AB 2376

Bill Subjects

Abstract

Existing law, the Economic Revitalization Act, establishes the Governor's Office of Business and Economic Development, also known as "GO-Biz," in state government within the Governor's office under the control of a director. The act requires GO-Biz to serve as the Governor's lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. Existing law creates the Office of Small Business Advocate (the office) within GO-Biz to be led by the Small Business Advocate, who is appointed by, and serves at the pleasure of, the Governor. Existing law requires the Small Business Advocate to, among other things, counsel small businesses on how to resolve questions and problems concerning the relationship of small business to state government. Existing law requires the Small Business Advocate to prepare and submit a written annual report to the Governor and to the Legislature that describes the activities and recommendations of the office regarding small business development, as prescribed. This bill would enact the One-Stop Capital Shop Act of 2022, to require the office to serve as the lead state government entity for helping California small businesses become finance-ready relative to state programs utilizing certain federal funds. The bill would also require the office, on or before July 1, 2023, to launch a "one-stop capital shop" online platform to assist small businesses in accessing safe funding opportunities and to reduce barriers in access to affordable capital. The bill would require the one-stop capital shop platform to include certain elements, including a small business loan marketplace that allows small businesses and technical and financial assistance providers to access information on public and private loan products and credit enhancement opportunities. The bill would also require the office to include a summary of the activities it has undertaken pursuant to the bill in the report to the Legislature and the Governor described above.