In 2014, the Governor's Office of Business and
Economic Development (GO-Biz) created the Capital Infusion Program to provide
grant funding to the California
Small Business Development Center (SBDC)
Network, the largest small business technical assistance provider in the state.
The program helps California’s small business owners gain access to capital or
funds by expanding the no-cost consulting services of the California SBDC
Network. Through the program, business owners can receive one-on-one confidential free guidance at local SBDCs participating in the program on
issues ranging from attaining a loan, securing venture capital, or alternative
financing. The GO-Biz Small Business Unit is responsible for administration of
the Capital Infusion Program and oversees all aspects, including program
management, compliance, and performance progress and outcomes.
To date, GO-Biz has issued $4 million in grant funding through the Capital Infusion Program. In 2016-17, $1.5 million will be available to grantees. Funding is provided by the State of California on an annual basis and covers business consulting services over a twelve-month period. Renewed funding is subject to the availability of funds.
Funding Match and Resource Partners
Grant awards are matched 1:1 with funding from the U.S. Small Business Administration (SBA). Grantees work in conjunction with other resource partners, such as SCORE, Women’s Business Centers, Veteran Business Outreach Centers, Procurement Technical Assistance Centers, minority business programs and institutions of higher education, private organizations, chambers of commerce, trade and industry groups, and associations that are committed to the growth and success of small business.
The Program has yielded significant capital infusion results to date. In 2014-15, over 10,000 clients were assisted throughout the state and over $200 million in capital infusion was generated, which exceeded that year’s goal by more than 50%. The Capital Infusion Program Annual Report (2014-15) provides the most recent program results, including results by SBDC region and a summary of client success stories.