State Convenes Joint Hearing on Small Business Credit Initiative Supporting Californian Entrepreneurs

SACRAMENTO, CA – Today, Assemblywoman Sharon Quirk- Silva (D – Fullerton) and Assemblymember Carlos Villapudua (D – Stockton) convened a Joint Hearing on the State Small Business Credit Initiative, a partnership of the Assembly Budget Subcommittee on State Administration and the Assembly Jobs, Economic Development, and Economy Committee.

“We are here to ensure that Californian entrepreneurs have the resources they need to succeed and thrive. Strengthening our economy depends on small businesses. We must do our best to lower the cost of doing business in California to keep working families here, and maintain a strong middle class,” said Assemblywoman Quirk-Silva. “This is about more than just dollars and cents; it is about empowering individuals and communities to actively participate in the economic development process.”

“Local economies across California are fueled by their small businesses and the economic prosperity they provide for families,” said Assemblymember Villapudua. “Access to capital has become increasingly difficult over recent years with rising interest rates, which makes this investment in technical assistance all the more important. Through this support in our small businesses, we can grow the entrepreneurial spirit that has historically uplifted families across this state.”

The Joint Hearing received updates on the implementation of the federal SSBCI program, designed to boost private investment in small businesses, particularly those in historically underserved communities. The technical assistance now provided within the SSBCI program will boost access for entrepreneurs who are hoping to get their feet off the ground. The hearing also included updates from key entities such as CalOSBA, IBank, and the State Treasurer's office on how they are utilizing SSBCI funds to support Californian entrepreneurs. Additionally, discussions focused on increasing awareness about available lending opportunities and ensuring transparency in the allocation of resources.