Assemblymember Chris Holden's (D-Pasadena) legislation to make the Small Business Loan Guarantee program more accessible and user friendly has been approved in the Legislature and now goes to Governor Brown for signature.
"At a time when California is striving to rebound from a long recession, this program can play a pivotal role in making much needed capital more accessible to thousands of small businesses so they can expand, create new jobs, and save the jobs of existing employees," stated Assemblymember Holden.
AB 201 requires the Office of Small Business Advocate to include on its website information on the Small Business Loan Guarantee program's (SBLGP) loan guarantees, direct lending, surety bond guarantees, and disaster loans.
"For the past 40 years, SBLGP has been instrumental in working with banks to guarantee loans to undercapitalized small businesses. A functional and user friendly website for SBLGP can play an important role in providing relevant information about the program for small businesses and potential financial institutions," added Holden.
Since February 2011, over $143 million financial loans were issued, of which about $47 million was covered by Small Business Loan Guarantee Program.
Since 2004, more than 52 loans worth approximately $8.5 million dollars have been guaranteed in the 41st Assembly District.
AB 201 was approved 75 to 0 on concurrence in the Assembly today after passing the Senate late last week.