Do You Qualify?
Step 1: Establish if you meet program qualifications.
- Your business is:
- A for-profit corporation, partnership, or association incorporated in Colorado,
- Filed with the Colorado Secretary of State as a foreign entity authorized in Colorado,
- A nonprofit entity incorporated in Colorado, or
- A sole proprietorship owned by a Colorado resident with primary operations in Colorado
- You have more than 51% of your employees based in Colorado.
- You have up to 99 employees (Part-time employees can be aggregated as FTEs to stay within 99-employee maximum)
- Your business had a 1-year positive income in the previous 5 years.
- Your business generated enough income to cover its debts.
Step 2: Determine if you need help with paperwork or financials.
Are you ready? This checklist will show you recommended materials to have ready before applying with a lender.
Step 3: Meet with a Participating Lender to apply.
Lenders are ready to assist you if you have your documents and financials in order.
- $10k to $500k loans available for working capital
- Below-market interest rates
- Principal deferrals of up to 6 months (can be up to 1 year with CLIMBER Program Manager approval)
- Maturities of up to 10 years
- Refinancing options available
A ski shop had a line of credit of $100,000. Its loan agreement requires at least 60 days being paid off over the course of a year. Because the shop lost the end of the season and might have a slow start the next season, they might need a $50,000 term loan to cover cash flow losses and ensure they have their normal line of credit available for the new season.
A previously profitable tourist-related business has suffered financial losses and is preparing to restart its business. working capital is required to purchase new inventory to prepare for the reopening. A lender using CLIMBER could provide a loan to the business and receive a 15% cash reserve to strengthen the loan.