Relocate Title 24 CLIMBER Act
The bill 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). Specifically, the bill moves the administration of the CLIMBER Act loan program and insurance premium tax credits from the department of the treasury (department) to the office of economic development (office) and transfers the associated powers, duties, and functions of the administration of the CLIMBER Act from the department to the office. Along with this relocation, the bill makes the following changes to the CLIMBER Act:
- For the small business recovery and resiliency loan program, removes the requirement 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 and other future repeal dates located within the individual provisions of the CLIMBER Act.
The bill also makes a conforming amendment and repeals the provisions of law where the CLIMBER Act was previously codified.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)