SLV Enterprise Zone program seeks to dull economic impacts of COVID-19

SAN LUIS VALLEY – The San Luis Valley Enterprise Zone program is being deployed to blunt the negative impacts of COVID-19 on businesses in the San Luis Valley.

“It is anticipated that certain sectors will experience significant decline in activity as people practice social distancing to reduce the spread of the novel corona virus,” said Kevin Wilkins, executive director of San Luis Valley Development Resources Group, which administers the SLV Enterprise Zone program.

“SLVDRG will raise funds to offer assistance to businesses that are experiencing a reduction in business activity and revenue.”

Under the Enterprise Zone program, individuals and companies may donate to an approved contribution project, in this case the COVID-10 Project and receive a 25 percent Colorado income tax credit.

Contributions made to COVID-19 project will fund a variety of business support tools to help enterprise zone businesses negatively affected by the COVID-19 virus. “The mechanisms we develop and financial assistance we offer will directly bolster the financials of enterprise zone businesses so that they may retain jobs and be in a position to rebound,” said Wilkins.

The project is being established immediately to build a resource for the SLVDRG to have the flexibility in to address the needs businesses in the San Luis Valley.

On Monday, Colorado Governor Jared Polis ordered the statewide closure of restaurants, bars and other businesses and locations where large number of people gather. The move is designed to curtail the transmission of the coronavirus between people.

“There will be a time when we want to celebrate those local small businesses again,” Polis said Monday at a news conference, according to the Denver Post. “When it’s safe, we want to celebrate in bars and clubs. We want to dine out. That day is not today, it’s not tomorrow, it’s not likely to be next week or the week after.”

Many restaurants in the San Luis Valley are instead offering curb-side take out or home delivery since dining in is not an option. Other service businesses are also likely to feel an economic shock as residents stay home.

For more information on how to contribute to the COVID-19 Enterprise Zone contribution project and receive the 25 percent state of Colorado Income Tax Credit contact Sarah Stoeber or Kevin Wilkins at the San Luis Valley Development Resources Group, 719.589.6099, or email [email protected]


Video News
More In Front Page