HB 20-1413 Summary

• Establishes the "Colorado Loans for Increasing Main Street Business Economic Recovery Act" (CLIMBER Act), a state and private investor-funded small business recovery loan program to support COVID-19 economic recovery

• Creates a Small Business Recovery Loan Program Oversight Board with five members to establish terms and conditions for loans to businesses with 5-100 employees that had positive cash flow prior to February 29, 2020

• Authorizes the Department of Treasury to sell insurance premium tax credits to qualified insurance companies to generate up to $30.5 million in fiscal year 2020-21 and up to $21 million in fiscal year 2021-22 for the loan program fund

• Requires state funding to be matched at a 1:4 ratio with private sector investment; loans range from $30,000 to $500,000 with maximum 5-year terms and interest rates lower than commercial alternatives

• Repeals the program effective December 31, 2033, and the Small Business Recovery Fund effective July 1, 2029