The Colorado House of Representatives recently passed legislation to support small businesses in the state. House Bill 24-1453 aims to make the CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund a permanent program, providing more assistance to small businesses. The goal is for the CLIMBER Program to provide $250 million in loans to Colorado small businesses by the end of 2024.
Representative Naquetta Ricks from Aurora highlighted the importance of small businesses in Colorado’s economy and how the CLIMBER Program helps these businesses expand, increase employee pay, and positively impact local economies. The program offers low-interest loans up to $500,000 to support various business needs.
The bill passed with a vote of 11-0 and seeks to transfer the administration of the CLIMBER Program from the Colorado Department of Treasury to the Colorado Office of Economic Development and International Trade. This move is intended to provide better resources and expertise to underserved businesses seeking loans.
To ensure the long-term operation of the CLIMBER Program, HB24-1453 would allocate $35 million to the program and allow repaid loans to be recaptured and used for future loans. Small businesses with up to 99 employees can apply for working capital loans between $10,000 and $500,000 to help with hiring, expanding, or starting new businesses.
Since its inception in 2020, the CLIMBER Program has provided over 240 small business loans across 26 Colorado counties, totaling more than $18 million. These loans have supported thousands of jobs and helped businesses grow and thrive. The extension of the CLIMBER Program aims to continue supporting Colorado small businesses and the state’s economy.