Waters announces funding for state small businesses

Rep. Maxine Waters (CA-43), the top Democrat on the House Financial Services Committee and the U.S. Department of the Treasury (Treasury) announced that the California Office of the Small Business Advocate (CalOSBA) is being awarded $10 million to support small business growth through the State Small Business Credit Initiative (SSBCI), a $10 billion program Waters secured as part of the American Rescue Plan Act in 2021.
The funding will be used to support very small businesses and minority-owned businesses across California to access billions of dollars in new loans and investments, which is supported by $1.2 billion in Federal funds allocated to the state under the SSBCI.
SSBCI is an initiative Waters helped to create in 2010 to support small businesses and empower them to access the capital needed to invest in job-creating opportunities. Since then, Waters has led the effort to renew and expand the initiative to further promote American entrepreneurship, support small business ownership, and democratize access to capital across the country, including in underserved communities. The federal funding for this initiative will also be supported by $16.25 million in matching state funds.
California small businesses should contact CalOSBA (877-345-4633) to explore the financing options and support services available to them.
“This funding will go a long way in making sure that small businesses across California not only know about billions of dollars in low cost federal and state financing available to them, but also receive any technical assistance necessary to apply for these funds.” Waters said. “I am particularly pleased that this award is coming from the State Small Business Credit Initiative, an initiative I helped to create in 2010 and later led the effort to renew and expand in partnership with the Biden-Harris Administration in 2021. California’s small businesses, and especially its diverse-owned businesses, are too often ignored by our traditional banking system, but through this program can receive critical capital financing to better serve their communities. I look forward to working with the Treasury Department and state agencies to spread the word about these resources.”
“The Biden-Harris Administration’s economic agenda is focused on continuing the historic small business boom by helping small businesses across the country grow and hire,” said U.S. Deputy Secretary of the Treasury Wally Adeyemo. With this new funding, California will be able to provide one-on-one support to help entrepreneurs seize new opportunities created by state investments in infrastructure and innovation.”
“This $10 million investment is a huge win for California’s small businesses, helping them grow, create jobs, and lead in industries that drive our future,” said California Lt. Gov. Eleni Kounalakis. “By supporting California’s efforts to provide essential resources, technical support, and access to capital, this investment will ensure our state remains at the forefront of economic growth and innovation, especially for small businesses owned by women and people of color.”