The House Finance committee in Denver, CO recently passed legislation aimed at supporting small businesses in Colorado. The bill, HB24-1453, seeks to make the successful CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund a permanent fixture to better assist small businesses in the state. By the end of 2024, the CLIMBER Program is projected to provide $250 million in loans to Colorado small businesses.
Representative Naquetta Ricks of Aurora emphasized the importance of supporting small businesses in Colorado, referring to them as the backbone of the state’s economy. She highlighted the benefits of the CLIMBER Program, such as providing low-interest loans of up to $500,000 to help small businesses expand, increase wages for employees, open new locations, and more. Ricks sees the program as a way to give small businesses a competitive advantage and ultimately enhance local economies.
The bill, HB24-1453, received unanimous approval in a vote of 11-0. Its primary objective is to ensure the continuation of the successful CLIMBER Program, which is scheduled to expire soon. The proposed legislation aims to make the program permanent and enhance its ability to support underserved businesses by providing the necessary resources and expertise to secure favorable loans.
If passed, the bill would 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 align the program with other resources and programs to support business success, specifically for under-capitalized businesses. Additionally, the legislation would secure $35 million in allocated funds for the program and allow for the recapture of repaid loans to be reallocated for future loans to small businesses.
Under the CLIMBER Program, small businesses with up to 99 employees can apply for working capital loans ranging from $10,000 to $500,000. These loans can be used for various purposes, including hiring additional employees, expanding physical locations, launching new ventures, and more. The program has already supported over 1,000 jobs and created at least 86 new positions through the distribution of funds to small businesses across multiple counties in Colorado. Since its establishment in 2020, the CLIMBER Program has provided 246 small business loans totaling over $18 million.