NEWS RELEASE
COLORADO DEPARTMENT OF THE TREASURY
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Colorado State Treasurer Dave Young kicked off National Small Business Week in Colorado.
“This National Small Business Week, we’re showing gratitude for our local homegrown businesses,” said Dave Young, Colorado State Treasurer. “It takes dedication and hard work to build your own business. We are fortunate to live in a State where we have a large number of employees working for a small business, because this helps our economy continue to grow. Colorado boasts one of the lowest setup costs for small businesses in the country. We continue to show support to these Colorado owners, and stand with them as they continue to expand. We show encouragement by providing assistance to small businesses through several Treasury programs that assist businesses in their effort to prosper and succeed.”
Day One of Small Business Week: Appreciating Colorado businesses
The Colorado Department of the Treasury supports small businesses by helping them get back on their feet through the Colorado Loans to Increase Mainstreet Business Economic Recovery (CLIMBER) program. The program provides below-market interest rate working capital loans to Colorado small businesses, promoting small businesses recovery, saving jobs, and helping support Colorado’s economy.
The Treasury also offers businesses access to the Colorado SecureSavings program. In 2020, the Colorado General Assembly passed Senate Bill 20-200, authorizing the creation of the Colorado SecureSavings Program (CSSP) to close the retirement savings gap that is leaving an estimated 1.4 million Colorado workers behind. That’s more than 40% of Colorado’s private sector workers.
CSSP is a state-facilitated retirement program for private sector employers and their employees. The legislation specifies that employers with five or more employees, and who have been in business for two or more years need to provide a private retirement plan to their employees or sign up for CSSP. The program leverages the benefits of compound interest, allowing retirement funds to grow faster. The longer retirement funds are invested, the more growth is expected.
This week is an opportunity to honor all the entrepreneurs that took a risk, and followed their passion and dreams to open their own business.
About National Small Business Week
For 60 years, the President of the United States has issued a proclamation announcing National Small Business Week, recognizing the critical contributions of America’s entrepreneurs and small business owners. More than half of Americans either own or work for a small business and they create about two out of every three new jobs in the U.S. each year.
As part of National Small Business Week, the U.S. Small Business Administration takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners, and others from all 50 states and U.S. territories. Every day, small business owners work to grow small businesses, create 21st-century jobs, drive innovation, and increase America’s global competitiveness. And in recognizing the changing face of America, the Small Business Administration’s National Small Business Week awards honor individuals and businesses that reflect our nation’s rich diversity.
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