The California Rebuilding Fund is a program that will support California’s smallest businesses as they adapt, reopen, and recover from the effects of COVID-19.
One of the hardest hit segments of the economy through the COVID-19 crisis has been the small business community. California small businesses employ almost 50% of the state’s workforce and are vital to restoring economic activity, retaining quality jobs, and driving development in communities most affected by the pandemic. However, without access to affordable credit, they will not survive what will likely be an extended and uneven recovery.
The California Rebuilding Fund has been built in partnership with public, private, and nonprofit leaders across the state to ensure that California’s smallest businesses are able to access the resources and capital they need to get through these challenging economic times. The program is possible thanks to a commitment from California’s Infrastructure and Economic Development Bank (IBank), with strong support from agencies across the State government.
Who is the California Rebuilding Fund for?
This effort is meant for small businesses in California – with an explicit focus on historically under-resourced communities, including organizations in low-income areas and businesses owned by women and people of color. To be eligible, applicants must have:
- Fewer than 50 employees
- Annual revenues of less than $2.5 million in 2019
- Experienced direct economic hardship as a result of COVID-19 (including at least a 25% reduction in revenues compared to a prior one-year period)
- See website for full eligibility requirements
How will the California Rebuilding Fund support small businesses?
Loan Fund
Small businesses will access the program through a central online portal at www.CALoanFund.org where they will complete a 16-question pre-application that will match them with a community lender participating in the program. The lender will verify eligibility for the Fund and invite the business to submit a full application. Once underwritten and if approved, the lender will draw funds from the California Rebuilding Fund and make the loan.
Key loan terms include:
- Maximum loan size of $100,000
- 3- or 5-year term with a 4.25 percent interest rate
- Interest-only period for the first 12 months and fixed monthly payments for the remainder of the term
- See website for full product terms
Participating lenders include:
Resource Guide
The free resource guide, built and updated by pro-bono lawyers at Morrison & Foerster, includes county by county guidance on reopening, other financial resources available, and the latest on commercial eviction moratorium. The guide is also available in Spanish here.
Office Hours
Free virtual office hours will be staffed by expert lawyers so that small businesses have a place to get specific questions answered. Office hours are held weekly. For more information and dial-in information, please click here.
For Our Members
CAMEO is partnering with CASE and Small Business Majority to provide Train-the-Trainer webinars for business assistance organizations to help their clients meet the basic eligibility requirements of the program.
