The Colorado legislature recently passed a bill that aims to strengthen the CLIMBER Loan Fund, which supports small businesses in the state. HB24-1453 seeks to make this successful program a permanent fixture by providing $250 million in loans to Colorado small businesses by the end of 2024.
Representative Naquetta Ricks, from Aurora, emphasized the importance of supporting small businesses in Colorado. She highlighted the benefits of the CLIMBER Program, such as providing low-interest loans of up to $500,000 to help small businesses expand and improve their operations. By doing so, Ricks believes that these businesses will have a better chance of competing with larger corporations and ultimately contribute to stronger local economies.
The proposed legislation received unanimous approval with a vote of 11-0. Its primary objective is to ensure that the successful CLIMBER Program continues beyond its current expiration date and becomes a permanent resource for underserved businesses. The program would be transferred from the Colorado Department of Treasury to the Colorado Office of Economic Development and International Trade, where it would align with other resources and programs aimed at supporting business success. Additionally, $35 million in allocated funds would be provided for the program’s continuation and repaid loans would be reallocated for future lending opportunities.
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 funds can be used for various purposes such as hiring additional employees, expanding physical locations or launching new ventures. Since its establishment in 2020, the program has already supported over 1,000 jobs and created at least 86 new positions through loan distribution across multiple counties in Colorado.
