California Governor Gavin Newsom today announced the launch of The California Rebuilding Fund (the Fund), a program built to support California’s smallest businesses so they can adapt, reopen, and recover from the effects of COVID-19.
The California Rebuilding Fund is a public-private partnership that drives capital from private, philanthropic and public sector resources – including a $25 million anchor commitment and $50 million guarantee allocation from the California Infrastructure and Economic Development Bank (IBank) – to Community Development Financial Institutions (CDFIs). With this new Fund, California’s CDFIs will be better able to help under-banked small businesses recover and reposition themselves to survive the realities of the COVID-19 marketplace. The Fund will seek to distribute funds equitably across the state.
Read the full press release.