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Small Business

The California Rebuilding Fund: Affordable Loans for Small Businesses in California

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Topics: Small Business

December 15, 2020

On November 20, California Governor Gavin Newsom announced The California Rebuilding Fund, a program designed to serve small businesses that are an essential part of the California economy. 

Through this program, small businesses will be able to access loan capital as they reopen their doors and recover from COVID-19’s health and economic crisis. In California, small businesses account for nearly 50% of the state’s labor force. They are vital to restoring economic activity, retain quality jobs, and drive development.

 

 
To start the process, applicants need to complete a pre-application form on the official website. If there’s a favorable initial determination, the business will be matched with a participating community lender. After, the lender will verify eligibility for a small business loan and invite the business to submit a full application. Finally, if the applicant is approved for a loan, the loan will be made through that community lender, and the applicant will continue to work with them throughout the life of the loan.
 

The California Rebuilding Fund is a public-private partnership that is aggregating funding from private, philanthropic, and public sector sources. For more information and detailed eligibility requirements, visit the official website http://www.CALoanFund.org.

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