BlackletterCalifornia law

CHAPTER 6. Small Business Financial Assistance Act of 2013

Chapter 6 added by Stats. 2013, Ch. 537, Sec. 4.

§§ 63088–63089.99 · 35 sections

  1. ARTICLE 1. Introduction §§ 63088–63088.1 · 2 sections
    • § 63088 (a) This chapter shall be known, and may be cited, as the Small Business Financial Assistance Act of 2013. (b) Notwithstanding any other provision of this…
    • § 63088.1 The Legislature finds all of the following: (a) Small businesses form the core of the California economy and that it is in the interest of the state to…
  2. ARTICLE 2. Definitions § 63088.3 · 1 section
    • § 63088.3 Unless the context otherwise requires, the definitions in this section shall govern the construction of this chapter. The definitions provided in this section…
  3. ARTICLE 3. Purpose §§ 63088.5–63088.6 · 2 sections
    • § 63088.5 (a) There is within the Governor’s Office of Business and Economic Development the California Infrastructure and Economic Development Bank, which shall, among…
    • § 63088.6 To implement its responsibilities, a corporation shall undertake program activities that shall include, but not be limited to, the following: (a) Outreach to…
  4. ARTICLE 4. Administrative Structure §§ 63089–63089.4 · 5 sections
    • § 63089 The bank board shall adopt directives and requirements concerning the implementation of this chapter and pursuant to Chapter 1 (commencing with Section 14000)…
    • § 63089.1 (a) The program manager acting under the guidance of the executive director shall do all of the following: (1) Administer this chapter. (2) Enter into a…
    • § 63089.2 (a) The use of state funds paid out to the trust fund and the return on those funds from investment pursuant to Section 63089.56 is conditional pursuant to…
    • § 63089.3 (a) The program manager may temporarily suspend the guarantee authority or other financial product authority of a corporation if in the determination of the…
    • § 63089.4 The bank is authorized to: (a) Approve new corporations recommended by the program manager. (b) Enter into contracts with corporations for program management…
  5. ARTICLE 5. Expansion Fund and Trust Fund §§ 63089.5–63089.62 · 13 sections
    • § 63089.5 (a) There is hereby continued in existence in the State Treasury the California Small Business Expansion Fund. All or a portion of the funds in the expansion…
    • § 63089.51 (a) All money deposited in the expansion fund is hereby continuously appropriated, without regard to fiscal years, for the purposes of this chapter. (b) Except…
    • § 63089.52 (a) The program manager, at his or her discretion, with the approval of the executive director, may request the trustee to invest those moneys in the trust…
    • § 63089.53 Except as specified in subdivision (b) of Section 63089.54, the state or the bank shall not be liable or obligated in any way beyond the money that is…
    • § 63089.54 (a) There is hereby created in the State Treasury the Small Business Disaster Recovery Loan Loss Reserve Account, as part of the expansion fund. This account…
    • § 63089.55 The Director of Finance, with the approval of the Governor, may transfer moneys in the Special Fund for Economic Uncertainties to the California Small Business…
    • § 63089.56 (a) The funds in the expansion fund shall be paid out to trust fund accounts by the Treasurer on funds drawn by the Controller and requisitioned by the program…
    • § 63089.57 Pursuant to this chapter and any directives and requirements adopted pursuant to this chapter, the state has residual interest in the funds deposited by the…
    • § 63089.58 Each trust fund account shall consist of a loan guarantee account, and, upon recommendation by the program manager, a bond guarantee account or other financial…
    • § 63089.59 (a) The financial institution or financial company that is to act as trustee of the trust fund shall be designated by the bank. The corporation shall not…
    • § 63089.60 (a) The program manager shall recommend whether the expansion fund and trust fund accounts are to be leveraged, and if so, by how much. Upon the request of the…
    • § 63089.61 (a) The corporate guarantee shall be backed by funds on deposit in the corporation’s trust fund account, or by receivables due from funds loaned from the…
    • § 63089.62 (a) It is the intent of the Legislature that the corporations make maximum use of their statutory authority to guarantee loans and surety bonds, and administer…
  6. ARTICLE 6. Corporations, Miscellaneous §§ 63089.65–63089.67 · 3 sections
    • § 63089.65 (a) A corporation shall establish one or more loan committees, each of which shall be composed of five or more persons, a majority of whom shall be experienced…
    • § 63089.66 Unless delegated to its loan committee, the corporation’s board of directors, upon a recommendation from its loan committee, shall do all of the following: (a)…
    • § 63089.67 A corporation may charge the borrower or financial institution a loan fee or credit enhancement fee on all loans made or guaranteed by the corporation to…
  7. ARTICLE 7. Loan Guarantees §§ 63089.70–63089.71 · 2 sections
    • § 63089.70 (a) The Small Business Expansion Fund, which is hereby continued in existence, shall, among other things, provide guarantees to loans offered by financial…
    • § 63089.71 (a) Among other priorities, corporations shall give high priority to the issuance of loan guarantees to small business incubators and to businesses that lease…
  8. ARTICLE 8. Direct Lending and Other Debt Instruments § 63089.80 · 1 section
    • § 63089.80 (a) A corporation may utilize funds for direct lending or other debt instruments pursuant to the directives and requirements. (b) The amount of funds available…
  9. ARTICLE 9. Disaster Loan Guarantees § 63089.90 · 1 section
    • § 63089.90 (a) Pursuant to Section 8684.2 and the contract between a corporation and the bank, a corporation may, in an area affected by a state of emergency within the…
  10. ARTICLE 10. Surety Bond Guarantees §§ 63089.95–63089.96 · 2 sections
    • § 63089.95 In furtherance of the purposes set forth in Section 63088.1 of this code and Section 14001 of the Corporations Code, a corporation may do any one or more of…
    • § 63089.96 (a) In addition to the authority granted by Section 63089.95, pursuant to the directives and requirements a corporation may act as guarantor on a surety bond…
  11. ARTICLE 11. Reporting §§ 63089.97–63089.98 · 2 sections
    • § 63089.97 Each corporation shall provide to the program manager, in a format prescribed by him or her, the following data and reports: (a) A summary of all outstanding…
    • § 63089.98 (a) Annually, not later than January 1 of each year commencing January 1, 2014, and notwithstanding Section 10231.5, the program manager shall prepare and…
  12. ARTICLE 12. Venture Capital Program § 63089.99 · 1 section
    • § 63089.99 (a) A venture capital program is hereby established within the bank. (b) The Governor shall appoint a deputy director who shall have direct authority over the…