For Immediate Release
June 4, 2022
Sheena Kadi
Communications Director & Public Information Officer
sheena.kadi@state.co.us
303-349-8113
Governor Jared Polis Signs Bill Into Legislation, Making it Easier for Small Businesses to Recover from COVID Pandemic and Economic Crisis
Denver, Colorado: YESTERDAY, Colorado Governor Jared Polis signed HB22-1328 Modify Main Street Business Recovery Loan Program into law, expanding access to the Colorado Loans for Increasing Main Street Business Economic Recovery Act (CLIMBER).
“As we are moving into the ‘new normal’ phase of the COVID health pandemic, the economic crisis persists. After speaking with hundreds of small businesses across the state, we’re expanding access to the CLIMBER program, making it easier for more small businesses to qualify. Now, more business owners will be able to take advantage of this opportunity, climbing their way to economic recovery.”
State Treasurer Dave Young
"There are still many hurdles small businesses need to overcome. Since the introduction of the CLIMBER loan program, we have identified several ways to make this program more accessible. We want to be sure that Colorado small businesses, including the smallest ones, can get off the ground and see success. We never know which business will grow to be the next Fortune 500 company, but maybe one of this program's recipients will be. With the uncertainty around the pandemic, these grants are even more important to small businesses’ success.”
Representative Brianna Titone
"Our rural economies rely on small and locally owned businesses and we need to protect these communities. The CLIMBER Loan Fund will help provide support for the businesses that were hit the hardest during the pandemic and help them get back to serving the communities who depend on them."
Senator Kerry Donovan
"These are exciting changes that will allow more Colorado small businesses to qualify for the loan program. CLIMBER offers lower than market rate loans to businesses helping them with working capital needs. CLIMBER can help businesses that continue to struggle with capital access to resume their growth and success in our communities.
CLIMBER Director, Jim Eke
“I was delighted this month to close on the loan and to receive funding. After selling a previous practice and starting out on my own, I had difficulty obtaining start-up funding. As I had expanded a short time prior to the start of the pandemic, much of the economic stimulus offered was not available to me. The CLIMBER Loan was a perfect answer for my business. The loan has an exceptional interest rate, was not restricted to businesses who had lost income due to the pandemic, and offered the latitude and flexibility I needed in order to customize the use of the funds for my specific needs. It supplied my small growing company with needed expansion funds, and provided a safety net for cash flow in my seasonal business. The past two years have been trying times for our business owners, who account for over 99% of all businesses in Colorado. It is my pride to live and work in a community and state that supports entrepreneurs and the local economy.”
CLIMBER Loan Recipient, Jeanne Bolz CPA
Owner Bolz CPA, LLC
Ft. Collins
The CLIMBER Loan Fund Program, leveraging up to $50 million, will continue to provide loans for small businesses over the next two years and preserve thousands of at-risk jobs across the State. While federal resources have provided a much-needed lifeline for many Colorado businesses, the State anticipates that additional support will be necessary for small businesses that have less capacity and fewer lending opportunities to weather the long-term effects of the downturn than medium to large sized businesses.
To date, CLIMBER has saved close to $10 million in unused unemployment benefits by keeping Coloradans employed.
Small businesses interested in learning more information about CLIMBER can visit https://climber-colorado.com.
Summary of Changes to Program
1. Extend the lending program from June 30th, 2022 to June 30th, 2024.
2. Tax credit sale modification:
- Extending the ability to sale the credits into fiscal year 2022-23
- Second tranche tax credits can be used earlier
3. Loan repayment terms moving from five years up to ten years to line up with lender programs already offered
4. Lowering the minimum employee count from five to one
5. Lowering the minimum loan amount to $10,000 from $30,000
6. Changing the historic profitability requirements, which was originally set prior to February 29, 2020, to the current tax year.
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