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CA AB1862
Bill
Status
Failed
11/30/2016
Primary Sponsor
Young Kim
Click for details
AI Summary
- Amends Section 63089.70 of the Government Code to make a technical, nonsubstantive change to the Small Business Expansion Fund provisions
- The Small Business Expansion Fund provides guarantees to loans offered by financial institutions and financial companies to small businesses
- A corporation issuing a guarantee must determine that the loan has low probability of approval under conventional terms and the borrower can reasonably repay
- Guaranteed loans must be used exclusively in California and qualify as small business loans or employment incentive loans
- Borrowers must maintain minimum equity interest and any jobs generated or retained must meet specified employment criteria
Legislative Description
Small Business Expansion Fund.
Last Action
Died at Desk.
11/30/2016
Full Bill Text
No bill text available