The CLIMBER Loan Fund: A Permanent Boost for Colorado Small Businesses Through New Legislation
The House Finance has recently passed legislation to make the CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund a permanent program to better assist Colorado small businesses. This was achieved through the passing of House Bill 24-1106, which aims 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 expand, increase employee pay, and positively impact local economies. The program offers low-interest loans up to $500,000 to support various business needs.
To ensure the long-term operation of the CLIMBER Program, HB24-1106 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 2021, the CLIMBER Program has provided over 35 small business loans across 27 Colorado counties, totaling more than $28 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 funding they need for their growth and success.
