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Small businesses net federal $$ assistance
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California State Treasurer Fiona Ma recently announced that her office has received $203.5 million as part of the federal government’s nearly $1.2 billion commitment to California small business programs. The funds were made available to the California Capital Access Program’s (CalCAP) small business loan program from the State Small Business Credit Initiative 2.0 (SSBCI 2.0).

CalCAP is run by the California Pollution Control Financing Authority (CPCFA), which is chaired by Ma as state treasurer, and incentivizes lenders to use private capital to make loans to small businesses by pledging cash to cover collateral shortfalls.

“These funds are essential in providing the access to capital that California’s small businesses need to thrive and grow,” said Treasurer Ma. “Small businesses are the backbone of our economy, fostering innovation, creating jobs, and enriching communities across the state. When they succeed, we all succeed.”

SSBCI 2.0 is designed to increase small businesses’ access to capital, including businesses in the manufacturing sector, businesses owned by socially and economically disadvantaged individuals (SEDI), and very small businesses (VSB) characterized as having fewer than 10 employees. For every $1 in SSBCI 2.0 funds pledged as collateral, $10 in small business lending is enabled.

Financial institutions and organizations that serve California’s small business community can view a recorded webinar to learn from the experiences of currently participating lenders on how CalCAP reduces risk, empowering them to serve California’s small businesses.

CPCFA’s SSBCI webpage includes information on participation for financial institutions, as well as information for small businesses on accessing technical support and making plans to apply for capital.

Fiona Ma is California’s 34th State Treasurer. The State Treasurer’s Office provides financing for schools, roads, housing, recycling and waste management, hospitals, public facilities, and other crucial infrastructure projects that better the lives of residents.