Governor Signs Bipartisan HB24-1453 into Law to Support and Expand CLIMBER Act
It has a Colorado-oriented acronym and, if anything, is more popular now than when it was first created.
Yesterday, Governor Jared Polis signed House Bill 24-1453 to support and extend the Colorado CLIMBER Loan Fund and transfer the program to the Office of Economic Development and International Trade (OEDIT) effective September 1, 2024, after of a successful execution in the Colorado State Treasurer’s Office. The CLIMBER Loan Fund (Colorado Loans to Increase the Economic Resiliency of Major Businesses) was created during the height of the pandemic in 2020, as a state program that provides low-interest working capital loans to small businesses.
The program was designed to provide up to $250 million in working capital loans to Colorado small businesses, originally through 2024. But this renewal legislation extends the program over the life of existing funds.
“Colorado small businesses are the lifeblood of our state and resources like CLIMBER help provide the critical funds needed to grow and create jobs,” said Colorado State Treasurer Dave Young. “This bipartisan legislation ensures that this program can endure so it will be available to our state’s business owners for years to come. “We look forward to partnering with OEDIT as they take on this important program and continuing to support local business owners across the state.”
HB24-1453 makes important changes to build on the program’s momentum and continue providing loans to small businesses. The changes ensure that the program remains sustainably funded by allowing it to recover loan payments and receive other funds from additional sources, and transfer the program to OEDIT, removing it from the Colorado State Treasurer’s Office.
The popularity of the program is growing
Proponents of the program say interest and need for CLIMBER loans has continued to grow, as evidenced by the number of loans applied for and closed.
In 2021, six loans were closed, in 2022, 13 were closed, and by 2023 that number had jumped to 127 closed loans. As of the end of 2023, the CLIMBER program has provided 246 small business loans in 26 counties, totaling more than $18 million dollars. These loans have supported approximately 1,098 jobs and provided capital to create at least 86 new positions.
“CLIMBER’s growing success shows how important small businesses are to their communities and how access to financing helps them thrive and grow.” said ODIT Deputy Director Jeff Kraft. “We look forward to continuing the excellent work started in the Treasurer’s Office so that more Colorado businesses can benefit from this important program.”
Small businesses with up to 99 employees can apply for CLIMBER working capital loans of between $10,000 and $500,000. There are 10 eligible lenders in the program, with approximately $19 million ready to be used by nonprofit lenders.
Colorado small business owners interested in applying for funding through the CLIMBER program can learn more at www.climber-colorado.com.
[fifu]
Keynote USA
For the Latest Local News, Follow Keynote USA Local on Twitter.