The House Business Affairs & Labor Committee advanced two bills to the Committee of the Whole, both passing 10 to 3: HB 26-1003, which modernizes the Colorado Small Business Recovery and Resiliency Loan Program by reducing private leverage requirements and transferring $5 million to the Colorado Startup Loan Fund, and HB 26-1013, a technical fix clarifying that ratio utility billing systems are permissible under last year's junk fees law.
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Rep. Rob Marshall argued the program looked 'completely redundant' to SBA programs, stating he had received incorrect answers before the hearing — including that the SBA does not fund startups or make small loans — and that 29% of SBA 7A loans are less than $50,000. Bill sponsors and witnesses maintained the program fills a distinct niche, though Marshall stated he 'finally got the admission, well, we don't really know or aren't that familiar with the SBA.'
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“I asked very simple questions before about how this differed from the SBA. And I was told, well, the SBA doesn't fund startups. That's not true. They do. They'll fund startups with a good business plan. And if you have experience in the industry, they don't even require a one year cash flow like this program does. I was told, oh, well, the SBA, they don't really do small loans. That's not true. 29% of their seven loans, and that's not even their micro loan program. That's the 7A program. 29% of their 7 loans are less than $50,000.”
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Sign in to subscribeHey, how are you? Good morning. Business committee will start. This is the House Committee on Business affairs and labor and we're going to come to order. Mr. Rara, please call the roll. Representatives Brooks Present. English Excused. Gonzalez Rosias Kelty. Here. Mabry Marshall Here Morrow Here. Wynn Happy Beer Richardson Excuse me. Ryden Here. Suka Here. Camacho Here. Madam Chair Present. Okay, we have two bills today. Our first bill will be House Bill 10003 and that is going to be the bill sponsors myself and Vice Chair Camacho and Rep. Mabry Woto to take the. Yes. All right. Whoever would like to begin may do so. Rep. Camacho thank you. Representative Mabry I'm sure we are all aware of the landscape for small business constantly shifts. We established the Colorado Small Business Recovery and Resiliency Loan Program, or climber, to provide assistance to small businesses when the landscape changes, whether that is due to rising interest rates or increasing operating costs. Since its inception, it has delivered measurable statewide results by providing affordable working capital to small businesses across Colorado by partnering with lenders, CDFIs, credit unions and nonprofit lenders. These groups then underwrite and deploy these loans…
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