The House recently passed legislation to make the CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund a permanent program. This move will better assist small businesses in Colorado, providing them with the resources and expertise they need to succeed.
The goal of the CLIMBER Program is to provide $250 million in loans to Colorado small businesses by 2024, which will help these businesses expand, increase employee pay, and positively impact local economies. Representative Naquetta Ricks from Aurora emphasized the importance of small businesses in Colorado’s economy and highlighted how the program has helped these businesses grow and thrive.
To ensure the long-term operation of the CLIMBER Program, HB24-1453 allocates $35 million to the program and allows repaid loans to be recaptured for future use. Small businesses with up to 99 employees can apply for working capital loans between $10,000 and $500,000. These loans can be used for 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 this program aims to continue supporting Colorado small businesses and the state’s economy.