CA SB872

Authorizes the California Pollution Control Financing Authority to adopt regulations for distribution of funds to three economic development funds for the 2010-11 fiscal year.

Transfers $32,350,000 from the General Fund: $20,000,000 to the California Small Business Expansion Fund, $6,000,000 to the California Capital Access Fund, $6,000,000 to the California Economic Development Fund for Small Business Development Centers, and $350,000 to the California Economic Development Fund for the Federal Technology Center program.

Amends Health and Safety Code Section 44559.11 to allow the California Pollution Control Financing Authority to establish alternate provisions for the Capital Access Loan Program when contributions are funded entirely by non-authority sources.

Defines "severely affected community" for Capital Access Program purposes as any city or county with unemployment rate above 110 percent of the statewide average.

Declares the act an urgency statute that takes effect immediately.