Assembly Approves Holden's Small Business Loan Bill

The state Legislature approved a bill designed to make the Small Business Loan Guarantee program easier to access and use.

The legislation, authored by Assemblyman Chris Holden, D-Pasadena, now heads to Gov. Jerry Brown's desk for signature, according to a news release.  Holden represents Monrovia.

“At a time when California is striving to rebound from a long recession, this program can play a pivotal role in making much needed capital more accessible to thousands of small businesses so they can expand, create new jobs, and save the jobs of existing employees,” Holden said in a statement.

Under the provisions of Assembly Bill 201, the Office of Small Business Advocate must include information on its website about the Small Business Loan Guarantee program's loan guarantees, direct lending, surety bond guarantees, and disaster loans, according to Holden. 

“For the past 40 years, SBLGP has been instrumental in working with banks to guarantee loans to undercapitalized small businesses. A functional and user friendly website for SBLGP can play an important role in providing relevant information about the program for small businesses and potential financial institutions,” the lawmaker added.  

 Holden provided the following information about the loan program in a news release.

• Since February 2011, over $143 million financial loans were issued, of which about $47 million was covered by Small Business Loan Guarantee Program. 

• Since 2004, more than 52 loans worth approximately $8.5 million dollars have been guaranteed in the 41st Assembly District.