Wind Turbines located in Turlock, Califronia
In today’s difficult economy, small businesses need all the help they can get. And with the recent nod from the state treasurer’s office, Small Business Development Corporation of Orange County is able to provide further assistance with new resources for business owners.
On June 28, 2022 the development corporation received the green light from the California Pollution Control Financing Authority to offer the California Capital Access Loan Program and the Collateral Support Program. The access loan program known as CalCAP for Small Business helps entrepreneurs and business owners start and expand their ventures through acquisition of loans and other financing. The CalCAP Collateral Support Program puts up cash as collateral for eligible small businesses of 750 or fewer employees who lack the collateral to secure a conventional loan.
These are among a variety of programs administered by the state treasurer’s California Pollution Control Financing Authority which was established in 1972. The authority’s key initiatives are designed to provide financing options for pollution control facilities. As an example, it functions as a conduit issuer of tax-exempt bonds to help businesses construct projects for management of solid waste, recycling, water and wastewater projects. The authority also collaborates with other state agencies to support financing of cleaner-burning diesel trucks and buses and the acquisition of electric vehicle charging station equipment.
The world's first JUST WATER face mask, handmade from 2 water bottles by Peder Cho
The impact of state financing assistance programs is significant. As an example, financing authority figures show that in 2020 CalCAP lenders enrolled 5,312 loans aggregating to approximately $362.4 million. For the fiscal third quarter ended March 31 this year, 158 loans were supported by CalCAP Small Business totaling $5.9 million in loans enrolled.
The CalCAP and CalCAP Collateral Support Program round out a stable of services provided by Small Business Development Corporation of Orange County. These include the state Small Business Loan Guarantee Program, the Disaster Assistance Loan Guarantee Program, the Entrepreneur Loan Fund and many other programs. The corporation aims to support small businesses around the state and in particular those located in vulnerable communities and owned by people of color, women, veterans, and the disabled.
“These capital access programs are vital tools to help California small businesses and the state economy gain its footing after a devastating two-year pandemic,” said Michael Ocasio, Small Business Development Corporation’s president and chief executive officer. “On behalf of SBDC-OC’s board of directors we are delighted to become a participating financial institution and member of the CPCFA’s family of statewide economic community development lenders.”
