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SACRAMENTO – State Treasurer Fiona Ma today announced that the initial three loans to California small businesses have been offered by California lenders under the $1.181 billion State Small Business Credit Initiative 2.0 (SSBCI 2.0). The California Pollution Control Financing Authority (CPCFA), chaired by Treasurer Ma, is implementing the SSBCI 2.0 program in partnership with the state’s Infrastructure and Economic Development Bank (IBank).
Read the full press release below.
Sacramento – State Treasurer Fiona Ma and the California Air Resources Board (CARB) announced today that the California Pollution Control Financing Authority (CPCFA) and CARB have successfully supported small businesses in purchasing over 40,000 cleaner trucks via the Heavy-Duty Vehicle Air Quality Loan Program. With 40,000 cleaner trucks on California roadways, it is the equivalent of removing over 13 million passenger cars from the road and 182 tons per year of particulate matter.
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SACRAMENTO – California State Treasurer Fiona Ma joins with California Governor Gavin Newsom and the California Infrastructure and Economic Development Bank (IBank) to announce the United States Department of the Treasury awarded the State of California $1.181 billion in State Small Business Credit Initiative 2.0 (SSBCI 2.0) funding. SSBCI 2.0 was reauthorized and funded as part of The American Rescue Plan Act signed by President Biden on March 11, 2021. The California Pollution Control Financing Authority (CPCFA), chaired by Treasurer Ma, and IBank jointly applied for SSBCI 2.0 allocation based on their successful programs for the original SSBCI which ended in 2017: CPCFA’s CalCAP for Small Business and CalCAP Collateral Support Program and IBank’s Small Business Loan Guarantee Program.
Read the full press release below.
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Ms. Fiona Ma was elected California State Treasurer in November 2018. She previously served as Chair and Vice Chair of the California State Board of Equalization from 2015 to 2019, representing more than nine million taxpayers. There, she led historic reforms to increase efficiency and transparency at the agency. As a state legislator, she was the first and only Asian-American woman ever elected California Assembly Speaker pro Tempore, the second-highest ranking office in the Assembly. During her time as a legislator, she passed landmark legislation to ban toxic chemicals in children’s toys, protect small business-owners and expand opportunities for homeowners. She previously served as a San Francisco Supervisor.
State Controller Malia M. Cohen was elected in November 2022, following her service on the California State Board of Equalization (BOE), the nation’s only elected tax commission responsible for administering California’s $100 billion property tax system. She was elected to the BOE in November 2018 and was Chair in 2019 and 2022. As Controller, she continues to serve the Board as its fifth voting member.
As chief fiscal officer of the world’s fifth-largest economy, Controller Cohen’s primary responsibility is to account for and protect the state‘s financial resources. Controller Cohen also independently audits government agencies that spend state funds, safeguards many types of property until claimed by the rightful owners, and administers the payroll system for state government employees and California State University employees. She serves on 70 boards and commissions with authority ranging from affordable housing to crime victim compensation to land management.
Director of Finance
Joe Stephenshaw was appointed as Director of the California Department of Finance by Governor Newsom in July of 2022. In this role, he serves as the Governor’s Chief Fiscal Policy Advisor. Prior to his appointment, Director Stephenshaw served in Governor Newsom’s Office as a Senior Counselor on Infrastructure and Fiscal Affairs.
Stephenshaw was Staff Director for the Senate Budget and Fiscal Review Committee from 2017 to 2022. He held multiple positions in the California Legislature from 2008 to 2017, including serving as a Policy Consultant in the Office of the Senate President pro Tempore, a Special Advisor to the Speaker of the Assembly, and as a Budget Consultant for both the Assembly Budget Committee and the Senate Budget and Fiscal Review Committee. Stephenshaw was a Budget Analyst for the California Department of Finance from 2005 to 2008. Stephenshaw is a graduate of Menlo College with a bachelor’s degree in Business Administration. He also earned a Master of Business Administration degree from California State University, Sacramento.
The CalCAP programs incentivize participating financial institutions (PFIs) to make loans for a wide array of small business borrower (SBB) financing needs, as well as very specific small business capital needs. The original California Capital Access Program, now known as CalCAP for Small Business, began in 1994. Currently there are five programs active under the CalCAP umbrella, two of which are part of SSBCI 2.0. The CalCAP programs use two different mechanisms, loan loss reserve and collateral support, to help build a safety net for PFIs when they do the important work of making capital available to SBBs.
The Legislature designed Cal IIP to provide grants enhancing the capacity and ability of community development financial institutions (CDFIs) to provide programs including technical assistance and access to capital to economically disadvantaged communities throughout California.
CDFIs can use the grants to fund services and operations that contribute to the CDFI’s overall community development mission. CDFIs can also use the grants to supplement their net assets and increase their capacity to attract additional funding.
The initial legislation enacted in 2000, Senate Bill 1986 (Chapter 915, Statutes of 2000), authorized the CPCFA to administer the CALReUSE Assessment Program to provide forgivable loans to finance the cost of brownfield site assessments, technical assistance, and other specified activities to assist in the reuse and redevelopment of underutilized properties with real or perceived contamination.
In response to the demand for the CALReUSE Assessment Program, the legislature directed bond proceeds from Proposition 1C, the Housing and Energy Shelter Trust Fund Act of 2006 approved by the voters at the November 7, 2006, election, be used for brownfield cleanup projects that promote infill residential and mixed-use development. Through an interagency agreement with the Department of Housing and Community Development (HCD), CPCFA used the funds to expand the scope of CALReUSE to include the CALReUSE Remediation Program, which administered grants and/or loans for the financing of brownfield remediation.
Projects financed by CALReUSE are located throughout California, from Humboldt to San Diego counties. CPCFA worked directly with each awardee through assessment, remediation, and as-needed monitoring, and consulted with the California Department of Toxic Substances Control (DTSC) for technical assistance through an interagency agreement.