demo - State Treasurer Fiona Ma Announces $203 Million in Federal Funds for California Small Business Program

SACRAMENTO – Treasurer Ma today 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 ten employees. For every $1 in SSBCI 2.0 funds pledged as collateral, $10 in small business lending is enabled. Financial institutions and organizations t