Empowering Small Businesses: The CLIMBER Loan Fund Program in Colorado

By Ali Stofflet, Director of Business Outreach & Growth

In the wake of the COVID-19 pandemic, small businesses in Colorado have faced unprecedented challenges. Many businesses that were hitting their stride before the pandemic are still struggling to recover. While federal resources have provided crucial support, the State recognizes the ongoing need for assistance, especially for businesses with limited lending opportunities. In response to this, the Colorado General Assembly, the Governor, the Treasurer, OEDIT, and CHFA, alongside the CLIMBER Oversight Board, have collaborated to establish the CLIMBER Loan Fund Program.

The CLIMBER Loan Fund Program aims to distribute $250 million in working capital loans over the next two years to small businesses that were thriving before the pandemic struck. The goal is to provide businesses with funding at below-market interest rates. 

Small businesses and lenders interested in the CLIMBER Loan Fund Program can find detailed information and the application process on the CLIMBER Loan Fund Program website. This platform serves as a vital resource for understanding the eligibility criteria and application procedures.

Ask yourself the following questions before you look to apply: 

• Do you have 1-99 employees? Part-time employees may be aggregated to stay within the 99 maximum. 
• Do 51% of your employees live in Colorado? 
• Did your business make a profit at least 1 year in the previous 5 years? 
• Did you generate enough revenue during Covid to cover your debts? 

The CLIMBER Loan Fund Program stands as a beacon of hope for small businesses in Colorado, providing vital financial support to navigate the challenges posed by the ongoing pandemic. With an experienced Oversight Board at the helm, the program is well-positioned to drive economic recovery, save jobs, and bolster the resilience of the Colorado business community. Small businesses and lenders are encouraged to explore the opportunities presented by the CLIMBER Loan Fund Program and take a step towards a brighter future.