In this Must Know…
- State Policy Roundup
- Federal Truth-in-Lending bill was introduced last week.
- CAMEO at the OFN Small Business Finance Forum
- ICYMI: CEO Carolina Martinez participated in a Forbes Expert Panel article that discusses effective resource management practices.
- This week’s Goodie Highlight is Working Solutions’ upcoming virtual event in honor of Juneteenth, featuring a conversation with Ms. Opal Lee and Tara Lynn Gray.
State Policy Roundup
- The California Legislature passed their version of the 2023-24 state budget and have until June 27, 2023 to reach a deal with Gov. Newsom and pass the final budget.
- SB 33 passed in the Assembly Judiciary Committee and now moves to Appropriations.
- AB 1325 (MEHKO) passed the Senate Health Committee and now moves to Appropriations.
- SB 666 is scheduled to be heard in the Assembly Judiciary Committee on June 27, 2023.
Federal Truth-in-Lending Bill Introduced
Last Thursday, Rep. Nydia Velazquez and Sen. Bob Menendez reintroduced the Small Business Lending Disclosure Act, which was originally introduced in 2020. If passed, the legislation would establish much-needed truth in lending for small business financing by requiring clear disclosure of APRs and fees.
CAMEO commends this effort and urges lawmakers to support the legislation. This bill is of special importance to entrepreneurs of color as they are more likely to find financing online, where most of the predatory lenders operate and tend to hide the true costs of their products.
CAMEO at the OFN Small Business Finance Forum
CAMEO’s Emily Gasner and Daniela Fernandez-Ulen were at OFN’s Small Business Finance Forum this week in Chicago.
Four years since the last in-person SBFF, it was great to reconnect with colleagues from around the country and talk about the issues that are salient to our industry.
We also enjoyed the deep and diverse content offered by all the speakers – from incorporating anti-racism into our work to evolving to meet the current and future needs of small businesses – we left Chicago inspired, energized, and ready to take on the challenges ahead.
- EDA is accepting applications for its $50 million Build to Scale (B2S) program to support projects that increase access to capital for entrepreneurs, and startups. The deadline to apply is July 28, 2023.
- The California Supplemental Paid Sick Leave program will award funds to eligible businesses and nonprofits that have incurred costs for COVID-19 Supplemental Paid Sick Leave.
Virtual Events & Trainings
- Camp Prosperity 2023, taking place from July 18 to August 1, 2023, is designed to enhance your advocacy skills and connect you with like-minded advocates.
- Working Solutions CDFI is hosting a conversation on June 28, 2023 at 3:00 pm PT with Ms. Opal Lee, the Grandmother of Juneteenth, and CalOSBA Director Tara Lynn Gray on the fight for economic justice.