Now, the Democrat representing Colorado’s 6th Congressional District is trying to make it easier for those businesses to get loans. Those loans usually take weeks to get approved but Crow’s bill would speed up that process to just 36 hours.
Fees on those types of loans would also be waived.
Crow said the national effort could have a big impact in Colorado.
“We have over 1 million Coloradans employed by small businesses in the state. We have 600,000 small businesses throughout the state and 15% of those are minority-owned. Many of these small businesses don’t have the ability to float themselves for months at a time,” said Crow.
Crow is introducing that bill while he remains under quarantine. A week ago he met with a Coloradan in Washington, DC who later tested positive for coronavirus.