AB 2437 Summary

• Establishes the California Manufacturing Competitiveness Loan and Loan Guarantee Program administered by the California Industrial Development Financing Advisory Commission to attract, retain, and expand manufacturing facilities in the state.

• Requires applicants to have at least 200 employees and meet eligibility requirements including compliance with federal, state, and local laws, average wage standards, and employee turnover limits.

• Creates the Manufacturing Program Account within the Industrial Development Fund, funded only by application fees, federal/foundation grants, and loan repayments—no General Fund moneys permitted.

• Mandates the commission provide annual reports beginning October 1, 2012, detailing program activities, jobs created/retained, investments made, and tax contributions by participating companies.

• Sunsets the program on January 1, 2016, unless extended by the Legislature before that date.