HB 24-1453

House Bill 24-1453, also known as the CLIMBER Act, moves the administration of a small business loan program from the Department of the Treasury to the Office of Economic Development. This change allows for more flexibility in how funds are used and removes previous restrictions on distributing loans. The bill also enables the office to accept additional funding sources like grants and donations to support these loans. Governor signed this bill into law, and it will take effect on September 1, 2024.

Official Summary

The act relocates the "Colorado Loans for Increasing Main Street Business Economic Recovery Act" and renames it the "Colorado Loans for Increasing Main Street Business Economic Resiliency Act" (CLIMBER Act). The administration of the CLIMBER Act small business recovery and resiliency loan program (loan program) is moved and the powers, duties, and functions associated with the administration of the CLIMBER Act are transferred from the department of the treasury to the office of economic development (office). Along with this relocation, the act makes the following changes to the CLIMBER Act: Removes the requirement for the loan program that at least 90% of the money in any prior tranche be invested in small business loans before the office can provide another tranche to a loan program or to the Colorado credit reserve; Allows the office to accept and expend gifts, grants, donations, and federal funds to support the CLIMBER Act and credits this money to the existing small business recovery and resiliency fund; and Removes the future repeal of the CLIMBER Act. APPROVED by Governor June 3, 2024 EFFECTIVE September 1, 2024(Note: This summary applies to this bill as enacted.)

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