The California Rebuilding Fund is a public-private partnership that is aggregating funding from private, philanthropic, and public sector sources – including a $25 million anchor commitment from IBank – to address the capital and advisory needs of California’s small businesses as they reopen and recover from the COVID-19 health and economic crisis. This program is built to serve the smallest of small businesses that make up an essential part of the California economy, and will focus on historically under-resourced communities.
Why is this needed? California small businesses employ almost 50% of the state’s workforce and are vital to restoring economic activity, retaining quality jobs, and driving development in communities most affected by COVID-19. A University of California at Santa Cruz found that by April 2020, the United States had 22 percent fewer small business owners compared to two months prior. California losses have been even greater. Yet, despite these devastating effects on small business operations, many will be able to retool, rebuild, and reopen if they can access affordable credit.
For more details, please visit: https://www.ibank.ca.gov/small-business/california-rebuilding-fund/