By Larry Sparks
On Wednesday, Feb. 5, the Eastern Plains Chamber of Commerce held its monthly meeting, featuring an insightful presentation from the El Paso County Economic Development Department. The chamber-sponsored breakfast provided attendees with an opportunity to network and engage with fellow business leaders before diving into discussions on economic growth and business resources.
Joe Graff, vice president of the chamber, kicked off the meeting with a compelling presentation on the benefits of chamber membership and engagement. He emphasized the chamber’s mission to educate its members, foster collaboration within the local business community and drive economic growth.
The highlight of the morning was an in-depth presentation by Economic Development Analysts Sara Lobato and Katie Plutz, who provided valuable insights into business incentives and financing opportunities available in the region.
Enterprise Zone Program & Business Loan Fund
Sara Lobato introduced the Pikes Peak Enterprise Zone, outlining its purpose, application process and the economic benefits it offers to business owners. She explained that the Enterprise Zone is a geographically and economically designated area overseen by El Paso County, designed to encourage business development through various incentives.
Katie Plutz followed with a detailed presentation on the Business Loan Fund, which provides funding opportunities for qualifying businesses — especially those within Enterprise Zones. She shared a success story of a small sewing and alterations business that utilized the fund to purchase capital equipment, hire new employees and implement effective training programs.
Additionally, Plutz discussed Enterprise Zone (EZ) Tax Credits, a powerful incentive for businesses engaged in activities such as research and development, vacant building rehabilitation, workforce expansion and training, employer-sponsored health insurance and new equipment purchases. In 2024, 365 businesses in El Paso and Teller counties earned a collective $8.1 million in EZ Tax Credits, demonstrating the program’s impact on regional economic development.
Eligibility and economic impact
The El Paso County Business Loan Fund provides loans of up to $50,000 to private, for-profit small businesses and startups that may struggle to secure traditional financing.
The broader Enterprise Zone Program, managed across 16 designated zones in Colorado, operates under criteria established by the Economic Development Commission. To qualify, an area must meet economic distress indicators, such as:
- A per capita income below 75% of the state average
- An unemployment rate exceeding 25% of the state average
- A population growth rate below 25% of the state average
Enterprise Zones are also subject to population caps, with urban EZs capped at 115,000 residents, while rural EZs must have a population of 150,000 or fewer. These programs are part of a statewide initiative to stimulate business activity and economic revitalization.
Continuing the conversation
The chamber expressed its appreciation for Lobato and Plutz’s informative presentations, reinforcing its commitment to empowering local businesses with essential resources and financial tools.
For further details on these programs, business owners and entrepreneurs are encouraged to contact the El Paso County Economic Development Department at 9 E. Vermijo Ave. in Colorado Springs or call 719-520-6484.
For direct inquiries, contact Sara Lobato – saralobato@elpasoco.com; Katie Plutz – katieplutz@elpasoco.com.The chamber meets on the first Wednesday of each month at Grace Community Church in Falcon. For more information, visit https://www.easternplainschamber.com/.
