New Loan Fund to Provide Important Lifeline to California Small Businesses in Need
Statement by Mark Herbert, Vice President, California for Small Business Majority on the launch of the California Rebuilding Fund
“We’re thrilled Gov. Gavin Newsom formally launched the California Rebuilding Fund today, a new loan program built to support California’s small businesses as they adapt and navigate the effects of COVID-19. This announcement couldn’t come at a more critical time as Washington fails to act on much-needed relief for our struggling small businesses, and we applaud the state of California for stepping up to provide a lifeline to our business owners who are facing daily challenges in keeping their doors open as the pandemic continues to harm our communities.
Over the past several months, we’ve seen firsthand that the pandemic has exacerbated an already challenging landscape in accessing capital for business owners, particularly women, immigrants and people of color. Through a public-private partnership, the Fund will help fill this financing gap by providing access to business support and flexible and affordable credit to eligible small businesses across the state.
This support is critical because California is reported to have had the nation’s highest rate of permanent closures. Our own surveying recently revealed more than 1 in 3 small businesses may not survive the next few months without additional relief. As a member of the California Small Enterprise Task Force, a volunteer effort of small business supporters across the state, Small Business Majority has worked diligently to bring the California Rebuilding Fund to life and ensure it can support vulnerable small businesses.
This Fund is an important step towards preserving the resilience of our smallest and most diverse businesses. Small businesses employ nearly 50 percent of the state’s workforce and the launch of the California Rebuilding Fund will help foster the vitality of these important contributors to our economy as we look to retain quality jobs and drive development in communities most affected by COVID-19.”
Mark Herbert and small business owners around the state who are seeking financing are available to speak by phone or video conference about the new California Rebuilding Fund.
About Small Business Majority
Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and inclusive economy. We engage our network of more than 70,000 small businesses and 1,000 business and community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.