The CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund is set to become a permanent fixture in Colorado, thanks to recent legislation passed by the House Finance committee in Denver. The bill, HB24-1453, aims to provide ongoing support for small businesses across the state by making the successful CLIMBER Program a permanent fixture.
Representative Naquetta Ricks of Aurora highlighted the importance of supporting small businesses in Colorado, referring to them as the backbone of the state’s economy. She emphasized the benefits of the CLIMBER Program, such as providing low-interest loans of up to $500,000 to help small businesses expand and increase wages for employees. This program gives small businesses a competitive advantage and ultimately enhances local economies.
The bill received unanimous approval in a vote of 11-0, with its primary objective being to ensure the continuation of the successful CLIMBER Program. Under this proposed legislation, the administration of the program will be transferred from the Colorado Department of Treasury to the Colorado Office of Economic Development and International Trade, aligning it with other resources and programs designed to support business success. An additional $35 million in allocated funds will be provided for the program, allowing for repaid loans to be reallocated for future loans to small businesses.
Small businesses with up to 99 employees can apply for working capital loans ranging from $10,000 to $500,000 under the CLIMBER Program. These loans can be used for various purposes such as hiring additional employees, expanding physical locations or launching new ventures. Since its establishment in 2020, the CLIMBER Program has supported over 1,
