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Governor Newsom Announces Launch of California Rebuilding Fund to Help State’s Smallest Businesses Protect their California Dream
11/22/2020


SACRAMENTO – As businesses across the state face challenges brought on by the COVID-19 pandemic, Governor Gavin Newsom today announced the opening of the California Rebuilding Fund to help impacted small businesses rebuild from the economic crisis and keep local economies strong. This program is built to be a resource in the market for the next year as businesses pivot and recover. The Fund was developed as a result of recommendations from the Governor’s Task Force on Business and Jobs Recovery, which emphasized the need to ensure that this economic recovery is equitable.

“Ensuring small businesses have access to capital will help stimulate economic growth across the state and support entrepreneurs working harder than ever to keep their doors open,” said Governor Newsom. “This public-private partnership will give underserved communities across California access to capital, making for a more inclusive economy.”

The California Rebuilding Fund is a public-private partnership that drives capital from private, philanthropic and public sector resources – including a $25 million anchor commitment and $50 million guarantee allocation from the California Infrastructure and Economic Development Bank (IBank) – to Community Development Financial Institutions (CDFIs). With this new Fund, California’s CDFIs will be better able to help under-banked small businesses recover and reposition themselves to survive the realities of the COVID-19 marketplace.

“As we work to recover from this recession, one of the most pressing issues we need to confront is the state of our small businesses,” said Scott Wu, Executive Director of IBank. “This unique collaboration will provide affordable capital to community lenders so they can get necessary funds into the hands of small businesses.”

The lenders will offer a standardized loan product with affordable and flexible terms for small businesses with loan sizes of up to $100,000. These loans are meant to be timed and structured to support businesses that are adapting their business and face upfront or ongoing expenses to operate safely in a post-COVID economy. The Fund will seek to distribute funds equitably across the state.

“We need to leverage the full strength and capacity of public-private partnerships to help the small business sector rebound and preserve the vital jobs they provide,” said Bill Daley, Vice Chairman of Public Affairs for Wells Fargo. “Wells Fargo is pleased to further extend its support to small business recovery through the California Rebuilding Fund, which will unlock new capital and expertise for small business owners, and we hope will help catalyze support for this important initiative in the state.

The California Small Enterprise (CASE) Task Force, a collaborative of individuals and organizations across industries and sectors, is leading the development and implementation of the Fund, which is being arranged by Calvert Impact Capital and will be administered by Kiva Capital Management. The Task Force is comprised of leaders from the community development sector, national and state-based nonprofit organizations, philanthropic donors and investors, attorneys and others.

“This is a once-in-a-lifetime crisis for small businesses that requires a concerted and collaborative effort to overcome. The California Rebuilding Fund is the kind of innovative effort we need to help small businesses retool, rebuild, and reopen,” said Laura Tyson, Distinguished Professor of the Graduate School at the UC, Berkeley Haas School of Business who is Co-Chair of Governor Newsom’s Council of Economic Advisers, has been serving on the Governor’s Task Force on Business and Jobs Recovery and has been working on the design and development of the Fund with Professor Adair Morse and UC Berkeley’s Sustainable and Impact Finance initiative. “This is a smart way to leverage private and public resources for maximum impact where it is most needed.”

All interested small business owners can apply for a loan at www.CALoanFund.org, which will collect standard information about their business and match them with a community lender. If matched, the lender will assist the business owners with the application and provide free advisory support alongside a network of business support organizations organized by the California Association of Micro Enterprise Opportunity (CAMEO), Small Business Majority, California’s Small Business Development Centers and Women’s Business Centers. The portal will begin accepting applications at 12:00 p.m. PST on Friday, November 20 and can be accessed through the Fund’s website.

The California Rebuilding Fund is just one of the tools available to support small businesses as they work to safely reopen and recover from this public health crisis. Learn more here.

The California Rebuilding Fund is funded with support from IBank and initial private funders including Wells Fargo, First Republic Bank, the Grove Foundation, Kapor Center, the Panta Rhea Foundation and generous individual donors. Community Reinvestment Fund’s Connect2Capital platform is hosting applications at www.CALoanFund.org.


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Governor Newsom Announces Launch of California Rebuilding Fund to Help State’s Smallest Businesses Protect their California Dream 
 

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本目錄中最多閱覽的文章

第二次宗教改革的呼聲 
新興教會的運動是教會的第二次宗教改革, 它將徹底改寫教會歷史, 並開創全新的教會時代.

叛逆 (1) 


洗衣婦成為最富足的人 (1) 
人們尊敬她,是因為她的奉獻僅僅是出於對下一代的愛心,她只想讓她辛苦積蓄下來的錢派上用場。正是由於這個樂天知命的態度和簡樸無華的智慧感動了世人。

你手若有行善的力量,不可推辭,就當向那應得的人施行 - 箴言, 三章二十七節


朱易 :非洲要接福音大使命的最後一棒 

天主教非洲教區的發展朝氣蓬勃, 讓不少非洲區主教相信, 耶穌基督再來前的福音最後一波, 將會在非洲出現. 他們認為, 福音複興在歐洲出現過, 在美洲出現過, 在亞洲也出現過, 如今複興該臨到非洲大地了.


朱易 : 教會崇拜多媒體化:有效策略還是偶像崇拜 
他們甚至認為,傳統的講道,就是用文字描述圖像來傳達信息,而多媒體則是用圖像說明文字來傳達信息。因此,文字是圖像的抽象化,而圖像則是文字的具體化。因此多媒體并不是改革宗傳統的消失,而是將多元對話引進到傳統中。


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