Bill to Create Jobs and Support New Small Businesses Becomes Law

DENVER, CO - Governor Jared Polis today signed a bill into law 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.

“The CLIMBER Program generates much-needed funding for start-ups and small businesses that create jobs in our local communities, which is why I sponsored this law 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 signing this bill into law today, we are opening up more funding and adding flexibility to the qualification requirements. Colorado Democrats are demonstrating our commitment to ensuring Colorado’s economy rewards hardworking people and job creators.”

“Here in Colorado, small businesses power our economy,” said Sen. Chris Kolker, D-Centennial. “Access to a loan to grow a business or help it get off the ground can be a game-changer for Colorado entrepreneurs, their employees, and our local communities. The updates to this program will increase access to loans for small businesses and create flexibility to allocate loans where the need is greatest throughout the state.”

“Our law can help save small businesses hundreds to thousands of dollars a month, which can be used to grow their company, increase employee wages and help Coloradans 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 new law will deliver results for Colorado’s small businesses, workers and local economies.”

“Since its creation during the COVID-19 pandemic, the CLIMBER program has delivered measurable results – supporting hundreds of small businesses and creating jobs,” said Sen. Janice Marchman, D-Loveland. “This law modernizes the program to meet the needs of small businesses today, expand eligibility, and increase support for rural and underserved businesses.” 

HB26-1003 removes the COVID-19 recovery language from the Small Business Recovery and Resiliency Loan Program and expands loan eligibility to better equip small businesses for success, create more good-paying jobs, and support local economies.

HB26-1003 builds upon a 2024 law sponsored by Rep. Ricks, Sen. Kolker and Senate President James Coleman, D-Denver, to make the CLIMBER Program permanent and target resources and expertise to underserved businesses in order to secure favorable loans. The new law reappropriates $5 million to the Colorado Startup Loan Fund, a program that’s been highly successful in supporting business owners in rural areas, multilingual speakers, and those who have been unable to receive traditional financing.

The law also increases the accessibility of the Small Business Recovery and Resiliency Fund by lowering the private leverage requirement, which previously required $4 of private funds for every $1 of state funds. HB26-1003 lowers the matching ratio requirement to 1:1.

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.