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DENVER, CO– The House Business Affairs and Labor Committee today passed HB21-1288, legislation sponsored by Representatives Bacon and Duran, that would create a startup loan fund to help entrepreneurs start their businesses and create jobs.
“Entrepreneurs in every Colorado community are ready and eager to start a business, but accessing capital can be a significant barrier,” said Rep. Jennifer Bacon, D-Denver. “Black and Brown business owners and entrepreneurs have faced even higher walls to climb to access the financial resources needed to start a business. These challenges have been exacerbated by the pandemic and this bill will help ensure a long-term and diverse economy recovery.”
“With so many business closing, there are tremendous gaps in goods in services that entrepreneurs are ready to fill; they just need access to loans and capital to get off the ground,” said Rep. Monica Duran, D-Wheat Ridge. “Colorado is ready for a comeback, and entrepreneurs are ready to get their businesses going. This bill will boost our economy and help launch small businesses that will create jobs and fill the needs created by pandemic-related business closures.”
Business closures have impacted communities across our state, often in different ways, leaving gaps in services and the availability of basic goods. To help fill the need created by COVID-19 related business closures, HB21-1288 provides $30 million in ongoing lending capital to entrepreneurs who face barriers to accessing traditional sources of capital and entrepreneurs wishing to restart or reorganize after facing pandemic related financial challenges. People of color have historically faced barriers to accessing the capital necessary to start a new business and have also faced a higher rate of business closures.