GO-Biz Announces New State Micro-Lending Program for Small Businesses
(SACRAMENTO, CA)— Yesterday, Assemblymember Eduardo Garcia (D-Coachella) joined The Governor’s Office of Economic Development (GO-Biz) and other colleagues from the State Legislature for a press conference to kick off May as California Small Business Month.
"It is the hard work of the over 3.8 million California small businesses that help our golden state hold rank amongst the largest economies in the world," exclaimed Assemblymember Garcia. "While we dedicate this time to celebrate our intrepid small business owners we must also step up in support of their endeavors. Together we can work to create a more inclusive economy, increase accessibility to resources and implement equitable policies that will allow both our businesses and communities to thrive."
At the event, GO-Biz Director Panorea Avdis also announced a new micro-lending program called Jump Start, which will officially launch on Tuesday, May 9, 2017.
“California small businesses drive every facet of the California economy and provide half of all the jobs in the state,” said GO-Biz Director Avdis. “We are proud to announce that later this month the state is launching the new Jump Start program which will make direct loans of $500-$10,000 to small business owners that need financing to get them to the next milestone and continue on a path toward success.”
The Jump Start program will make direct loans to business owners and is administered by the California Infrastructure and Economic Development Bank (I Bank) within GO-Biz.
The 56th Assembly District already has already begun reaping the benefits of GO-Biz small business assistance programing.
“Last year, One World Beef (OWB) in Brawley was able to utilize the GO-Biz California Competes program to receive a $6 million dollar tax credit,” shared Assemblymember Eduardo Garcia, former Chair of the Assembly Committee on Jobs, Economic Development and the Economy. “These types of investments make a world of difference in economically distressed areas such as Imperial County which holds the states’ second highest unemployment.”
This year, El Centro Lanes, bowling alley was awarded $100,000 tax credit. MBC USA, Inc. in Thousand Palms received an award for that same amount in 2015.
The GO-Biz California Competes Tax Credit program was initiated in 2013. Since then $492.5 million has been allocated to 688 companies throughout the state creating new jobs and spurring investments.
“I continue to urge all of our local businesses to explore GO-Biz opportunities like the California Competes Tax Credit and the new Jump Start direct loan program. Really take advantage and seize these state resources designed to help start and grow business,” encouraged Assemblymember Eduardo Garcia. “Your role is to apply and my job is to advocate so that these state investments make it into the communities that need it the most.”
About the Governor’s Office of Business and Economic Development (GO-Biz)
GO-Biz serves as California’s single point of contact for economic development and job creation efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit: www.business.ca.gov.
For Information on other GO-Biz Small Business Month events please visit: www.CaliSmallBizMonth.com
Assemblymember Eduardo Garcia (D-Coachella) serves as the chairperson of the Assembly Committee on Water, Parks and Wildlife. He represents the 56th district, which comprises the cities and communities of Blythe, Brawley, Bermuda Dunes, Calexico, Calipatria, Cathedral City, Coachella, Desert Hot Springs, El Centro, Holtville, Imperial, Indio, Mecca, Oasis, North Shore, Salton Sea, Thermal, Thousand Palms, and Westmorland.
