The Colorado State Treasurer Dave Young, the CLIMBER Loan Program, Colorado Housing and Finance Authority (CHFA), and the Colorado Office of Economic Development and International Trade (OEDIT) launched the second round of below-market interest rate loans for small businesses.
“This continues to be a critical time for Colorado to prioritize saving jobs, inclusive financial growth, and long-term, wealth-building initiatives. The high costs of conventional borrowing practices can be exclusionary and prohibitive for many small businesses," shared Colorado State Treasurer Dave Young. “We also recognize that there is a long history of disparity toward low-income communities, Black and Brown folks, and women within the financial institution system. CLIMBER has now deployed nearly $10 million in loans to 49 small businesses across the state, saving more than 500 jobs.”
“CHFA is proud to manage the CLIMBER Loan Fund in partnership with the State of Colorado,” said Cris White, CHFA Executive Director and CEO. “We know that the economic impact of the pandemic was disproportionately shouldered by those who already faced economic disadvantages, and we are pleased to see that these funds are supporting a strong recovery for small businesses across the state.”
The CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund is a statewide program that provides up to $250 million in working capital loans to Colorado small businesses, promoting small business growth, saving jobs, and helping support the Colorado economy.
Small businesses with up to 99 employees may apply for working-capital loans between $10,000 and $500,000. Below-market interest rates and a one-year deferred payment option make the program a secure option for small businesses.
The State of Colorado was represented by Harsha Sekar of Michael Best & Friedrich LLP in connection with the second round of funding for the CLIMBER Loan Fund.
More information can be found at https://climber-colorado.com.