State Opens New Round of Small Business Lending

July 26, 2023

State Opens New Round of Small Business Lending

According to the Colorado state treasurer’s webpage, “Federal resources have provided a much-needed lifeline for many Colorado businesses, but the State predicts that additional support will be necessary for small businesses. Particularly small businesses that have fewer lending opportunities to weather the long-term effects of the COVID-19 pandemic. “During the next two years, the CLIMBER Loan Fund program will seek to distribute $250 million in working capital loans to businesses of 1 to 99 employees that were doing well before the coronavirus pandemic hit.” Despite its chewy name, Colorado Loans to Increase Mainstreet Business Economic Recovery (CLIMBER), NFIB encourages its members looking for a financial shot in the arm to check out the CLIMBER website. When NFIB asked its members in one survey if they had applied for any state or local sponsored small business financial grants, 20% said they had (a high survey reading of 81% had applied for federal Paycheck Protection Program, PPP, loans). According to CLIMBER, “Small businesses … may apply for working capital loans between $10,000 and $500,000. Below-market interest rates and a 1-year deferred payment option make the program a secure option for small businesses.”