Governor Announces $1.1 Billion in Small Business Support Coming to California

Published: Sep 21, 2022 You can find the entire article HERE on California’s Office of the Governor website.

California State Capitol with Flag

U.S. Treasury’s State Small Business Credit Initiative will increase small business owners’ access to capital, cover upwards of 80% of loans

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California to launch new program designed to create a more-inclusive venture capital ecosystem

SACRAMENTO — Today, Governor Gavin Newsom announced $1.1 billion in funding to support California’s small businesses. The funding comes from the U.S. Treasury’s State Small Business Credit Initiative (SSBCI) and is intended to leverage an additional $18 billion of capital to California small businesses.

“California is home to the largest and most diverse small business community in the country,” said Governor Newsom. “We’re a state that’s driven by small business innovation and entrepreneurship – that’s why we’ve invested billions of dollars to help our businesses recover from the pandemic and to give more Californians a shot at the California Dream. Thanks to this funding, underrepresented and underserved business owners will have more access to the critical funding they need to be successful and thrive.”

As part of the federal American Rescue Plan Act of 2021, California will receive $1.1 billion to help support small businesses. The California Infrastructure and Economic Development Bank (IBank) and the California Pollution Control Financing Authority will split the allocation equally to fund small business credit support programs – IBank will also launch a new program designed to create a more equitable venture capital ecosystem.

This is the second time states have been able to apply for this federal program. The first was in 2010, when California applied for, and received, $168 million to operate three state credit-support programs — the Small Business Loan Guarantee Program, the Collateral Support Program, and the California Capital Access Program (CalCAP) for Small Business.

Small Business Loan Guarantee Program

As in 2010, IBank will use a…

Read on…article continues HERE on California Governor’s website

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