Sacramento, CA – Today, the California Entrepreneurship Task Force (ETF), with the support of the Office of the Small Business Advocate (CalOSBA) at the Governor’s Office of Business and Economic Development (GO-Biz), hosted a Spanish-speaking rapid response session entitled, “Accesso a Capital – con Diferentes Recursos.” The discussion featured Latinx and Spanish-speaking leaders from the small business and nonprofit lending community, including a Community Development Financial Institution (CDFI) sharing how small businesses can access capital during COVID-19.
Last week, the President replenished the Paycheck Protection Program (PPP) with another $310 billion — including $60 billion for community banks, credit unions and even smaller lenders like CDFIs, which are certified by the Department of the Treasury to provide capital to underserved communities, minorities, and people considered “underbanked.” More than 40 percent of California’s small businesses are minority-owned and many were not able to access PPP in the first round of federal funding.
“The State is here to support all of our small businesses and entrepreneurs,” said Isabel Guzman, Director of the CalOSBA and State Government Lead of the ETF. “The call for a ‘California for All’ is why I was drawn to serve under the Newsom Administration. To me, that translates into access to opportunity and access to entrepreneurship for all. We launched the Entrepreneurship Task Force to make sure the State was prepared to lead a new era where diverse and emerging entrepreneurs continue to help California build and maintain our global leadership. It is crucial that we recognize the minority, women, and immigrant entrepreneurs in the state and the need for connection that is authentic.”
Governor Newsom has allocated $50 million to the California Infrastructure and Economic Development Bank (IBank) for loan guarantees to small businesses to help eliminate barriers to capital for individuals who do not qualify for federal funds, including low wealth and undocumented immigrant communities.
California supports a network of federally contracted small business centers which provide free consulting and training to help businesses figure out which loans are right for them, develop resiliency strategies, and find other resources. The Small Business Center Network map is searchable by language capacity noting service in over 30 different languages. Find a center by clicking here.
To watch today’s Spanish-speaking session, hosted by Isabel Guzman and featuring speakers listed below, click here:
- Nely Galan, ETF member and Founder of the Adelante Movement
- Xiomara Peña, California Program Director/National Entrepreneurship Director for the Small Business Majority
- Adriana Eiriz, Vice President of Sales and Partnerships at Opportunity Fund
- Juan Carlos Hernandez, Vice President and Chief Credit Officer, California Southern Small Business Development Corporation
The rapid response sessions for California small businesses and entrepreneurs occur every Friday alternating in Spanish and English. To learn more about the next sessions, click here.
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development 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 the GO-Biz website.
The Office of the Small Business Advocate (CalOSBA) helps support economic growth and innovation by working to ensure that California’s small businesses and entrepreneurs have the information, tools and resources they need to plan, launch, manage and grow their businesses successfully and be resilient. The CalOSBA serves to elevate their voices in state government and to advocate on their behalf to help ensure all aspiring and current small business owners and entrepreneurs are provided with the opportunity to access capital, access markets, and connect to the networks and resources they need to succeed. For more information visit the website.
Assistant Deputy Director of Communications
Phone: (916) 204-2107