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The New & Emerging Industries Apprenticeship Tax Credit was created by HB24-1439 Financial Incentives Expand Apprenticeship Programs to encourage the adoption and expansion of Registered Apprenticeship Programs in the New & Emerging Industries. The Tax Credit is a refundable tax credit that employers of Registered Apprenticeship Programs in Colorado can claim for apprentices in “New & Emerging” occupations.
State Department
Colorado Department of Labor and Employment Apprenticeship
Funding
Amount Per Employer: Max $12,600 per apprentice per income tax year. Qualifying taxpayers can claim up to ten apprentices per year for a maximum tax credit of $126,000.
Total Available Amount: $15 million per year through 2034
Other Information
Accelerate Apprenticeship Grants encourage employer adoption of registered apprenticeship in the state of Colorado.
State Department
Colorado Department of Labor and Employment
Funding
Employers not yet involved in a registered apprenticeship receive:
Deadlines
Applications will be collected on a rolling basis and funding is available on a first-come, first-served basis until funds run out.
This grant used funding to accelerate commercialization and innovation of advanced industry products and services by building capacity and workforce for the advanced industries ecosystem. The Advanced Industry Collaborative Infrastructure Funding Grant provides State funding to collaborative projects that will have a broad industry-wide impact across one or more of Colorado’s Advanced Industries. The range of possible projects is broad, but each project should have a well-defined scope and objectives.
State Department
Colorado Office of Economic Development and International Trade
Funding
Projects meeting the eligibility requirements will be eligible to receive up to $500,000 in grant funding.
The minimum size of a grant award is $50,000
Deadlines
Applications are open once a year from February to April.
Other Information
The CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund is a statewide program that will provide up to $250 million in working capital loans to Colorado small businesses through 2023. It will promote small businesses recovery, save jobs, and help support the Colorado economy.
Lenders, CDFIs, credit unions, and nonprofit lenders can participate and provide loans for their small business customers needing financial assistance.
Small businesses with 5-99 employees that were financially stable before the pandemic but now need help to survive may apply for working capital loans between $30,000 and $500,000. Below-market interest rates and a 1-year deferred payment option make the program a secure recovery option for small businesses.
State Department
Colorado Office of Economic Development and International Trade
Funding
$250 million
Deadline
Rolling
Other Information
CLIMBER Fund loans are offered through a network of participating lenders. Click here to view a current list. This list will be updated frequently as more lenders sign up to participate.
The purpose of the Advanced Industry Early Stage Capital and Retention Grant Program is to fund companies using technologies developed in proof of concept grants and other early stage start-ups that have created viable products, meet a market need, and can be created or manufactured in Colorado and exported globally. The Advanced Industries include aerospace, advanced manufacturing, bioscience, electronics, energy, infrastructure engineering, and technology and information. The Colorado Office of Economic Development and International Trade will administer the program with support of Colorado Advanced Industry trade associations and the state’s Economic Development Commission.
State Department
Colorado Office of Economic Development and International Trade
Funding
The maximum amount of funding for applications is $250,000.
Deadline
Rolling
Other Information
N/A
The Enterprise Zone Job Training Tax Credit helps businesses develop a skilled workforce in distressed communities. Businesses can earn a state income tax credit for 12% of eligible job training costs for employees in an enterprise zone. Tax credits earned may be used against income tax liability and carried forward for up to 12 years.
The Colorado legislature created the Enterprise Zone (EZ) Program to encourage development in economically distressed areas of the state. The 16 designated enterprise zones have high unemployment rates, low per capita income, or slow population growth. Local enterprise zone administrators manage their respective enterprise zones.
State Department
Colorado Office of Economic Development and International Trade
Funding
Tax Credit
Amount: 12% of eligible job-training costs
Application Deadline
Rolling
Other Information
N/A
The Enterprise Zone New Employee Tax Credit helps businesses in distressed communities add employees to their workforce. Businesses earn a state income tax credit of $1,100 per net new employee that works at a qualified enterprise zone business facility. Excess credits can be carried forward for up to five years.
State Department
Colorado Office of Economic Development and International Trade
Funding
Tax Credit
Amount: $1,100 per net new employee
Application Deadline
Rolling
Other Information
N/A
The performance-based Job Growth Incentive Tax Credit (JGITC) provides a state income tax credit to businesses undertaking job creation projects that would not occur in Colorado without this program. Businesses need to create at least 20 new jobs in Colorado, with an average yearly wage of at least 100% of the county average wage rate based on where the business is located. A business located in an Enhanced Rural Enterprise Zone has to create at least five new jobs in Colorado, with an average yearly wage of at least 100% of the county average wage. All new jobs must be maintained for at least one year after the positions are hired to qualify.
State Department
Colorado Office of Economic Development and International Trade
Funding
N/A
Deadline
Businesses interested in requesting a Job Growth Incentive Tax Credit commitment should work with their local economic development representative and contact OEDIT Global Business Development Staff to preliminarily determine if the business meets the requirements.
Other Information
N/A
The performance-based JGITC Higher Education Partnership (HEP) provides a state income tax credit to businesses partnering with State Higher Education Institutions (HEI) to support job growth, academic development and economic expansion. Businesses need to create at least 5 new jobs in Colorado, with an average yearly wage of at least 100% of the state average wage rate. Furthermore, companies must have a written and signed Qualified Partnership Agreement with an HEI. All new jobs must be maintained for at least one year after the positions are hired to qualify.
State Department
Colorado Office of Economic Development and International Trade
Funding
N/A
Deadlines
Businesses interested in requesting a JGITC HEP commitment should work with their local economic development representative and contact OEDIT Global Business Development Staff to preliminarily determine if the business meets the requirements.
Other Information
N/A
A financial assistance program for aspiring and current Colorado exporters entering into a new international market. This program supports small and medium-sized business through grant funds to offset international business development and marketing costs.
State Department
Colorado Office of Economic Development and International Trade
Funding
N/A
Deadlines
Applicants are required to submit a market research report explaining their decision to enter or expand into the proposed market. A panel will review all submitted applications. Please allow 2-3 weeks from submission date to receive notification of funding. Grant awardees will receive a detailed commitment letter from OEDIT indicating the agreed upon export development project or activities, timing and breakout of approved expenses in US Dollars.
Other Information
N/A
The Advanced Industry Investment Tax Credit program (C.R.S. 24-48.5-112) was created to grow high-potential advanced industry businesses with the objective of stimulating the State’s economy and creating high-paying jobs. The Advanced Industry Investment Tax Credit (AITC) aims to improve access to capital for Colorado’s early stage advanced industry businesses by reducing investor risk. The AITC links Colorado investors to Colorado businesses. Advanced Industries include: Advanced Manufacturing, Aerospace, Bioscience, Electronics, Energy and Natural Resources, Infrastructure Engineering, and Information Technology.
To qualify a Business must be headquartered in Colorado or have at least 50% of employees in the State. Furthermore, a Business must meet the statutory early-stage requirements: Third-party investment less than $10M (all debt and equity since formation); Annual revenue less than $5M; Operating and Generating Revenue for less than 5 years.
State Department
Colorado Office of Economic Development and International Trade
Funding
Investors in a qualified business may earn a State Income Tax Credit calculated at 25% of the qualified investment, with a maximum tax credit of $50,000.
If the business receiving the investment operates in a rural or economically distressed area per Enterprise Zone standards, the tax credit to the investor is 30% of the qualified investment, up to the $50,000 maximum allowable tax credit amount (per investment).
Deadline
Rolling
Other Information
N/A
WBLI will provide funding to help with the start-up costs of developing work-based learning programs, including training dollars that could be used in partnership with institutions of higher education or other training providers.
State Department
Colorado Department of Labor and Employment
Funding
WBLI provides financial reimbursements of up to $10,000. Rural and/or small businesses are eligible to earn additional incentives of $100.
Deadlines
Applications will be collected on a rolling basis. Funds are awarded on a first-come, first-served basis. The program ends in May 2024 or when funds are expended.
Other Information
N/A
The Work Opportunity Tax Credit (WOTC) is a federal tax credit that encourages employers to hire targeted groups of job seekers. WOTC can reduce employer federal tax liability by as much as $2,400 to $9,600 per new hire.
The targeted groups are Category A: Welfare Recipients, Category B-1: Veterans Receiving Food Stamps, Category B-2: Disabled Veterans, Category C: Ex-Felons, Category D: Designated Community Residents, Category E: Vocational Rehabilitation Recipients, Category G: Food Stamp Recipients, Category H: Supplemental Security Income Recipients, Category I: Long Term TANF Recipients, Category V: Unemployed Veterans. Each target group has its own specific requirements.
State Department
Colorado Department of Labor and Employment WOTC Unit
Funding
$2,400-$9,600 per hire
Deadlines
You must apply for and receive certification from the Colorado Department of Labor and Employment WOTC Unit, verifying that any new hire is a member of a WOTC target group before you can claim WOTC on the federal tax return. This must be done within 28 days of the new hire’s start date.
Other Information
N/A
The information on this page was put together by PMA’s workforce development team and PMA’s lobbying team in Washington, D.C.
If you have any questions about funds for training, contact PMA’s workforce development team at [email protected].
If you don’t see your question listed, feel free to reach out—we’re happy to help!
To join PMA, visit the membership page and complete the interest form. You’ll need to provide information about your company and your areas of interest. After submission, a member of PMA’s membership team will follow up with you and schedule a call to learn more. Membership is open to companies in the metalforming industry.
The yearly membership fee for PMA varies depending on your company’s size and type. Fees are structured to ensure accessibility for businesses of all sizes, from small manufacturers to large corporations. Contact PMA directly for a customized quote.
You will be sent your renewal notice via email. The email will contain your invoice and instructions to renew. Renewals typically go out to members in November. Complete the renewal process to ensure continuous access to all the resources and benefits that PMA offers. Renewal reminders are sent before your membership expires.
Nonmembers can attend most PMA events, but they will need to pay at the nonmember registration price, which is typically higher than the discounted rate available to members. PMA members enjoy reduced rates and priority access to these events, making membership a cost-effective option for regular attendees.
