SB 193 Summary

• Establishes a venture capital program within the California Infrastructure and Economic Development Bank to make loans and investments in funds, businesses, and other entities, with records regarding alternative investments exempt from public disclosure under specified conditions.

• Creates the California Regional Initiative for Social Enterprises Program within the California Office of Small Business Advocate to provide grants and technical assistance to employment social enterprises serving individuals with employment barriers.

• Expands the California Small Business COVID-19 Relief Grant Program to include divisions/departments of tribal governments, cities, counties, and fiscally sponsored organizations, with annual gross revenue eligibility increased to $5,000,000.

• Extends the California Nonprofit Performing Arts Grant Program repeal date from December 31, 2022 to June 30, 2023, and extends the California Microbusiness COVID-19 Relief Grant Program repeal date from December 31, 2022 to June 30, 2023.

• Establishes three new grant programs: Local Government Budget Sustainability Fund (for county governments in high-poverty/unemployment areas), California Containerized Ports Interoperability Grant Program (for port data system improvements), and Local Government Immigrant Integration Initiative (for local government immigrant services and economic mobility programs through June 30, 2026).