On Wednesday, Gov. Jared Polis and the Office of Economic Development and International Trade announced that Coal Transition Community funding will be used to establish a Small Business Development Center satellite office in northwest Colorado.

The new office will serve Routt, Moffat and Rio Blanco counties by supporting the creation and growth of small businesses as the communities look to diversify their economies and create new jobs.

“The SBDC helps local businesses grow, creates jobs and supports economic growth,” Polis said in a news release. “We are thrilled to expand these services in northwest Colorado, helping local communities diversify their economies and create new opportunities for people to save money.”

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According to the release, the satellite office will work across the three-county region to build relationships and connect small business owners and entrepreneurs to one-on-one training and consulting.

Businesses will also be referred to free online trainings on topics such as business planning, formation, finance, marketing and human resources. In-person training will be provided based on demand and, at a minimum, will include a monthly cohort-style meeting. 

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Funding for the Northwest Small Business Development Center satellite office is part of an ongoing effort by the Polis administration, OEDIT and the Office of Just Transition to help communities that have relied on coal mines and coal-fired power plants find new sources of jobs and property tax income.

Routt, Moffat and Rio Blanco counties are home to four coal mines and two power plants. With the power plants scheduled to close in 2028, the area is facing significant job losses and a reduction in property tax revenue.

However, the governor’s office and OEDIT see small businesses as one way communities can help diversify their economies, replace tax revenues and create jobs during the transition.

Additionally, a 2023 Office of Just Transition survey of coal-industry workers in the region found 19% already operate a small business, 21% expressed interest in training or starting a new business, and 46% expressed interest in small business training and assistance for their partner or an immediate family member.

“In Colorado, small businesses employ nearly half of all our employees, and in our rural communities, that percentage is often higher,” said Eve Lieberman, OEDIT executive director. “Entrepreneurs and small businesses are truly an economic driver for our state, and we’re pleased to expand support that can help northwest Colorado support the growth of its small businesses.” 

According to Erin McCuskey, Northwest SBDC regional director, business consulting and training are proven economic development tools for rural economies, and the strategy has been made a priority by the local communities.

“The SBDC has the tools and resources, and we are ready to meaningfully expand capacity in the coal region,” McCuskey said. “The SBDC’s role is to help entrepreneurs focus their time where it will have the greatest impact. Whether that be identifying the right funding opportunities or understanding their responsibilities under the latest employment legislation, our team partners with businesses to help maximize outputs.” 

According to Hannah Krieger, state director of the Colorado Small Business Development Center network, the effort has already helped create and retain more than 2,500 jobs and allowed small businesses to increase their sales by over $84 million.

Previous Coal Transition Community funding awarded to northwest Colorado in coordination with the Colorado Office of Just Transition will support economic development projects for Pioneers Medical Center in Meeker, business support programs in Yampa, a proposed pumped storage hydropower project near Craig and South Routt Medical Center in Oak Creek.