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Legislative Year: 2021 Change
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Bill Detail: HB21-1288

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Title Colorado Startup Loan Program
Status Governor Signed (07/07/2021)
Bill Subjects
  • Business & Economic Development
House Sponsors M. Duran (D)
J. Bacon (D)
Senate Sponsors J. Coleman (D)
House Committee Business Affairs and Labor
Senate Committee Finance
Date Introduced 04/21/2021
Summary

The bill creates the Colorado startup loan program (program) in
the office of economic development (office) as a revolving loan program
to provide loans and grants to businesses seeking capital to start, restart,
or restructure a business. The office may contract with a business
nonprofit organization, bank, nondepository community development

financial institution, or other entity to administer the program.
The office or an administrator is required to establish policies for
the program, including:
  • The process and deadlines for applying to the program;
  • The eligibility criteria for businesses;
  • Maximum assistance levels for loans and grants;
  • Loan terms, program fees, and underwriting and risk
management policies; and
  • Reporting requirements for recipients.
The policies must be developed with the goal of generating enough return
to replenish the Colorado startup loan program fund (fund) for further
loan allocations.
In determining the eligibility of applicants and the size and terms
of loans and grants, the office or an administrator must consider:
  • The need of the business to restructure as a result of the
COVID-19 pandemic or the ability of the business to fill
gaps left by closures resulting from the COVID-19
pandemic;
  • The financial losses or other impacts from the COVID-19
pandemic that may inhibit an entrepreneur from obtaining
capital through traditional sources;
  • Whether the applicant or the applicant's community faces
other barriers to accessing capital from traditional sources;
and
  • The applicant's financial needs and repayment ability and
any technical assistance the applicant is receiving.
The office is required to work with the minority business office
and other stakeholders to promote the program to businesses that are
owned by women, minorities, and veterans and to businesses in rural and
underserved communities.
The bill creates the fund. The state treasurer is required to transfer
$30 million to the fund on the effective date of the bill. The money in the
fund is continuously appropriated to the office for the program.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (05/12/2021) (most recent)  
Additional Bill Documents Bill Documents
Including:
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