Denver, Colorado – The House of Representatives Finance today passed a bill to support Colorado's small businesses. HB24-1453 permanently extends the successful period. climber (Colorado Loans to Promote Economic Recovery for Main Street Businesses) A loan fund to better support small businesses. The CLIMBER program is scheduled to provide $250 million in loans to Colorado small businesses by the end of 2024.
“Colorado’s small businesses are the backbone of a thriving and growing economy.” said Rep. Naquetta Ricks, an Aurora Democrat. “This bill extends CLIMBER, Colorado’s successful small business lending program, to revitalize small businesses, create jobs, and revitalize local economies. We offer low-interest loans of up to $500,000 to help small businesses expand, increase employee pay, open new locations, and more. Our small businesses are what makes Colorado unique. , this bill will give our small businesses an advantage in having a positive impact on their communities.”
HB24-1453, passed by a vote of 11-0. This bill would extend his successful CLIMBER program, which is scheduled to expire later this year. The goal of HB24-1453 is to make the CLIMBER program permanent and provide the resources and expertise needed to secure these favorable loans to better serve underserved businesses. It's about supporting.
This bill would transfer this program from the Colorado Department of Treasury to the Colorado Department of Economic Development and International Trade, which houses a variety of programs and resources to assist under-capitalized businesses and ensure their success. . To business. To extend the CLIMBER program and maintain its long-term operations, the bill also ensures that $35 million in appropriated funds will continue in the program and recover repaid loans and other funds. and can be used for future loans to small and medium-sized businesses.
The program allows small businesses with 99 or fewer employees to apply for working capital loans ranging from $10,000 to $500,000. These loans can be used to hire more employees, open or expand a brick-and-mortar store, launch a new business, and more. It is estimated that the loans already distributed by the CLIMBER program have supported 1,098 jobs and provided funding to create at least 86 jobs. Since its creation in 2020, the CLIMBER program has provided 246 small business loans in 26 counties, totaling more than $18 million.
