In a bid to bolster Colorado’s small businesses, the House Finance recently passed legislation in support of these enterprises. House Bill 24-1453 aims to make the CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund a permanent program, allowing it to better assist small businesses in their expansion and growth efforts. 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 emphasized the importance of small businesses in Colorado’s economy and highlighted how the CLIMBER Program helps these businesses thrive. The program offers low-interest loans up to $500,000 to support various business needs, allowing small businesses with up to 99 employees to apply for working capital loans between $10,000 and $500,000.
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.
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
