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DENVER, CO - The House today passed legislation to expand eligibility for the successful CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) program to better equip small businesses for success, create more good-paying jobs and support local economies. HB26-1003, sponsored by Representatives Naquetta Ricks and Sean Camacho, passed by a vote of 50-15.
“The CLIMBER Program generates much-needed funding for start-ups and small businesses that create jobs in our local communities, which is why I’m sponsoring this bill to make capital more accessible for small businesses,” said Rep. Naquetta Ricks, D-Aurora. “This program was a lifeline for small businesses during the COVID-19 pandemic, helping businesses keep workers on payroll and grow. By passing this bill to open up more funding and add flexibility to the qualification requirements, Colorado Democrats are demonstrating our commitment to ensuring Colorado’s economy rewards hardworking people and job creators.”
“Our legislation could save small businesses hundreds to thousands of dollars a month, which can be used to grow their company, increase employee wages and realize their dream of being a business owner,” said Rep. Sean Camacho, D-Denver. “Data shows that the CLIMBER program is making a measurable impact on communities by creating and supporting over 2,000 jobs across our state. By strengthening access to these loans and restructuring the program to meet the current needs of small businesses, our bill will continue to deliver results for Colorado’s small businesses, workers and local economies.”
HB26-1003 would remove the COVID-19 recovery provisions of the Small Business Recovery and Resiliency Loan Program and expand eligibility for loans. The bill also aims to increase the accessibility of the Small Business Recovery and Resiliency Fund by lowering the matching ratio requirement.
In order to support Colorado's small businesses during the COVID-19 pandemic, Colorado Democrats established the CLIMBER program in 2020 to offer small business loans with below-market interest rates. Under the program, small businesses with up to 99 employees may apply for working capital loans between $10,000 and $500,000. These loans can be used to hire more employees, start or expand brick-and-mortar storefronts, get new businesses off the ground and more. In fiscal year 2023-2024, the CLIMBER program loaned over $17 million and helped create or support nearly 1,900 jobs across the state.
Rep. Ricks passed a law in 2024 to make the CLIMBER Program permanent and target resources and expertise to underserved businesses in order to secure favorable loans.