More than 500 jobs may have been saved in Colorado – thanks to a state program for businesses that launched its second-round last week, according to the State Treasurer’s Office.

The Colorado Loans to Increase Mainstreet Business Economic Recovery or CLIMBER loan fund is a statewide program that provides up to $250 million in working capital loans to Colorado small businesses. The funds are intended to promote small business growth, save jobs and help support the state’s economy, the treasurer’s office said. 

“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,” Colorado State Treasurer Dave Young said in a statement. “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.”

Young added that the program has now deployed nearly $10 million in loans to 49 small businesses across the state.

Below-market interest rates and a one-year deferred payment option make the program a secure option for small businesses, the treasurer’s office said. 

Small businesses with up to 99 employees may apply for working-capital loans between $10,000 and $500,000. 

For more information on the program or to apply, businesses can get more information here: https://climber-colorado.com