California State Policy Updates: Supporting Small Business

Jul 11

Working Solutions commends the State of California for recent policy updates that support CDFIs and small businesses:

This month, Governor Newsom signed a budget for 2022-2023 that includes $50 million to establish a new "California Investment and Innovation Fund" to support CDFIs across the state. As a member of the Executive Committee of the California Coalition for Community Investment (CCCI), Working Solutions CEO Sara Razavi met directly with state representatives to help raise awareness about the original Senate Bill 625, co-authored by California State Senators Anna Caballero and Monique Limón. This signed budget represents an incredible commitment of resources at the state level for CDFIs and a deep recognition of the importance of our work.

Working Solutions is also very glad to see the regulations finalized for Senate Bill 1235, which will help protect California's small business owners from predatory lending. Thanks to all who helped enact this historic truth-in-lending legislation, and a special thanks to our partners at California Association for Micro Enterprise Opportunity (CAMEO) for advocating to protect small business owners.