California Rebuilding Fund Launch
November 20, 2020
We are excited to join Gov. Gavin Newsom and other members of the California Small Enterprise (CASE) Task Force to launch the California Rebuilding Fund, a new program built to support California’s small businesses as they adapt and navigate the effects of COVID-19. Calvert Impact Capital is proud to serve as the lead arranger for the Fund.
“Ensuring small businesses have access to capital will help stimulate economic growth across the state and support entrepreneurs working harder than ever to keep their doors open,” said Governor Newsom in a press release today. “This public-private partnership will give underserved communities across California access to capital, making for a more inclusive economy.”
This program is intended to serve the smallest of small businesses that make up an essential part of California’s economy and will focus on supporting historically under-resourced communities. The Fund, which includes an anchor commitment from the State of California’s Infrastructure and Economic Development Bank (“IBank”), focuses on these business owners by deploying loans through Community Development Financial Institutions, which have decades of experience lending in under-resourced communities.
"This is a once-in-a-lifetime crisis for small businesses that requires a concerted and collaborative effort to overcome. The California Rebuilding Fund is the kind of innovative effort we need to help small businesses retool, rebuild, and reopen,” said Laura Tyson, Distinguished Professor of the Graduate School at the UC, Berkeley Haas School of Business who is Co-Chair of Governor Newsom's Council of Economic Advisers. “This is a smart way to leverage private and public resources for maximum impact where it is most needed.”