Gov. Jared Polis and the Office of Economic Development & International Trade announced a plan this week to use coal transition funding to establish a Small Business Development Center satellite office in Northwest Colorado.

“The (Small Business Development Center) helps local businesses grow, creates jobs and supports economic growth,” Polis said. “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.”

John Bristol, executive director of the Routt County Economic Development Partnership, applauded the news Thursday. The new office will serve Routt, Moffat and Rio Blanco counties by supporting creation and growth of small businesses as local communities look to diversify their economies and create new jobs.

“The satellite office would add resources to help support business development in those communities, which is great,” Bristol said. “It would increase in-person business counseling and add the ability for somebody that has an idea to access counseling services, to get immediate support with writing a business plan or find the access to capital or other technical resources.”

He thinks the satellite office ultimately will bring more business and economic diversity to Northwest Colorado communities like Hayden and Craig.

The funding is part of an ongoing effort by the Polis administration and the economic development office 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. Those power plants are scheduled to close in the coming years, at which time significant job losses are expected along with a reduction in property-tax revenue.

The small business development center said small businesses represent a way for local communities to diversify their economies, replace tax revenues and create jobs. A 2023 survey of coal-industry workers in the region found that 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.

“Business consulting and training are proven economic development tools for rural economies and a strategy that has been prioritized by the local communities,” said Erin McCuskey, Northwest Small Business Development Center regional director. “The SBDC has the tools and resources, and we are ready to meaningfully expand capacity in the coal region. 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.”

Bristol sees the new satellite office as a plus for the whole region, and strong business culture and economic success in Hayden and Craig as a plus for all Northwest Colorado.

“Using coal transition money that the state has allocated to bring this office so they’re going to be able to utilize some of that is a smart way to go,” Bristol said. “Putting resources toward supporting existing businesses so that they can expand, and supporting new startups, that is awesome. Anything to add more resources toward that and support toward that is a real plus.”