California Approved to Receive up to $1.1 Billion to Promote Small Business Growth and Entrepreneurship

On Wednesday, September 21st, the U.S. Department of the Treasury announced that California will receive up to $1.1 billion in funding under the State Small Business Credit Initiative (SSBCI). California’s application is the largest funding amount that has been approved in the SSBCI program. With these funds, California will operate six programs expected to create jobs, drive investments in underserved entrepreneurs, and increase small business lending. The California Infrastructure and Economic Development Bank (IBank), an agency of the Governor’s Office of Business and Economic Development, will administer the state’s SSBCI loan guarantee program and venture capital programs, and the California Pollution Control Financing Authority, an authority of the State Treasurer’s Office, will administer the capital access program and the collateral support program.