Colorado Small Businesses Receive a Boost with Permanent CLIMBER Loan Fund Program

The House Finance recently passed legislation in support of Colorado small businesses. The bill, House Bill 24-1453, aims to make the CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund a permanent program to better assist small businesses. The goal is for the CLIMBER Program to provide $250 million in loans to Colorado small businesses by the end of 2024.

Small businesses are crucial for Colorado’s economy, and Representative Naquetta Ricks from Aurora highlighted this fact while emphasizing the importance of the CLIMBER Program. She explained that the 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 by providing them with access to funds they need