Capital Programs and Climate Financing Authority Act: California Investment and Innovation Program.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill establishes the Capital Programs and Climate Financing Authority and creates several small business assistance funds. These funds will provide financial support to small businesses for projects like pollution control, brownfield remediation, and technical assistance. The authority can also offer grants to community development financial institutions to further support economically disadvantaged communities through the California Investment and Innovation Program. Existing programs like the Bank on California are being repealed.
Key provisions
- Creates the Capital Programs and Climate Financing Authority.
- Establishes one or more small business assistance funds.
- Authorizes the authority to provide grants to community development financial institutions.
- Allows the authority to levy fees or deposits from participating parties.
- Permits the authority to make loans and guarantees to eligible small businesses.
- Requires repaid funds to be deposited back into the originating assistance fund.
- Defines terms related to the program.
- Repeals existing provisions related to the Bank on California Program.
Who is affected
- Small businesses
- Community development financial institutions
- Economically disadvantaged communities
- Financial institutions
- State government
Notable changes
Bill text
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