The Denver Scholarship Foundation’s services and scholarships have an economic impact of more than $6 million annually in the Denver metro area, according to a study released Monday.

Each dollar that Denver Scholarship Foundation provides to a student produces a return of nine times, according to a study conducted by The Pell Institute for the Study of Opportunity in Higher Education and Littleton-based Development Research Partners.

Calculating that if 85 percent of the 520 students who receive a needs-based scholarship from the nonprofit complete a certificate program or earn a degree, those recipients will earn and spend $6 million to $8 million in the metro area, according to the report.

“This study provides the solid evidence that demonstrates the foundation’s approach is valid and pays significant dividends in the form of higher degrees, better jobs, a more skilled workforce and a brighter economic future for the city,” Patty Silverstein, president of Development Research Partners and consulting chief economist for the Metro Denver Economic Development Corp., said in a statement.

Since its formation in 2006, the Denver Scholarship Foundation has awarded $23 million in scholarships to 4,500 students.

The Denver Scholarship Foundation’s approach also includes the placement of full-time college advisors in Denver Public Schools high schools as well as a partnership with 33 colleges to provide recipients with additional support and ongoing financial aid.

“We have that added value of not only being a charity, but being a human capital opportunity where there’s a real return for Denver,” said Nate Easley, executive director of the Denver Scholarship Foundation.

The survey’s results, Easley said, show that the nonprofit is a good investment. He added that he’s hopeful that — especially in this time of economic boom — that more businesses sponsor scholarships to help local students gain the skills they need and, as such, fuel a base of local workers.

“We (in Denver) have a wonderful reputation right now, but the challenge is to make sure we don’t end up with a situation where our educated people in our workforce are from out of state,” he said.

Alicia Wallace: 303-954-1939, awallace@denverpost.com or twitter.com/aliciawallace