(SACRAMENTO) On Wednesday, August 10, 2016, the California Joint Legislative Audit Committee approved an audit of the state SAFE-BIDCO Program. The audit was requested by Assembly Member Eduardo Garcia (D-Coachella).
Established over 35 years ago and having provided more than 1,000 loans, SAFE-BIDCO now requires additional program capital.
"Entrepreneurship plays an important role in the California economy," said Garcia, who chairs the Assembly Committee on Jobs, Economic Development, and the Economy. "Supporting smaller size businesses help stabilize local communities and create jobs."
This state audit will provide an independent and verifiable examination of SAFE BIDCOs current operations and financial condition, thereby setting a concrete foundation for future deliberations on new funding.
SAFE-BIDCO is a state-owned not-for-profit corporation created for the purpose of enhancing the ability of small businesses to access capital. Since inception, it has facilitated nearly $130 million in lending activity.
