Gov. Gavin Newsom just announced a new loan program built to support California’s small businesses as they adapt and navigate the effects of COVID-19. The California Rebuilding Fund is a partnership between public and private sector entities to provide California small businesses—particularly businesses in underbanked parts of the state—with access to responsible, affordable capital to help them survive and rebuild from this crisis.
The Fund, which includes an anchor commitment from the State of California’s Infrastructure and Economic Development Bank (“IBank”), will offer loans that are flexible, transparent, and designed to help sustain small businesses through these challenging economic times. The funds are being deployed by participating community lenders, and businesses with up to 50 full-time employees and gross revenues of less than $2.5 million or below in 2019 may be eligible to apply.