How the CLIMBER loan program promotes small business resiliency by increasing access to funding
Small businesses play a fundamental role in Colorado’s economy, from job creation to economic vitality to community well-being to generating tax revenue that supports government services. To support this essential piece of Colorado’s economic puzzle, OEDIT in partnership with the Colorado State Treasurer’s office assists entrepreneurs and business owners in all stages of their small business journey—including providing access to loans (also known as capital) that can help a business stabilize and grow. The Colorado Loans to Increase Mainstreet Businesses Economic Resiliency (CLIMBER) program is one program that addresses this need.
By offering below-market interest rates and a one-year deferred payment option, the CLIMBER program promotes small business resiliency, creates and preserves jobs, and helps support the state economy overall. In fiscal year 2023-2024, the CLIMBER program closed a record 176 loans for a total value of over $17 million. This accomplishment helped create and support at least 1,895 jobs. In rural communities, CLIMBER created 24 jobs over the same time period and helped retain 133 positions.
Using Colorado State Small Business Credit Initiative (SSBCI) funds, the state partners with participating lenders, community development financial institutions (CDFIs), credit unions, and nonprofit lenders to provide loans to small businesses looking for working capital. Created originally as a COVID recovery program, the program recently transitioned from the state treasury to OEDIT to work in conjunction with other access-to-capital programs to promote business resilience.
One notable example of a lender paving the way for small businesses to thrive in Colorado’s economy is Energize Colorado, which shares the CLIMBER philosophy of providing small businesses the flexibility they need to grow. CLIMBER loans provided through Energize Colorado start at $10,000 and reach a loan maximum of $150,000. The ability to access smaller loans is an added benefit of the program since it enables businesses to only borrow what they need.
"At our core, we are deeply committed to supporting small businesses and ensuring they have access to the capital they need to thrive here in Colorado. Bridging the $500 million capital gap is not just a goal—it’s a responsibility we take seriously,” said Energize Colorado Chief Executive Officer, Bonnie Watson. “Year after year, we will increase our efforts and dedication until every small business in our state has the resources to succeed.”
Energize Colorado’s statewide portfolio of clients stretches across 28 counties. According to their 2023 Impact Report, the nonprofit lender deployed $10 million and supported 160 small businesses. Two of those businesses who received their support are Denver’s High Point Creamery and QuickrStuff in Grand Junction.
High Point Creamery is an upscale ice cream parlor with four locations in Denver. The company also sells pints of ice cream at local grocery stores. With the help from Energize Colorado, High Point Creamery acquired a CLIMBER loan to open a new location in Aurora, CO.
“The CLIMBER loan was a game-changer for High Point Creamery. It provided us with the critical financial support to navigate unexpected challenges and continue creating exceptional ice cream for our community. Programs like this empower small businesses to stay resilient and grow, even in uncertain times,” said High Point Creamery owner, Erika Thomas.
Grand Junction-based small business, QuikrStuff, manufactures lightweight, high-quality, modular, toolless hitch bike racks. The business created valuable manufacturing jobs on the western slope and currently attracts a loyal customer base of outdoor enthusiasts. QuikrStuff faced supply-chain obstacles during the pandemic, but when the dust settled, the high demand for the company's bike racks stayed persistent. This compelling circumstance led the business to expand its space to meet product demand.
“Lead time went from nine months during COVID down to six weeks by 2023, where we kept a steady rhythm but couldn't gain any ground for more than a year,” said QuikrStuff Chief Executive Officer Bryan Wachs. “Energize Colorado stepped in at a crucial moment with [a CLIMBER loan] that helped us procure larger factory space in 2024. Finally able to gear up production, we quickly transitioned from building orders on demand to maintain a steady cadence of ready inventory."
Small businesses are the backbone of Colorado’s economy and capital access programs like CLIMBER play a crucial role in ensuring their success. By offering innovative financial solutions and partnering with organizations like Energize Colorado, CLIMBER empowers entrepreneurs to overcome barriers, create jobs, and contribute to the state’s economic resilience. Stories like those of High Point Creamery and QuikrStuff highlight the transformative impact of these initiatives, demonstrating how access to capital and strategic support can turn ambition into thriving businesses. As Colorado continues to invest in its small business ecosystem, programs like CLIMBER will remain vital to fostering growth, innovation, and community prosperity.