Passage of SB 625 in California State Senate is Welcome News in Push for an Equitable Small Business Recovery

CAMEO CEO Carolina Martinez released the following statement today praising the California Senate’s passage of SB 625, which would establish the California Investment and Innovation Fund to provide grants to Community Development Financial Institutions (CDFIs)

San Francisco, June 3, 2021The passage of SB 625 in the California Senate is a significant step in increasing equity among access to financial resources for women, immigrant and minority-owned businesses. By creating a state fund to provide desperately needed loan capital to small business owners, this legislation will go a long way toward guaranteeing the economic recovery extends to all Californians.

CDFIs played a pivotal role in correcting the inequities caused by Paycheck Protection Program during the pandemic and will be critical in building a lasting, equitable recovery by reaching small businesses and communities overlooked by large banks. 

We urge California lawmakers to quickly pass SB 625 and fully fund the initiative in the state budget currently under consideration in Sacramento.