Colorado small businesses recently received a boost as the House Finance passed legislation to make the CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund a permanent program. The goal is to provide $250 million in loans to Colorado small businesses by the end of 2024, with low-interest loans up to $500,000 available to support various business needs.
The bill was emphasized by Representative Naquetta Ricks from Aurora, who 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 has already provided over 240 small business loans across 26 Colorado counties, totaling more than $18 million since its inception in 2020.
To ensure the long-term operation of the CLIMBER Program, HB24-1453 would allocate $35 million 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. The bill passed with a vote of 11-