House Bill 21-1288: Colorado Startup Loan Program

• Establishes the Colorado Startup Loan Program as a revolving loan and grant program administered by the Colorado Office of Economic Development to provide capital to eligible businesses affected by COVID-19 or seeking to start new ventures.

• Creates the Colorado Startup Loan Program Fund with an initial transfer of $30 million from the General Fund, plus $1.35 million reserved for small business accelerated growth programs, and appropriates an additional $10 million for fiscal year 2021-22.

• Requires the Office to contract with nonprofit organizations, banks, community development financial institutions, or other entities through a competitive process to administer loans and grants, with the Office prohibited from direct lending authority.

• Mandates that at least 50% of appropriated money be encumbered by June 30, 2022, and requires annual reporting to the General Assembly on program expenditures, applicant demographics, funding rates, and geographic distribution by November 1 of each year.

• Prioritizes support for underserved populations including women-owned, minority-owned, and veteran-owned businesses, and requires marketing initiatives conducted in top spoken languages of targeted communities.