SB 511 Summary

• Requires the Director of GO-Biz to convene a statewide business partnership by February 1, 2015, to promote trade for California ports and explore greater utilization of port facilities, including representatives from ports, carriers, labor, environmental groups, and shippers.

• Establishes the California Export Finance Office within the California Small Business Finance Center to expand employment and income opportunities through increased exports of California goods, services, and agricultural commodities by providing information, technical assistance, and financial support to small and medium-sized exporters.

• Authorizes the California Infrastructure and Economic Development Bank to offer insurance, coinsurance, and other forms of surety to businesses with fewer than 250 employees that export or plan to export California-produced goods and services.

• Creates an 11-member California Export Finance Advisory Board composed of state officials and Governor/Legislature appointees to advise on export-related programs and issue annual reports evaluating California's export activities and their economic impact.

• Allows the bank to act as an agent for California exporters to sell insured accounts receivable and serve as a clearinghouse for collection and disbursement of funds related to export sales.