Governor Newsom Announces $1.1 Billion in Small Business Support Coming to California | California Governor – Office of Governor Gavin Newsom

by | Sep 21, 2022 | Business

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

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