International Trade (OEDIT), in partnership with the Colorado Venture Capital Authority (CVCA), announced the selection of Greater Colorado Venture Fund (GCVF), based in San Miguel County, as the fund manager for a newly established rural investment fund meant to advance economic growth in Colorado’s rural counties.
The new $9 million investment fund is dedicated to the specific growth needs of rural businesses. The Rural Fund will provide seed and early-stage investment capital and debt financing to qualified rural businesses in Colorado. The selection of GCVF is pending finalization of a limited partnership agreement.
“The new fund was created specifically to stimulate and support innovation and economic growth in rural Colorado counties that may have less access to investment resources needed to grow and mature young businesses,” said Mark Wdowik, CVCA board chair.
Businesses located in 54 of 64 counties within the state are eligible to receive funding from the new Rural Fund. These rural counties already provide exceptional economic advantages, including an educated and motivated workforce, locations with global access and a collaborative business environment. Some potential industries that could benefit from the fund include value-added agriculture, advanced manufacturing, education, health and wellness, tourism and outdoor recreation, energy natural resources, clean tech and technology and information.
“Entrepreneurial health is essential to Colorado’s growth. We want more entrepreneurs to have the chance to start and grow businesses in all parts of our state,” said Stephanie Copeland, executive director of OEDIT. “The Colorado Rural Fund ensures that we focus on discovering startups outside of our urban areas and invest the capital that these businesses need to start and grow.”
GCVF will be seeking qualified businesses to fund in the near future. These investments will play a significant role in the expansion of rural economic initiatives and have the opportunity to support and influence industries that are essential to Colorado’s economic growth. Businesses interested in applying for the fund should contact GCVF for more information.
About Colorado Office of Economic Development and International Trade
The Colorado Office of Economic Development and International Trade (OEDIT) works with statewide partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor John Hickenlooper, we strive to advance the state’s economy through financial and technical assistance in support of local and regional economic development activities throughout Colorado.