The Denver Office of Economic Development (OED) announces the availability of wage subsidy funding for Metro Denver businesses to hire new employees. The program is made available through the City’s allocation of American Recovery and Reinvestment Act workforce development funding.
The program offers up to 100 percent of a new hire’s wages to be subsidized for a period of up to six months. Subsidies for individual positions cannot exceed $8,000.
“We’re finding that this program helps ease the burden for many employers with adding new employees,” said André Pettigrew, executive director of the Denver Office of Economic Development. “In exchange for the support, we’re looking to establish partnerships with businesses that will hire and retain long-term employees.”
OED has designated $4.1 million in ARRA workforce development funding for job seeker skills training and wage subsidy support to assist businesses. With these funds, OED has established wage subsidy contracts with 70 businesses in several industries, including energy, construction/skilled trades, health care, lodging and restaurants. The office has subsidy funds remaining to expend by June 30, 2010.
To be considered for the program, a business must be located in Colorado for at least 120 days, pay into workers’ compensation and unemployment insurance, and have not laid off employees within the past six months. Subsidies are only available for full-time positions that provide at least 32 hours of work per week.
To apply for the program, businesses must submit an interest questionnaire online at http://www.surveymonkey.com/s/C6K73FN.
The Denver Office of Economic Development is dedicated to advancing economic prosperity for the City of Denver, its businesses, neighborhoods and residents. Working with a wide variety of community partners, OED operates to create a local environment that stimulates balanced growth through job creation, business assistance, housing options, neighborhood redevelopment and the development of a skilled workforce.