WELCOME TO OUR JUNE NINETEENTH
TWENTY EIGHTEEN HEARING HEARD
THE JEDI COMMITTEE THAT WE HAVE
TO BILLS ON FILE.
A WE WILL BE HEARING.
S. B. FIVE FIVE ONE HUESO AN S.
B. SIX THREE FIVE HUESO.
A WE DO I HAVE.
INFORMATIONOF SUPPORT AND
OPPOSITION ON TO THAT BILL SO WE
WILL SOME OF OUR NEW SUPPORT FOR
S. B. FIVE FIVE ONE IS
CALIFORNIA BANKERS ASSOCIATION.
CALIFORNIA CREDIT UNION LEAGUE
UNITED CHAMBER ADVOCACY NETWORK
THAT IS SUPPORT OPPOSITION WE
HAVE THREE INDIVIDUALS THAT HAVE
WRITTEN ON THEIR OWN BEHALF.
KATE CHARM CO OWNER OF DOWNTOWN
AND BUYING DENNIS* EXECUTIVE
DIRECTOR OF ASIAN BUSINESS
ASSOCIATION.
AND AUBREY STONE PRESIDENT AND
C. E. O. OF CALIFORNIA BLACK
CHAMBER OF COMMERCE.
SO WITH THAT WILL MAKE SURE THAT
THOSE ARE NOTED IN THE FILE.
IN ADDITION TO THAT --
WE WILL BE --
WE WANTED TO GIVE A FEW
ANNOUNCEMENTS RELATED TO THE
BUDGET HIGHLIGHT OF SOME OF THE
WORK WE'VE DONE IN THIS
COMMITTEE.
WE'VE HAD TWENTY THREE MILLION
IN THE STATE BUDGET FOR SMALL
BUSINESS TECHNICAL SAID --
ASSISTANCE CENTERS SO WE'RE VERY
EXCITED ABOUT THAT WE WERE ABLE
TO WORK TO GET THREE HUNDRED
MILLION.
FOR ICT PROGRAMS FOR K.
TWELVE WHICH IS AN ADDITIONAL
HUNDRED MILLION WHEN.
THIS FIRST STARTED.
AND AS MANY OF YOU KNOW TODAY A
SMALL BUSINESS OWNERS OF THE
YEAR AND WE SEVERAL OF US UP
HERE HAVE ARE SMALL BUSINESS
OWNERS.
I TO DO HAVE ONE THEY'RE NOT
ABLE TO MAKE IT MAKE IT END BUT
IF THEY DO WILL ACKNOWLEDGE THEM
AND I KNOW ASSEMBLY.
ON MARC STEINORTH HAS ONE WOULD
YOU LIKE TO INTRODUCE THEM YES
IF I'M WITH THE BUT THE CHAIRS
INDULGENCE I'D LIKE TO RECOGNIZE
MICHAEL RATHER MAKER WHO'S HERE
IN THE FRONT --
HE IS THE FOUNDER PRESIDENT AND
CEO OF M. G. ARE REAL ESTATE
PROPERTY MANAGEMENT I'M MICHAEL
STARTED WITH BASICALLY THE SUIT
ON HIS BACK AND WAS ABLE TO
CREATE A PROPERTY MANAGEMENT
REAL ESTATE FIRM THAT.
IS PRETTY WELL KNOWN AS THE
LARGEST INLAND EMPIRE FOR
COMMERCIAL REAL ESTATE AND HE IS
EMPLOYED AND CREATED JOBS FOR
TENS OF THOUSANDS OF RESIDENTS
OF THE INLAND EMPIRE AND WE ARE
VERY GRATEFUL FOR HIM TO
PARTICIPANT AT BE A PARTICIPANT
TODAY.
AND THAT HE BROUGHT HIS FAMILY
MEMBERS AND ALSO --
YOU KNOW HIS HIGH RANKING STAFF
WITH THEM TO SHARE IN THIS HONOR
TODAY SO CONGRATULATIONS MICHAEL
RATHER MAKE.
CONGRATULATIONS AND WE'RE GONNA
GO HEAD AND CALL THE ROLL.
FORM [inaudible]
SECRETARY.
CHAIR QUIRK SILVA.
HERE.
VICE CHAIR ALAN [inaudible]
BERMAN [inaudible]
CERVANTES [inaudible]
GONZALEZ FLETCHER [inaudible]
RODRIGUEZ [inaudible]
STEINORTH HERE.
MADAM CHAIR WE HAVE QUORUM.
AND NOW WE NEED OUR AUTHOR.
DO WE DO WE KNOW WHERE YOU.
DO WE KNOW WHERE HE SAID YEAH
HE'S.
RUSSIAN FOREIGN HIS COMMITTEE
AND THOSE KIND OF RUN HEALTH ARE
A HE DOES HAVE A COMMITTEE HE'S
WORKING ON A JUST ESTABLISHED A
QUORUM AND HE WILL BE HERE IN A
MOMENT [inaudible]
REPREHENSIBLE PRETTY
[inaudible]
BECAUSE
THEY KNOW THE VERY BUSY
TIME TODAY IN THE CAPITAL OF
PEOPLE COMING AND GOING TO
COMMITTEES BUT MISTER ASSEMBLY
MEMBER BERMAN WHO IS YOUR SMALL
BUSINESS --
THAT YOU ARE RECOGNIZED TODAY.
EVEN IF THEY'RE NOT HERE WE CAN
TALK ABOUT IT'S A HARLEY FARMS
WHICH IS A FARM OUT ON THE COAST
IN PESCADERO.
IN MY DISTRICT THAT DOES A LOT
OF EDUCATIONAL OPPORTUNITIES FOR
FOLKS THAT COME TO VISIT THE
FARM -- WE
WENT AND VISITED MY STAFF AND I
WHEN VISIT LAST YEAR.
AND HELD A BABY GO THAT HAVE
BEEN ALIVE FOR HOURS --
WHICH I THOUGHT WAS ABSOLUTELY
AMAZING --
SO LOOKING FORWARD TO SEEING
THEM A COUPLE HOURS.
YEAH THEY A FAMILY FARM OR THEY
OR YES THEY ARE ABSOLUTELY --
AND MAKE.
DAHLE SORTS OF CHEESES AND
DELICIOUS THINGS THAT YOU CAN
BUY IN THEIR IN THEIR GIFT STORE
AT THE AT THE FARM.
AND WHAT A FUN ASSEMBLY MEMBER
RODRIGUEZ WHO'S YOUR LOCUSTS
CAN'T.
WORLD.
FAMOUS.
FOR THEY'RE GONNA CITY OF JINAN
CITY LONG TERM.
ANYBODY EVER FLIGHT AND AIRPORT
--
WE SHOULD STOP BY [inaudible]
LOGAN'S CAN.
WELL KNOWN FOR CANDIDATES NOT
JUST HOLIDAYS HERE.
LET KILEY PASSING OUT --
TEASING US WITH.
AND THEN I HAVE [inaudible]
FULLERTON. TWO CO OWNERS OF
BOURBON STREET WHICH IS A DOWN
TOWN LOCAL RESTAURANT AND BAR.
BUT IN ADDITION TO THE FOOTBALL
AND OF FOOD AND ENTERTAINMENT
THEY'VE ALSO BECOME VERY
INVOLVED IN THE COMMUNITY DOING
AN ANNUAL MARDI GRAS EVENT AND
THE EVENT IS TO THIS --
US. FOR AWARENESS WITH AUTISM.
AND BECAUSE ONE OF THE OWNERS
SON HIGH IS AUTISTIC AND AS IT
TURNS AROUND THE PERSONAL STORY
IS THAT HIS SON WAS IN MY CLASS.
A WHEN I WAS TEACHING SO THEY
NOW DO --
WHERE THEY BRING IN ABOUT FIVE
THOUSAND PEOPLE I'M ANNUALLY TO
TO FOR OUR EVENT AND RAISE MONEY
TO GIVE BACK IN HAVE BUILT --
SENSORY GARDENS AND SO FORTH SO
THAT IS LARRY HAUSER IN JOHN SKI
AND AND THEY'RE NOT HERE BUT I
KNOW THEY BE EXCITED TO HEAR
ABOUT AND WAGES THEIR SUDDEN
[inaudible]
ALRIGHT SO.
THE SENATOR IS ON ITS WAY.
AND NOW WE ARE GOING TO
ENTERTAIN YOU WITH NO
[inaudible]
YEAH [inaudible]
OKAY.
THIS IS VERY HEAVY SO SEE
EVERYBODY SMILING NOW
[inaudible]
LISTEN
[inaudible]
OPTION
[inaudible]
YEAH
[inaudible]
FAVORITE OF BUSINESS OWNERS AND
THIS IS LARRY HAUSER WALKING AND
WHERE YOU CAN SAY HI TO
EVERYBODY BECAUSE I JUST TOLD
YOUR STORY AND HE'S THE OWNER.
OF BOURBON STREET AND WE ALSO
HAVE BUOYED HIS SON MY BOY.
HOW ARE YOU?
AND WADE WAS IN MY CLASS WHEN HE
WAS IN.
THIRD GRADE [inaudible]
SO WELCOME [inaudible]
QUE.
WHERE'S MR HUESO [inaudible]
SENATOR HUESO
.
I'M SORRY EVERYBODY THIS IS ALSO
JOSEPHITE JOSEPH A KEY AND HE IS
THE CO CO OWNER
.
OKAY WE ARE WELCOMING OUR AUTHOR
SENATOR HUESO TO PRESENT S. B.
FIVE FIVE ONE AND SENATOR.
THANK YOU MADAM CHAIR MEMBERS --
GOOD MORNING --
WHEN I'M SORRY SENATOR WE WE DO
HAVE SOMEBODY ELSE WHO CAME TO
ON MY TRUCK AT THAT?
A POSTER ALAN [inaudible]
CERVANTES [inaudible]
THANK YOU.
THANK YOU ARE VERY PROUD TO
PRESENT SP FIVE FIVE ONE THIS IS
A BILL THAT SEEKS TO PROVIDE.
INCREASE ACCESS TO CAPITAL FOR
SMALL BUSINESS OWNERS ACROSS
STATE.
OUR FIRST OF ALL I'D LIKE TO
THANK THE CHIEF CONSULTANT OF
THE COMMITTEE.
I SHE'S DONE JUSTIN AND MASON
AMOUNT WORK ON THIS BILL THAT'S
ACTUALLY BEEN.
PROBABLY MONTHS OF WORK AND
REALLY REALLY APPRECIATE WHAT
SHE'S DONE TO MAKE THIS A A
WONDERFUL BILL.
WE COULD HAVE DONE IT WITHOUT
HER IN FACT I'M THINKING OF
ADDING OR TO OUR ARE --
STAFF BUDGET.
PRISON IT'S BEEN A LOT OF WORK.
YEAH NO WILL GET REALLY
APPRECIATE ALL OUR HELP THIS
IT'S BEEN WONDERFUL --
TO I GET HURT IT.
INCREDIBLE KNOWLEDGE ABOUT --
SMALL BUSINESS FINANCE AND THIS
THIS PROGRAM THAT WE'VE WORKED
ON FOR ACTUALLY YEARS NOW WE
WORK THE WORKING ON CAL CAPTAIN
THIS IS SO NOT MY FIRST
INVOLVEMENT WITH THE CAL CUP
PROGRAM WE WE WERE ABLE TO PASS
A BILL. NINE EIGHT ONE I THINK
IT WAS NUMBER THAT BROUGHT IN
ABOUT ONE POINT.
NINE BILLION DOLLARS OF SMALL
BUSINESS LOANS ACROSS THE STATE.
AT A TIME THAT WAS A VERY VERY
NEEDED --
SEVERAL YEARS BACK WITH SO.
WHEN THE COP AND THE ECONOMY WAS
STILL IN REBOUNDS SO --
THIS THIS BILL IS IN OUR
RESPONSE --
TO LOT OF A BUSINESS
STAKEHOLDERS --
IN THE BUSINESS COMMUNITY THEY
THEY HAVE.
ALWAYS BEEN VERY CRITICAL OF
CALCUTTA IT'S NEVER BEEN --
THEIR FIRST CHOICE FURTHER
BANKING NEEDS THERE ARE LOAN
NEEDS AND WE'RE TRYING TO MAKE
IT MORE COMPETITIVE PROGRAM.
BUT ALSO A OF OF A BILL THAT
MAKES.
THE OX EIGHTEEN CREASES ACCESS
TO CAPITAL I THINK THAT'S KEY --
OUT OF EVERY BUSINESS THAT --
GOES OUT TO LOOK FOR A LOAN IN
THE STATE OF CALIFORNIA ONLY 10%
ACTUALLY GET IT.
THAT LEAVES 90% OF THE SMALL
BUSINESSES OUT THERE THAT HAVE A
HARD TIME GETTING ACCESS.
CHU CHU A VERY IMPORTANT LOANS
TO IMPROVE THEIR BUSINESSES TO
EXPAND THEIR BUSINESSES AND I
THINK THAT'S THE KEY.
WE WANT TO GET SMALL BUSINESS TO
EXPAND THEIR BUSINESS THERE
THEY'VE THEY EMPLOY OVER 90% OF
CALIFORNIANS.
AND THAT OUR STATE.
NEEDS TO DO MORE TO TO MAKE SURE
THAT ARE SMALL BUSINESSES
SUCCEED IN THE STATE --
SO THIS BILL --
WOULD.
WOULD --
ENSURE THE CONTINUED SUCCESS OF
THE COP CAPRA GRAHAM BY
TRANSPORTING.
TRANSFERRING THE ADMINISTRATION
OF THE PROGRAM TO THE CALIFORNIA
PUT [inaudible]
FROM.
THE CALIFORNIA POLLUTION CONTROL
FINANCING AUTHORITY TO THE
CALIFORNIA SMALL BUSINESS
FINANCE AND ARE.
WHICH EXISTS UNDER THE
CALIFORNIA FOR STRUCTURE
ECONOMIC DEVELOPMENT BACK.
MAKE IN --
MAKING THESE --
SERVICES EASY TO FIND AS OUR
FIRST UP TO MAKE SURE PEOPLE GET
ACCESS TO THEM.
ITS HARD TO LOOK FOR A LOAN IT
TO CALIFORNIA POLLUTION CONTROL
FINANCING AUTHORITY WHO WHATEVER
LOOK THERE FOR A LONG.
BUT IT MAKES SENSE THAT --
IF.
THE CALIFORNIA HAS A BANKING
INSTITUTION ALREADY IN EXISTENCE
THAT'S DESIGNED TO PROVIDE
INFRASTRUCTURE FINANCING.
AND ECONOMIC DEVELOPMENT --
LOANS STUDDED BE LOCATED THERE.
I FOR THE SMALL BUSINESS
COMMUNITY FIND EASIER AND TO BE
HOUSE UNDER.
A STAFF THAT HAS THAT THAT
DOCUMENT.
A PROPERLY ADMINISTER THIS
IMPORTANT PROGRAM.
LOCATING CULPEPPER UNDER THE AYE
BANQUET PROVIDE.
THE PROGRAM POSSIBILITIES FOR
ADDITIONAL FUNDING.
AND A PROGRAM STRUCK TRUCK SHOW
BE MORE BENEFICIAL.
TO ENROLLING LENDERS AND HELPING
THEIR SMALL BUSINESS CLIENTS
WHILE ALLOWING.
THIS THE CPC EFFORT TO FOCUS ON
ITS PRIMARY MISSION OF POLLUTION
CONTROL.
HOW?
HOT AGENCY TASKED WITH POLLUTION
CONTROL WAS EVER A GIVEN THE
RESPONSIBILITY PROVIDE FINANCING
HIS HIS IS BEYOND ME.
BUT IT THIS MAKES MORE SENSE AND
I HOPE YOU LOOK REAL CONCURRENT
HOPE YOU AGREE.
AND SUPPORT THIS BILL WE HAVE US
SEVERAL WITNESSES WHO HAVE BEEN
--
AN INTEGRAL PART OF THAT OF
TRANSFORMING THIS PROGRAM
MITCHELL MORE WORKABLE PROGRAM
WE HAVE.
WENDY BROWN WITH THE ISSUES OF
THE P. OF RESEARCH OF PUBLIC
POLICY FOR OPPORTUNITY FUND.
WE HAVE RUSSELL SMITH.
WITH OTHER CHIEF CRITICAL
OFFICER FOR UPS OF THE GOING
PRICE BANK AND THAT WOULD MAKE.
NOT A FULL PAGE OF COMMENTS
BIRTH BRIEF COME [inaudible]
RIGHT.
THANK YOU WE GOT A MUCH MOTION
AND A SECOND.
COULD.
GOOD MORNING CHAIRMAN QUIRK
SILVA AND MEMBERS OF THE
COMMITTEE THANK YOU FOR TAKING
THE TIME TO CONSIDER THIS
IMPORTANT BILL MY NAME IS WENDY
BROWN VICE PRESIDENT OF RESEARCH
AND POLICY AT OPPORTUNITY FUND.
OPPORTUNITY FUND IS CALIFORNIA'S
LARGEST NONPROFIT MICRO LENDER
TO SMALL BUSINESSES AND A STRONG
SUPPORTER OF S. B..
FIVE FIVE ONE TOGETHER WITH
LENDERS THE CAL CUP PROGRAMS
ACCOMPLISHED AMAZING THINGS FOR
CALIFORNIA SMALL BUSINESS
OWNERS.
HOWEVER DUE TO A LACK OF LENDER
CONFIDENCE IN THE PROGRAM THESE
ACCOMPLISHMENTS ARE CURRENTLY AT
RISK.
LENDERS NEED ADMINISTERING
PARTNER THAT DEEPLY UNDERSTAND
SMALL BUSINESS FINANCE AND
VALUES LENDER AND PUT IN ORDER
TO CRAFT MYSTIFIED EFFICIENT AND
RESPONSIVE PROGRAM POSSIBLE.
WE STRONGLY BELIEVE THE CAO CAO
PROGRAM SHOULD BE RUN BY OUR
STATE SMALL BUSINESS EXPERTS.
THE SMALL BUSINESS FINANCE
CENTER AT THE I THINK.
WITH A SINGULAR FOCUS ON THE
NEEDS OF CALIFORNIA SMALL
BUSINESS OWNERS AND THOSE
SERVING THEM.
THAT'S THE SMALL BUSINESS
FINANCE CENTER IS BEST
POSITIONED TO ENSURE THIS
IMPORTANT PROGRAM FUTURE
SUCCESS.
AS YOU KNOW THE MAJORITY OF
PARTICIPATING HOW CAP UNDER
SUPPORT S. B. FIVE FIVE ONE WE
WANT TO BE ABLE TO FOCUS ON OUR
WORK OF SAYING YES TO MORE SMALL
BUSINESS OWNERS.
ENTREPRENEURS LIKE SHEILA NAVA
OWNER OF PORTAL LANGUAGES SCHOOL
IN FULLERTON.
WITH A MODEST LOAN FROM
OPPORTUNITY FUND SHE WAS ABLE TO
RENOVATE HER CLASSROOM BY
MATERIALS AND GROW HER BUSINESS
ALL WITH THE HELP OF CAO CAO
PLEASE CONSIDER AN AYE VOTE FOR
S. B. FIVE FIVE ONE AND THANK
YOU FOR SUPPORTING CALIFORNIA
SMALL BUSINESS OWNERS AND THE
LENDERS THAT BACK [inaudible]
THANK YOU.
AND OTHERS THAT ARE IN SUPPORT.
HI THANK YOU CHAIRMAN QUIRK
SILVA AND THANK YOU MEMBERS OF
THE COMMITTEE FOR GIVING ME AN
OPPORTUNITY TO TALK MY NAME IS
HEIDI PICK MEN AND I AM THE
ASSOCIATE DIRECTOR FOR CAMEO THE
CALIFORNIA ASSOCIATION FOR MICRO
ENTERPRISE OPPORTUNITY.
I THINK THIS COMMITTEE FOR TRULY
SUPPORTING SMALL BUSINESSES AND
WE'RE THRILLED THAT THE TWENTY
THREE MILLION DOLLARS THANK YOUS
I'M ASSEMBLY MEMBER CERVANTES.
I'M CHANGES TO THE CAL CUP
PROGRAM HAS DECREASED THE NUMBER
OF LENDERS I'M PARTICIPATING IN
THIS PROGRAM EITHER WITH BY
ENROLLING NEW LOANS OR
CONSIDERATION OF LEAVING THE
PROGRAM --
IT IS IN MOST OF THOSE INCLUDING
SOME CAMEO MEMBERS --
OUR POSITION IS THAT IT WILL
HURT SMALL BUSINESS ACCESS TO
CAPITAL AND FOR THE SMALL MICRO
BUSINESSES THAT NEED AT THE MASS
THANK YOU VERY MUCH.
AND THE REMAINDER WILL JUST TAKE
YOUR ORGANIZATION AND SUPPORT
OKAY THANK YOU VERY MUCH MADAM
CHAIR LAURIE CAMERON
REPRESENTING THE NATIONAL
ASSOCIATION OF WOMEN BUSINESS
OWNERS CALIFORNIA.
AND SMALL BUSINESS CALIFORNIA
AND MARK HERBERT FROM SMALL
BUSINESS MAJORITY SHOULD BE HERE
I THINK HE'S RUNNING TO THE
BUILDING BUT GAVE ME PERMISSION
TO ALSO VOICED HIS SUPPORT.
WE THINK THIS BILL IS VERY
IMPORTANT I THAT BECAUSE FOR NO
OTHER REASON THEN TO MOVE.
THE SMALL BUSINESS FUNDS. TO GO
UP GOBIZ BECAUSE THE LEGISLATURE
WILL HAVE THE ABILITY TO BE
ABLE.
TO LOOK AT THE PROGRAM. TO
EVALUATE THE PROGRAM I'M THAT'S
NOT YOU'RE NOT CAPABLE TO DO OF
DOING THAT WITH PROGRAM IN THE
TREASURER'S OFFICE.
WE WORK VERY CLOSELY --
ARE ASSOCIATIONS WITH COPIOUS
WITH GO BACK WE LIKE THE WAY OR
AYE BAKER WE LIKE THE WAY THAT
THEY'RE SET UP AND WE WOULD
STRONGLY URGE THAT WE MOVE.
THE FUNDING OVER TO MY BANK AND
KEEP IT WITHIN THE GOVERNOR'S
OFFICE THANK YOU THANK YOU.
BOB GOOD MORNING AND THANK YOU
FOR THE OPPORTUNITY TO SUPPORT
THE BILL COME MY NAME IS RUSSELL
SMITH I'M THE CHIEF CREDIT
OFFICER FOR PACIFIC ENTERPRISE
BANK.
WE HAVE BEEN THE LARGEST OF
LINDA DOLLARS AND INVOLVED EVER
SINCE WE OPENED OUR BANKING.
TWO THOUSAND SEVEN WE'VE
SURPASSED THREE HUNDRED MILLION
DOLLARS IN LOAN SOMETIME AGO
SECOND LARGEST LENDER IN THE
COUNTRY AND S. S. B. C. AYE
LENDING.
ACCORDING TO TREASURY STUDY.
I PERSONALLY BEEN INVOLVED IN
THE PROGRAM LONGER THAN ANY
OTHER INDIVIDUAL IN A BANK AND
MADE MORE LONG SO I CONSIDER
MYSELF. TO BE THE MOST
EXPERIENCE LENDER A DEALING WITH
THE PROGRAM SINCE.
NINETEEN NINETY FOUR AND I
STRONGLY SUPPORT THE BILL AND
LOOK FORWARD TO THE
ADMINISTRATION OF THE PROGRAM.
MOVING OVER TIEBREAK WHERE WE
ALREADY WORK WITH THE STATE BANK
LOAN GUARANTEE PROGRAM SMALL
BUSINESS LOAN GUARANTEE PROGRAM
THERE.
AND WE KNOW THAT THEIR EXPERTISE
SPARE.
REALLY SUPPORTS A GOOD PROGRAM
AND WE LOOK FORWARD TO THE
FUTURE EFFICACY AND LONGEVITY
THAT THAT WILL PROVIDE TO THE
PROGRAM.
THANK YOU AND I UNDERSTAND HE
FLEW DOWN OR FLEW UP.
TO THINK YOU.
THANK YOU.
WELCOME THANK YOU I'M JASON
LAYING WITH THE CALIFORNIA
BANKERS ASSOCIATION AND WERE IN
STRONG SUPPORT.
MONNING MADAM CHAIR FILL
VERMEULE IN REPRESENTING
COALITION IS SMALL AND DISABLED
VETERAN BUSINESSES.
IN THE CALIFORNIA FENCE
CONTRACTORS IN STRONG SUPPORT S.
B. FIVE FIVE ONE THANK YOU.
GOOD MORNING BLUSH UPPER
REPRESENTING THE CALIFORNIA
ASIAN PACIFIC ISLANDER CHAMBER
OF COMMERCE IN SUPPORT.
GOOD MORNING DAY BUTLER
REPRESENTING UNITED CHAMBER
ADVOCACY NETWORK A NETWORK OF A
LOCAL CHAMBERS OF COMMERCE HERE
IN SACRAMENTO MARKETPLACE IN
SUPPORT.
THANK YOU.
ARE COVER WITH SMALL BUSINESS
MAJORITY IN SUPPORT.
ALL RIGHT AND LET'S GO AHEAD AND
ASK IF WE HAVE ANYBODY WHO IS
OPPOSED THAT WOULD LIKE.
TO BE ON RECORD.
MORNING CLUB WELCOME.
THANK YOU CHAIR WOMAN SENATOR
HUESO AND MEMBERS OF THE
COMMITTEE I'M RENEE WEBSTER
HAWKINS AND THE EXECUTIVE
DIRECTOR OF THE CALIFORNIA
POLLUTION CONTROL.
FINANCING AUTHORITY AND I WANT
TO THANK THE COMMITTEE FOR ITS
LONG SUPPORT OF THE CAL CAP IN
OTHER PROGRAMS AT CB CFA. FOR
FORTY FIVE YEARS CPC FAA HAS
BEEN A NATIONALLY RESPECTED
SUBJECT MATTER EXPERTS IN PUBLIC
FINANCE.
WITH A MISSION TO UNLOCK PRIVATE
CAPITAL TO SUPPORT PROJECTS
COULD CRITICALLY IMPORTANT TO
STATE AND LOCAL ECONOMIC
DEVELOPMENT.
AND SUSTAINABILITY GOALS.
YES CPC FAA'S ORIGINS STARTED
WITH ISSUING BONDS FOR HARD TO
FINANCE ENVIRONMENTAL PROJECTS
TO ACHIEVE LANDFILL DIVERSION
AND BROWNFIELDS REMEDIATION.
QUICKLY HOWEVER RECOGNIZING THE
GREAT EXTENT TO WHICH FAMILY RUN
AND OTHER SMALL BUSINESSES FILL
THE WASTE MANAGEMENT INDUSTRY
HERE IN CALIFORNIA.
IN NINETEEN EIGHTY ONE CPC A
FAKE CREATED AN INCENTIVE
PROGRAM TO REIMBURSE THE SMALL
BUSINESSES THE COST OF ISSUANCES
TO LOWER THE COST OF DEBT OF
FINANCING AND THAT PROGRAM
REMAINS VIABLE IN STRONG.
TODAY.
THE SMALL BUSINESS ASSISTANCE
FUND THAT CB CFA NURTURED ALSO
BECAME THE SOURCE OF CAL CAP
WHICH CP CFA CREATED IN NINETEEN
NINETY FOUR TO PROVIDE FINANCIAL
INSTITUTIONS.
AN EXTRA CENTER TO LEND TO SMALL
BUSINESSES A POOLED LOSS RESERVE
FUND TO CALL UPON SHOULD ANY
QUALIFYING LOANS TO SMALL
BUSINESSES DEFAULT.
THE DESIGN OF CAL CAP AND THEN
AND NOW IS INTENTIONALLY SIMPLE.
UNLIKE LOAN GUARANTEE PROGRAMS
THAT THE STATE AND THE SMALL
BUSINESS ADMINISTRATION OFFERS
CP CFA DOES NOT UNDERWRITE THE
LOANS WE DIFFER A WHOLLY TO THE
PARTICIPATING LENDERS.
NOR DO WE DIRECT THE
PARTICIPATING LENDERS TO OFFER
CERTAIN LOAN TERMS.
UNLIKE INTEREST BUY DOWN
PROGRAMS THERE'S NO NEED FOR
LENDERS TO DEFER TO MARKET
COMPARISONS TO PRESCRIBE THE
INTEREST RATES THEY OFFER.
INSTEAD THE CAL CAP PROGRAM
MAINTAIN SIMPLE CRITERIA FOR
DETERMINING THE ELIGIBILITY OF
ELIGIBLE BORROWERS AND THE USES
OF LOAN PROCEEDS AND DEFERS TO
THE CREDIT POLICIES OF THE
PARTICIPATING BANKS.
LENDERS SUBMIT A TWO PAGE
APPLICATION TO CP CFA TO ENROLL
LOANS AND THE COW CAP PROGRAM
AND CAN EVEN DO THAT AFTER THE
LOAN IS DISBURSED SO THAT THEIR
FIRST PRIORITY REMAINS WITH
SERVING THEIR SMALL BUSINESS
BORROWERS.
AND PROVIDING THAT THE CAPITAL
THAT THEY NEED.
UNDER THIS ADMINISTRATION THE CP
CFA AND THE LEADERSHIP OF CP CFA
HAS FOLLOWED TWIN STARS HIGH
CUSTOMER SERVICE AND PRUDENT
ADMINISTRATION OF PUBLIC FUNDS.
IN EVERY PROGRAM EVERY BUSINESS
IT TRANSACTION EVERY DECISION WE
REFERENCE THESE EQUALLY
IMPORTANT VALUES.
SO WHAT DOES THIS LOOK LIKE AND
CAL CAP.
IT MEANS THAT OUR ANALYSTS HAVE
A PERSONAL RELATIONSHIP WITH THE
LOAN OFFICERS AT EACH OF THE PER
CAPITA IS A PAYDAY LENDING
INSTITUTIONS.
IT MEANS NOT INSERTING OURSELVES
UNNECESSARILY BETWEEN THE
LENDERS IN THEIR BORROWERS SO
THAT THE LENDERS CAN CONTROL THE
CLIENT RELATIONSHIP.
IT MEANS WORKING INNOVATIVELY
WITH THE LENDERS TO ASSIST THEM
WITH COMPLEX PORTFOLIO SALES AND
ACQUISITIONS.
IT MEANS THAT THE STAFF IS
READILY AVAILABLE TO DISCUSS
NOVEL LENDING SCENARIOS IN A
CHANGING ECONOMY WITH THE
LENDERS AND HOW ARE SIMPLE RULES
APPLIED OF THOSE SCENARIOS.
IT ALSO MEANS BEING CONSISTENT
OPEN AND TRANSPARENT IN ALL
DECISION MAKING AND OPERATIONS
OF THE PROGRAM.
IT MEANS MAINTAINING THE
ADMINISTRATIVE COSTS OF THE
PROGRAMS TO WELL BELOW 5% OF OUR
ANNUAL PROGRAM EXPENDITURES
DESPITE RISING COSTS OF OVERHEAD
IN OTHER EMPLOYEE BENEFITS.
IT ALSO MEANS WALKING A DELICATE
TYPE TIGHT ROPE BETWEEN ALLOWING
THE PROMISE AND LIGHT TOUCH OF
THE CAL CAP PROGRAM TO FLOURISH
WHILE KEEPING WATCH TO ENSURE
THAT THE PROGRAM DOESN'T
UNINTENTIONALLY INCUBATE A
PORTFOLIO OF TROUBLED ASSETS.
AFTER THE NATIONAL TRAGEDY
SPURRED FROM WIDESPREAD SUBPRIME
LENDING EVERYONE OF US IN THIS
ROOM ARE IT.
ARE FOCUSED ON BEING GOOD
STEWARDS TO ENSURE THAT WE ARE
NOT UNWITTINGLY SUBSIDIZING
PROGRAMS ENCOURAGE UNWISE
LENDING.
SO ADMITTEDLY MUCH OF THE REASON
WHY I THINK WE ARE HERE IS DUE
TO THE MIXED RECEPTION ABOUT CPC
FAA'S ADOPTION OF WHAT WE CALL
OVER CAPTURE MECHANISM AND CAL
CAP FOR SMALL BUSINESS PROGRAM.
AND I WANT TO TAKE A MOMENT TO
EXPLAIN TO YOU WHAT IT IS ON IT
IT SOUNDS LIKE YOU'VE BEEN
SHARED OR SUGGESTED TO YOU THAT
IT'S HARMFUL.
AND THAT IT WAS SPRUNG PERHAPS
UPON THE LENDERS THROUGH HASTILY
ADOPTED.
EMERGENCY REGULATIONS BUT IN
FACT [inaudible]
WHEN?
CBC FAA AS WELL AS THE AYE BANK
RECEIVED OUR FEDERAL AS S. B. C.
I MONIES WE WERE DIRECTED TO
MAKE SURE THAT THOSE MONIES WERE
SUSTAINABLE BEYOND THE FIRST
EXPENDITURE OF THOSE FUNDS.
AND SO TWO YEARS BEFORE OUR RULE
MAKING LAST SUMMER WE BEGIN A
DIALOGUE WITH THE LENDERS ABOUT
THE NEED TO SET SOME KIND OF
LOAN --
RULES AND PARAMETERS ON THE LOS
RESERVE ACCOUNTS IN ORDER TO
SUPPORT AN INCREASE CONTINUED
SMALL BUSINESS LENDING LONG
AFTER THE FIRST EXPENDITURE THE
FEDERAL FUNDS.
CB CFA ENCOURAGE DIALOGUE
THROUGH MULTIPLE ROUND TABLES
INFORMAL CONVERSATIONS WITH
LENDERS ANNOUNCEMENTS
PRESENTATIONS AT MONTHLY BOARD
MEETINGS AND ULTIMATELY A PUBLIC
SYMPOSIUM IN APRIL.
TWENTY SEVENTEEN IN WHICH THE
LENDERS WHO SPOKE ALL SUPPORTED
A RECAPTURE MECHANISM TO SUPPORT
THE SUSTAINABILITY OF THE
PROGRAM.
FOLLOWING THAT SYMPOSIUM THE CFO
OF THE NAME SPONSOR OF THIS BILL
OFFERED FULL SUPPORT FOR THE
RECAPTURE FORMULA THAT WAS
WRITTEN INTO S. B. FIVE FIVE ONE
IN JUNE.
TWENTY SEVENTEEN STATING TO ME
DIRECTLY NO ONE CAN CALL THIS
UNREASONABLE.
ADDITIONALLY HE AND OTHER
LENDERS URGED CP CFA TO MOVE
WITH PASTE WITH OUR REGULATIONS
SO THAT THERE WOULD BE NO BREAK
IN THE PROGRAM FOLLOWING THE
DEPLETION OF FUNDS.
SO INDEED THE IDEA EVERY CAPTURE
ON A LOS RESERVE RATHER CREDIT
ENHANCEMENT IS NOT NEW.
OTHER PUBLICLY FUNDED LOSS
RESERVE PROGRAMS INCLUDE MAXIMUM
FINE THRESHOLDS RANGING FROM
5220% BASED ON OUR SURVEY ACROSS
THE NATION.
ARE COLLATERAL SUPPORT PROGRAM.
WITH A STEP DOWN RECAPTURE OF
THE AMOUNT OF CASH COMMENSURATE
WITH THE DRAWDOWN OF IN THE PAY
OFF THE OF THE OUTSTANDING
BALANCE.
THE CAL CAP ATA AND CAL CAP
SEISMIC SAFETY PROGRAMS APPROVED
AND FUNDED BY THIS LEGISLATURE
DIRECTED US TO INCLUDE RECAPTURE
FEATURES.
AND IN TWENTY SIXTEEN THE AIR
RESOURCES BOARD DIRECT US TO
INCORPORATED.
MECHANISM AS WELL.
SO THE CAL CAP FOR SMALL
BUSINESS REMAINS THE ONLY LOSS
FOR THE RESERVE PROGRAM THAT WE
OPERATE WITHOUT.
ONE THIS COMMITTEE SUPPORTED THE
RECAPTURE MECHANISM WITH SIX
EYES IN JUNE TWENTY SEVENTEEN
BECAUSE IT SERVE THOSE TWIN
GOALS OF SERVING MORE SMALL
BUSINESSES WILL PRUDENTLY
MANAGING PUBLIC FUNDS.
ALSO IN JUNE TWENTY SEVENTEEN
THE BOARD OF CP CFA CONVENED A
PUBLIC MEETING WITH AN IN DEPTH.
PRESENTATION AND DISCUSSION OF
HOW IT WOULD WORK INCLUDING THE
ADDITION OF AN OPT IN FEATURE TO
ALLOW EACH LENDER TO ELECT
WHETHER OR NOT TO PARTICIPATE IN
THE RECAPTURE.
I ALSO DO WANT TO CORRECT SOME
PART OF THE RECORD BEFORE YOU
TODAY THE ANALYSIS ANALYSIS THAT
WAS PUBLISHED YESTERDAY.
SUGGESTS THAT IT WAS BASED ON A
PRESENTATION --
AND STATEMENTS MADE AT A JULY.
DIED TWENTY SEVENTEEN BOARD
MEETING OF CP CFA THAT PERHAPS
TRIGGERED THE LENDERS TO BACK
AWAY FROM THE JUNE TWENTY
SEVENTEEN VERSION OF THE BILL.
AND CHANGE COURSE BUT THAT IS
NOT QUITE TRUE.
THE BILL WAS PULLED FROM THE
BANKING COMMITTEE THE WEEK
BEFORE THAT CB CFA BOARD MEETING
AND AN EMAIL FROM --
THE AUTHORS STAFF TO ME BEFORE
THAT BOARD MEETING CONFIRMED THE
INTENT.
SIDE TO SHIFT GEARS.
INDEED THE LENDERS ARE NOT A
MONOLITHIC GROUP WE PRIDE
OURSELVES IN OFFERING A SIMPLE
AND ACCESSIBLE LOAN LOSS RESERVE
PROGRAM.
ADMITTEDLY IT'S DIFFICULT OFFER
A PROGRAM THAT MEETS THE LENDING
PORTFOLIOS.
SUCH A WIDE VARIETY OF LENDERS
FROM SMALL NONPROFIT CDF EYES TO
COMMUNITY BANKS TO CORPORATE
LENDERS.
FROM OUR VANTAGE POINT AT THE
TREASURER'S OFFICE WE SEE.
THE STRESSES IN THE BANKING AND
LENDING IS IN INDUSTRY WE SEE
THE 46% REDUCTION IN LENDING
INSTITUTIONS IN CALIFORNIA OVER
THE LAST TEN YEARS.
WE ALSO SEE ALTERNATIVE
FINANCING OPPORTUNITIES ENTER
THE ARENA AND APPLAUD THE
ADVOCACY TO PUT A LID ON
PREDATORY BUSINESS LENDING.
WALL AT THE SAME TIME SUPPORTING
PUBLIC FINANCING SOLUTIONS THAT
MEET THE NEED OF THE
ENVIRONMENTAL JUSTICE
COMMUNITIES AND OTHER
UNDERSERVED BUSINESSES.
AND SO IN THAT TMOSPHERE WE
APPRECIATE THAT ANY PROGRAM
IMPROVEMENT WE OFFER MAY NOT BE
A PERFECT FIT. FOR EVERY LENDERS
BUSINESS PLAN BUT NONETHELESS
WE'VE ALWAYS REMAINED AN HONEST
BROKER AND COMMITTED TO OUR DUAL
START DRIVERS OF HIGH CUSTOMER
SERVICE AND PRUDENT OVERSIGHT.
AND WE ALSO APPRECIATE THAT
WHILE SOME LENDERS MAY WANT
INCREASED FLEXIBILITY OR NEW
TOOLS TO MEET THE CHANGING
MARKET.
AT THE VERY SAME TIME WE'RE TOLD
BY LENDERS LOWER AND BE MORE.
SO IT IS INDEED A FINE TYPE
WROTE THAT WE WERE POCKET WE
RESPECT THAT.
GIVEN THE SIGNIFICANT PROGRAM
CHANGES THIS LAST YEAR IT IS
NOTABLE THAT LENDER CONFIDENCE
DOES REMAIN STRONGER THAN EVER
AS EVIDENCED BY THE FACT THAT
RIGHT NOW LOAN ENROLLMENT VOLUME
IS UP OVER THIS TIME LAST YEAR.
SO ADMITTEDLY IN ADDRESSING YOU
THIS MORNING TRYING TO FIND OUT
THE REAL REASON FOR MOVING THE
PROGRAM.
WHICH IS SUCCESSFUL BY EVERY
MEASURE AWAY FROM THE
ADMINISTRATION THAT GAVE BIRTH
TO IT AND RAISED IT.
HAS FELT A LITTLE BIT LIKE
PUNCHING A PILLOW THE RATIONALE
HAS CHANGED FROM CONVERSATION TO
CONVERSATION AND FROM DAY TO
DAY.
SO WITH THAT I WOULD DO REMAIN
PRESENT TO ANSWER ANY QUESTIONS
YOU HAVE I WOULD LIKE IDENTITY
TREASURER STEVE WHEREAS TO ALSO
HAVE SOME COMMENT SINK.
THANK YOU THANK YOU CHAIRWOMAN
AND TO THE MEMBERS OF THE
COMMITTEE AND SENATOR HUESO IT'S
MY PLEASURE TO BE HERE MY NAME
IS STEVE WHERE AS I'M THE CHIEF
DEPUTY TREASURER FOR ECONOMIC
DEVELOPMENT IN THE STATE
TREASURER'S OFFICE I'M HERE TO
REPRESENT.
A STATE TREASURER JOHN CHUNG I
ALSO CAN AND CONVEY THE
OPPOSITION OF CONTROLLER BETTY
AND I THINK HER LETTER
MUST GOT LOST IN TRANSIT BUT
THEY'VE INDICATED TO US THAT
THEY ARE ALSO OPPOSED TO THE
BILL -- I'M
HERE IN PARTICULAR BECAUSE I
CHAIR THE CALIFORNIA POLLUTION
CONTROL FINANCE AUTHORITY ON
BEHALF OF THE TREASURE AND SO I
KNOW.
A LITTLE BIT TO INTIMATELY HOW
HOW THE PROGRAM WORKS --
WE'VE RD SHARE WITH COMMITTEE I
THINK A TREMENDOUS SUCCESSES
THAT -- THAT
WE'VE WITNESSED OVER TWENTY FIVE
YEARS OF THE PROGRAM --
IN FACT SINCE THAT TREASURE TOOK
OFFICE IN NINETEEN IN TWENTY
FIFTEEN WE SEEN A METEORIC RISE
IN THE NUMBER OF APPLICATIONS
THE NUMBER OF BUSINESSES THAT
ARE SIR.
I THINK THAT WAS SOMEWHAT
EVIDENT IN THE INFORMATION THAT
YOU RECEIVE FROM THE PROPONENTS.
OF THAT FACT IS CONTINUE TO BE
SUCCESSFUL PROGRAM THE QUESTION
WHETHER THAT CONTINUES TO BE THE
CASE BUT AS RENEE JUST SAID IN
THE LAST YEAR WE'VE ACTUALLY
SEEN AN INCREASE.
IN THE NUMBER OF APPLICATIONS SO
YOU'RE BASICALLY LOOK AT A
PROGRAM THAT NOT ONLY SUCCESSFUL
IN DOING OUTREACH.
BUT IN PARTICULAR DOING OUTREACH
TO LEVERAGE PRIVATE DOLLARS WHEN
WE ENTERED OFFICE.
THE A LEVERAGE RATIO IS.
SIX ONE IT'S NOW 1-821- THAT
MEANS FOR EVERY DOLLAR THAT WE
PUT IN A LOAN LOSS RESERVE.
EIGHTEEN DOLLARS OF PRIVATE
ACTIVITY ARE TAKING PLACE OUT IN
THE CALIFORNIA BUSINESS
ENVIRONMENT I THINK THAT'S
PRETTY INCREDIBLE.
UP I SHOULD ALSO MENTION THAT WE
HAVE A VERY EXTENSIVE OUTREACH
TO THOSE WHO HAVE TRADITIONALLY
BEEN UNDER SIR.
AND THAT INCLUDES BOTH THE IN
AND MINORITY COMMUNITIES THAT WE
NEED TO HAVE TRADITIONALLY HAD A
HARD TIME WITH ACCESS TO
CAPITAL.
THEY NOW RECEIVE 61% OF THE
LOANS THAT ARE MADE TO THE CAL
CAP PROGRAM I THINK ANOTHER
REMARKABLE STEP.
SO WITH ALL THAT SAID YOU MIGHT
ASK WHAT WOULD WE DOING HERE
TODAY WHY ARE WE PROPOSING TO
TAKE THIS PROGRAM AWAY.
FROM A VERY SUCCESSFUL PROGRAM
FOR TWENTY FIVE YEARS AND HANDED
OVER TO ANOTHER STATE AGENCY.
WELL AS RENEE HAS SUGGESTED IT
BOILS DOWN TO ONE THING.
THE RECAP YOUR PROVISION WHICH
WE ADOPTED AS SUPPORT LAST YEAR
ON THAT BOARD INCLUDES BOTH THE
TREASURE CONTROLLER.
AND DIRECTOR FINANCE WILL VOTED
UNANIMOUSLY TO ADOPT THAT
PROVISION WHAT THAT PROVISION
DOES IS IT SAYS.
BUT I LENDERS IF YOU HAVE IDLE
FUNDS THAT WE PROVIDE YOU THE
CAL KEPT PROGRAM THAT YOU ARE
NOT MAKING LOANS WITH.
THAT MONEY SHOULD BE RETURNED TO
THE STATE RETURN TO SEE BEEFY
CFA SO THAT WE CAN FUND.
MORE BUSINESSES AND THAT'S IN
FACT WHAT WE'VE BEEN DOING --
AND IN FACT WE'VE GOTTEN COMPLY.
WHO BOUGHT IT OUT?
YOU KNOW THAT WE WE PERFECTLY
UNDERSTAND THAT BUT WE THINK.
THAT IF YOU'RE GOING TO RUN A
SUCCESSFUL PROGRAM YOU SHOULD
PUT THAT MONEY TO WORK IT
SHOULDN'T BE USED --
BY MANY OF THE PROPONENTS OF
THIS BILL TO BASICALLY PAD THEIR
THEIR ASSET SHEETS THAT'S JUST
NOT WHAT THE PROGRAM WAS
INTENDED TO DO.
IS NOT IN THE SPIRIT OF SMALL
BUSINESS.
SO I IMPLORE YOU TO THINK ABOUT
THAT THAT IN FACT THAT'S THE
WHOLE PURPOSE FOR WHY WE'RE HERE
TODAY.
AND A WHAT IT SEEMS TO BE IS
JUST A BRAZEN ATTEMPT. TO CHERRY
PICK WHICH STATE AGENCY ARE WE
GOING TO DO BUSINESS WITH.
THAT TENDS TO BE THE LENDERS
CREDO AND IF.
FOR IT WE WANT TO BE SUPPORTIVE
THAT WE SHOULD ALLOW A LOT OF
OTHER PEOPLE TO GO AND PICK
THEIR OWN STATUS.
I HAPPEN TO SIT ON THE AYE BACK
ON BEHALF OF THE TREASURE AND I
HAVE GREAT RESPECT FOR THE IBEX
STAFF BUT I CAN I CAN ASSURE
YOU.
THAT AT LEAST FOR THE
FORESEEABLE FUTURE THEY WILL NOT
RUN THIS PROGRAM AS EFFICIENTLY
AS AS THE CAL CAP PROGRAM THAT'S
ADMINISTERED.
BY CPC IF THEY BECAUSE THEY
DON'T HAVE THE KNOWLEDGE OR THAT
EXPERIENCE IN THIS PARTICULAR
AREA OF LOAN LOSS RESERVE SO.
AGAIN I ASK THAT --
I WOULD SUGGEST THAT WE OPEN
THIS UP FOR AN INTERIM HEARING I
THINK THAT'S A PERFECT SETTING
TO TRY TO ADDRESS.
WHAT THE ISSUES ARE HERE I DON'T
THINK YOU'RE GONNA FIND AT ALL
ON THIS BILL?
SO WITH THAT I'LL CONCLUDING IF
HAPPY TO ANSWER ANY QUESTIONS
THAT YOU MIGHT HAVE.
THANK YOU MEMBERS DO WE HAVE ANY
QUESTIONS.
ALRIGHT WITH THAT DO WE HAVE
ANYBODY ELSE WHO OWN I'M SORRY
WHAT IF THERE'S ANYBODY ELSE IN
OPPOSITION THAT MORNING HERE
FROM YEAH YOU KNOW IF THERE'S
ANY ANYBODY ELSE WHO IS OPPOSED.
IF YOU ARE PLEASE STATE YOUR
NAME AND GOOD MORNING WE'RE JUST
GONNA STATE ARE NAMED
ORGANIZATION MY NAME IS SHARON
EVANS CURRENT MEMBER BOARD
MEMBER OF THE CALIFORNIA CHAMBER
OF COMMERCE.
A MEMBER OF THE MILKEN
INSTITUTE.
ON STEERING COMMITTEE FOR
MINORITY CAPITAL ACCESS AND I
CHAIR THE HEALTH SOUTHERN
CALIFORNIA MINORITY BUSINESS
ALLIANCE.
AND YOUR POST I AM A POST OKAY
THANK YOU.
AND THANK YOU MISTER MORRIS.
AND WOOD I PUT THERE ARE SOME
QUESTIONS WILL GO AHEAD AND TAKE
THOSE ASSEMBLY MEMBER BERMAN
GREAT THANK YOU VERY MUCH --
SO I THOUGHT --
AND I'VE A IMMENSE AMOUNT OF
RESPECT --
FOR CENTER HUESO MAYBE NOT YOUR
PUNCTUALITY THIS MORNING BUT BUT
DEFINITELY FOR THE SENDER --
BUT ALSO --
FOR YOU KNOW TREASURE --
CHUNG IN CONTROLLER YE --
AND THERE SEEMS TO BE A REAL
DIVIDE AS TO WHY WE'RE DOING
THIS AND WHETHER OR NOT IT'S IN
THE BEST INTERESTS OF THE
PROGRAM.
IN THE SMALL BUSINESSES THAT
WE'RE TRYING TO LAND TO SO --
I GUESS ONE QUESTION THAT I HAVE
IS IT YOU KNOW IF.
IF THE FRUSTRATION SEEMS TO BE
AROUND THIS RECAPTURE THE UP
POLICY.
BUT THERE EEDS TO BE AWAY THEM
DIDN'T TAKE CONTINUE TO HAVE THE
PROGRAM BE SUSTAINABLE WHICH I
THINK THAT WAS MEANT TO ADDRESS
WHAT ARE THE PLANS YOU KNOW
REMOVE THIS FROM FROM THE OTHER
KERN AGENCY.
TO TO GOBIZ WHAT'S GOBIZ GONNA
DO DIFFERENTLY TO MAKE SURE YOU
HAVE TO MAKE SURE THAT WE
MAINTAIN THE SUSTAINABILITY OF
THE PROGRAM IF THEY'RE PLANNING
ON ROLLING BACK THE IDEA OF
RECAPTURE [inaudible]
WELL.
IF YOU LOOK AT THE HISTORY OF
THE AYE BACK THE AYE BACK ALSO
HAS A VERY ILLUSTRIOUS HISTORY.
OF OF GATHERING FUNDS OF
DISBURSING FUNDS MAKING LOANS OF
MANAGING A VERY VERY LARGE
PORTFOLIO --
THEY ARE --
WORKING WITHIN THE GOBIZ
DEPARTMENT WHICH I BELIEVE IS
WITHIN ITSELF THE GLOBALIST
ABOUT PARTNER WAS PUT TOGETHER.
ABOUT SIX YEARS AGO UNDER
PROGRAM THAT I WAS INVOLVED IN
IT TRYING TO CREATE A VERY
COMPETITIVE.
A BUSINESS AGENCY HERE IN THE
STATEWILL THAT WILL FOCUS ON
BUSINESS EXPANSION A RETENTION.
SO WITHIN THE FRAMEWORK OF WHAT
WE ESTABLISH FOR GOLD IS SO I
MEAN.
IF YOU LOOK AT THE GLOBUS
PROGRAM AND WHAT.
WHAT THE POWERS THE LEGISLATURE
GAVE TO GO BASE TO TO BUSINESS
EXPANSION OR RICK RETENTION IN
THE?
I DON'T THINK THAT THERE IS
ANOTHER STATE.
IN THE COUNTRY THAT HOUSE THAT
PORTFOLIO THAT WE PROVIDED
GULBIS TO DO.
A TAX CREDITS --
BUSINESS SUPPORT SERVICES JUST
THE WHOLE ARRAY OF PROGRAMS THAT
ARE ESSENTIALLY HERE.
THAT ASSISTING PEOPLE THAT
STRAINING CALIFORNIA MOVING TO
CALIFORNIA AND THRIVING IN
CALIFORNIA.
THEY HAVE A FOOTPRINT THAT'S
ACROSS THE STATE.
AND THEY'VE BEEN ABLE TO
PENETRATE ALL PARTS OF THE STATE
EQUALLY.
AN EQUALLY PROVIDE INCENTIVES
ACROSS THE STATE. ONE OF THE ONE
OF THE CRITICISMS THAT HAS HAS
COME OUT OF THIS I'VE BEEN
INVOLVED IN THIS I THINK THERE'S
A LOT OF STAKEHOLDERS.
THE UN IT ON EVEN.
ALLOCATION OF FUNDS ACROSS THE
STATE OF CO CAP.
CAL KEPT WHICH WILL WAS SUPPOSED
TO REACH EVERY PART OF THE
STATE.
AND I'M VERY CRITICAL AT HOW --
THOSE FUNDS WERE ALLOCATED TO
BUSINESSES THEY WERE.
THERE THEIR ENORMOUS --
EMPTIED A AREAS OR DEATH OR OR
OR FINANCE DESERT'S ACROSS THE
STATE ONE OF THEM IS MY
DISTRICT.
CAL CAP --
HAD ZERO TO KNOW A LOANS IN MY
DISTRICT AND AND I ACTUALLY
WORKED VERY HARD TO WORK WITH
THE BUSINESS COMMUNITY IN MY
DISTRICT.
THE LENDERS IN MY DISTRICT THE
MEDIA IN MY DISTRICT TO GET THIS
PROGRAM --
PROMOTED AND YET NO LOW LOANS
WERE MADE AND BUT I THINK THAT
THAT YOU KNOW.
LOOK THE THE I AM NOT I'M NOT
HERE TO DISPARAGE ANYBODY I'M
JUST SAYING AS A LEGISLATURE WE
CAN.
WE WE CAN --
WORK WITH OUR STATE LIFT
STAKEHOLDERS AND COMMUNITY IN
THE PEOPLE THAT ARE EXPERTS IN.
IN AND WANTED PARTICIPANTS
PROGRAM I HAD A HARD TIME
GETTING LENDERS IN MY COMMUNITY.
TO A PARTICIPANT PROGRAM A LOT
OFTHEM HAD NOT EVEN HEARD OF IT
AND I UNDERSTAND.
YOU KNOW THE THEY CP.
THE CBC FAA.
HAS BEEN VERY SUCCESSFUL AND IN
CERTAIN AREAS AND THEY HAVE AND
THEY HAVE A GREAT STAFF AND THEY
HAVE DONE A GREAT JOB
ADMINISTERING THE PROGRAM BUT IT
CAN BE DONE BETTER.
AND IT CAN BE PUT IN WITH AN
APARTMENT THAT IS FOCUSED.
ON PROVIDING THE SERVICES --
WITH TWO PEOPLE THAT HAVE
CONTACT WITH EVERYDAY.
AND I THINK THAT THAT IS WHAT
WE'RE TRYING TO ACCOMPLISH HERE
WE'RE TRYING TO MAKE THIS
PROGRAM SUSTAINABLE.
IT HAS NOT BEEN --
IT IN THAT REGARD I MEAN WE HAVE
BEEN PUTTING MONEY INTO THIS
PROGRAM AND IT SHOULD BE AT
THOSE FUNDS SHOULD NOT ONLY
REGENERATE BUT GROW.
AND THAT IS MY HOPE AND DOING
THIS AND AGAIN I'M WORKING WITH
A LARGER STAKEHOLDER COMMUNITY
UNDERSTAND DEPARTMENT SUPPOSED.
BUT IF YOU LOOK AT THE LARGER
STAKEHOLDER COMMUNITY THERE IN
SUPPORT IN THIS NOT JUST LENDING
INSTITUTIONS.
IT'S A CHAMBERS OF COMMERCE IT'S
A BUSINESSES THEMSELVES --
IT'S IT'S BEEN INCLUDES LENDING
INSTITUTIONS WITHOUT THEM WE CAN
NOT DIMINISH AKAKA.
THEY'RE THE ONES THAT ARE THE
THAT HAVE THE INFRASTRUCTURE IN
THE RESOURCES AND THE EXPERTISE
TO ISSUE THESE LOANS.
WITH THE SUPPORT OF THE STATE OF
COURSE BUT THEY ARE OUT THERE IF
WE CAN GET THEM TO PARTICIPATE.
THIS MONEY WILL NOT FLOW EQUALLY
ACROSS THE STATE WHICH IS WHAT
WHAT SHOULD BE DONE SHOULD BE
EQUITABLE ACCESS FOR ALL PEOPLE
OF CALIFORNIA EVERY SINGLE
COUNTY.
IN EVERY SINGLE COMMUNITY.
THANK YOU YOU CANNOT SORRY CHEN
JUST TO FOLLOW UP --
TO THANK YOU VERY MUCH AND I
WANT TO GIVE YOU A CHANCE TO
REPLY IN A SECOND BUT I'M STILL
TRYING TO UNDERSTAND IF WE
CHANGE IT.
DO YOU KNOW FOR TRANSFER TO A
DIFFERENT AGENCY WHAT IS THAT
AGENCY GONNA DO DIFFERENTLY TO
MAINTAIN ITS SUSTAINABILITY --
ME SPECIFICALLY IF THEY'RE NO
LONGER NEEDED AND IF THEY'RE NO
LONGER GOING TO BE UTILIZING
RECAPTURE POLICY.
WHAT?
WHAT'S THE PLAN AND HOW YOU KNOW
BY.
I COULD SPEAK TO THAT AS A BAKER
EAT DO YOU LIKE WHAT I'M TRYING
TO MIKE UP A LITTLE CLOSE LIKE
THAT SHE'S MAD AT ME TO BUT IT.
A RECAPTURE SEEMS TO BE THE BIG
ISSUE HERE AND OBVIOUSLY
SUSTAINABILITY OF THE PROGRAM.
I HAPPEN TO KNOW THAT THE PEOPLE
THAT I BANKER BANKERS I THINK
LIKE BANKERS THEY UNDERSTAND
ECONOMICS THEN UNDERSTAND
FORECASTING.
THEY UNDERSTAND RESERVES THEY
ALSO UNDERSTAND THAT THE LOSSES
THAT BANKS TAKEN THE PORTFOLIOS.
FOR THE PAST EIGHT YEARS ON A
REALLY NOTHING COMPARED TO WHAT
THEY COULD BE IN A DOWN CYCLE
JUST TAKE A LOOK AT WHAT
HAPPENED AFTER TWO THOUSAND AND
EIGHT SO THAT THE ARBITRARY.
LEVEL OF RESERVES THAT WAS
DICTATED WITH THE RECENT
LEGISLATION --
WAS THAT IT JUST SET ARBITRARY
THAT PICKED A NUMBER 10% SHOULD
BE ALL YOU NEED.
WELL WHEN YOU'RE MAKING LOS
TOMORROW TO MARGINAL BORROWERS
YOU TO BE READY FOR THAT DOWN
CYCLONE ECONOMY HAS A BANK.
I HAVE TO PROVE TO MY REGULATORS
THAT I'M READY FOR THAT THAT
I'VE FACTORED IN FACT THERE'S A
WHOLE NEW --
ACCOUNTING INDUSTRY STANDARD FOR
THE BANKS TO CALCULATE THE
RESERVES NOT BASED ON THE OLD
WAY.
BASED ON LIFE OF THE LOAN
INCLUDING THE LIKELIHOOD OF A
DOWN ECONOMY.
SO I CANNOT SAY CATEGORICALLY
THAT THE ARBITRARY 10% LEVEL OF
RESERVES THAT WAS STATED TO BE
OF OF APPROPRIATE INSUFFICIENT
IN THIS LEGISLATION.
IS IN FACT A GOOD NUMBER NUMBER.
ONE SO WHEN YOU SAY WELL WHAT
YOU KNOW WHAT'S GOING TO BE
BETTER AT IBEC I JUST THINK THAT
THEY'RE BANKERS THEY UNDERSTAND
THE BIG PICTURE OF WHAT LENDERS
ARE UP AGAINST.
IN TERMS OF WHAT'S YOU KNOW
WHAT'S A WRITER'S RESERVE MAN
HOW DO YOU GET THERE I'LL TELL
YOU WHAT I DID.
AT MY BANK AND I THINK I'M
PRETTY MUCH THE TARGET OF THE
STATEMENT.
THAT WE HAVE VITAL RESERVES THAT
WERE JUST HOLDING ON TO THEY
DON'T SHOW UP ON OUR BALANCE
SHEET.
I CREATED THE IDLE RESERVES BY
DOING PRUDENT LENDING NOT TAKING
LOSSES DURING A LOT OF LOANS.
AND I DID IT BECAUSE I WANTED TO
HAVE A I KNEW THEIR AGENCY WAS
RUNNING OUT OF FUNDS EIGHT YEARS
AGO EVERYBODY KNEW.
THE FUNDS WERE GOING TO RUN OUT.
THEN THIS S. B. C. I'M WHEN HE
SHOWED UP.
WE SAID WE STILL KNEW THAT IT
WOULD RUN OUT IN APRIL OF LAST
YEAR BUT YOU KNOW WE KNEW WAS
COMING WE ALSO KNEW THE SIXTY
MILLION DOLLARS HAD TO BE SPENT.
OR THEY WOULD LOSE IT HAVE TO
GIVE IT BACK TO THE US TREASURY.
SO THEY CREATED A MECHANISM TO
GRAB THAT SIXTY MILLION DOLLARS
RATHER THAN TO GIVE IT BACK THEY
PUT IT IN THE COLLATERAL
ENHANCEMENT PROGRAM WHERE IT
STILL IS.
THAT PROGRAM DOESN'T LEVERAGE
FUNDS.
ANYWHERE NEAR WHAT THE CAPITAL
ACCESS PROGRAM GOES.
THE US TREASURY STUDY OF A
COUPLE YEARS AGO SAID THE
CAPITAL ACCESS PROGRAMS LEVERAGE
YOUR PUBLIC FUNDS THE MOST OF
ANY PROGRAM AND A BANK LENDER
DOES IT PRUDENTLY AND DOESN'T
TAKE LOSSES THAT COULD BE
PERPETUAL.
THAT'S WHAT I INTENDED WHEN I
KNEW.
THAT THE FUNDS WERE GOING TO RUN
OUT A CREATED SURPLUS RESERVES
AND I VOLUNTEERED TO THE
DIRECTOR THAT WE WOULD BE
WILLING TO MAKE LOANS WITH NO
CONTRIBUTION TO RESERVES.
IF WE WERE ALLOWED TO USE OUR
RESERVE POOL THE WAY WE WANTED.
TO I HAD MANY CONVERSATIONS FOR
TWO YEARS AND EVERYTHING I SAID
PRETTY MUCH I COULD NOT COME.
A RESPONSE HERE BUT WE
APPRECIATE THIS AND I DO WANT TO
REMIND EVERYBODY THIS IS DOUBLE
REFERRED TO BANKING AND SO WILL
HAVE THAT INPUT AS WELL THINK
FUTURE WOMAN I I'LL TRY TO BE AS
BRIEF AS I CAN'T --
LET ME FIRST GO TO THE ISSUE OF
WHAT WOULD HAPPEN.
BOB YOU HAVE RECOGNIZING GO BACK
TO THE FACT THAT THIS IS
PUNCTURED.
PRIMARILY BY THE LEADING
INTRIGUED BY CALIFORNIA BANKERS
ASSOCIATION SO THEY WANT TO
DICTATE WHAT'S GONNA HAPPEN I
CAN ASSURE YOU BECAUSE I
CHECKED.
BUT NO ONE IT AT GOBIZ OR THE
AYE BANK HAVE INDICATED ANY
INTEREST IN TAKING THIS PROGRAM
OVER.
SO LET'S BE VERY CLEAR ABOUT
THAT YOU'RE GONNA GIVE THEM A
PROGRAM FOR WHICH THEY HAVE NOT
INDICATED ANY INTEREST
[inaudible] TO ASSUME.
I'M TO GOAD SO WHAT WILL HAPPEN
IN THE FUTURE IS MORE THAN
LIKELY THEY'RE GOING TO GET
HEAVILY LOBBIED. TO DROP TO
RECAPTURE PROVISION SO THAN FACT
THE LANDERS CAN CONTINUE TO KEEP
THAT MONEY IN AND WITH
REGARDLESS OF MISREPRESENTATION.
THAT'S EXACTLY WHAT HE WOULD
LOVE TO DO IS KEEP THAT MONEY
AND BASICALLY HOLD IT FOR
HIMSELF EVEN THOUGH HE BE ISN'T
USING IT IF HE WANTS TO MAKE NEW
LOANS THAT'S GREAT.
BUT I'M JUST SAYING WHY WOULD WE
OPEN THAT BACK INTO.
I MEAN WHICH WE'VE ACTUALLY
ADDED TO OUR ROSTER.
SINCE WE DON RECAPTURE WE HAVE
NEW LENDERS.
AND SO AGAIN IT'S I THINK THIS
THIS BOILS DOWN TO THIS ONE
ISSUE.
IS THAT WHERE IS RECAPTURING
GOING TO END UP AND WHO'S GOING
TO ENFORCE IT AND IF.
IF -- AGAIN
UP FOR THE LIMITED TIME THAT
I'LL BE ON THE AYE BANK WORK I
WOULD CERTAINLY.
PUSH THEM IF THEY WERE TO GET
THIS PROGRAM. TO CONTINUE TO
HOLD THE LENDERS FEET TO THE
FIRE BUT AGAIN THAT'LL BE A
DECISION PRIDE WELL BEYOND THE
TIME.
THAT I'M SERVING ON THE BOARD
THE THANK YOU AND UP AS MY
MEMBER STEINORTH.
YES THANK YOU VERY MUCH --
ASSEMBLY MEMBER BERMAN COVERED A
LOT OF MY COMMENTS BUT I'M JUST
IT'S INTERESTING THAT SMALL
BUSINESS DAY AND WE ALL KNOW AS
AS SMALL BUSINESS PEOPLE I'VE
HAD THE PRIVILEGE OF BEING A
SMALL BUSINESSMAN FOR OVER
TWENTY YEARS AT THE SINGLE
GREATEST PROBLEMS. FOR SMALL
BUSINESSES UNDER CAPITALIZATION.
JUST POINT LIKE THAT IS THE
SINGLE GREATEST REASON FOR
BUSINESS TO FAIL YOU CAN HAVE
THE BEST PRODUCT HAVE AN
ABSOLUTELY OPEN MARKET BUT
WITHOUT THE PROPER
CAPITALIZATION YOU CANNOT GET
YOUR PRODUCT TO MARKET.
OR TO THE MEET THE NEEDS OF THE
MARKET AND ULTIMATELY YOU WILL
FAIL SO MY QUESTION IS IS IT'S
IT'S FUNNY BECAUSE I I WAS
SERVING A BMP FOR A LONG TIME IN
THIS REALLY REMINDS ME A LOT OF
US GOT THE PRACTICE ISSUE.
WHERE YOU KNOW WE'RE LOOKING AT
IT OR KIND OF SCRATCHING HEADS
GOING OKAY WHAT WE'VE GOTTA A
GOOD AMOUNT OF DOLLARS THAT WE
WANT TO MAKE SURE GET TO THE
WHITE RIGHT RECIPIENTS AND WE'RE
LOOKING WILL WHAT'S THE BEST
VEHICLE? TO BRING THOSE DOLLARS
TO THOSE RISK SO MY QUESTION
WOULD I WOULD LIKE EFFECTIVE
INVOLVED ON THE REPRESENT FROM
THE BANKERS TO JOIN US AS WELL
THE ANSWER --
I WOULD REALLY LIKE TO KNOW I
MEAN I UNDERSTAND THE RECAPTURE
PART THAT IS THAT IS UNIQUE I
WANT TO MAKE SURE THAT EVERY
DOLLAR IS BEING UTILIZED
APPROPRIATELY AND IT'S NOT
SITTING ON A LEDGER SEEDS SHEET
SOMEWHERE.
AND LET'S IT'S ON THE SMALL
BUSINESS PERSON STE LEDGER SHEET
WHERE IT NEEDS TO BE TO BE ABLE
TO HELP THEM CREATE JOBS TO
MIGRATE QUESTION IS --
YOU KNOW JUST A BLANKET
STATEMENT WHO WOULD BE THE MOST
EFFECTIVE DEPARTMENT TO MAKE
SURE THAT THE MOST AMOUNT OF
FUNDS ARE DISTRIBUTED TO THE
RIGHT PEOPLE IN THE MOST TIMELY
MANNER.
MAY I RESPOND TO FARMERS
THINKING.
SO OPPORTUNITY FUND IS A SMALL
BUSINESS UNDER WE'VE BEEN AROUND
FOR OVER TWENTY YEARS ADMINS AND
LET OUT OVER THREE HUNDRED
MILLION DOLLARS AROUND THE STATE
TO TO SMALL BUSINESS OWNERS.
AND WE'VE BEEN WORKING WITH THE
P. CFA FOR TWO YEARS TO TRY TO
RESOLVE THIS ISSUE AND IT IT
REALLY GOES FAR BEYOND
RECAPTURE.
AND FOR EXAMPLE AFTER THE
RECAPTURE PROVISIONS AND THEY
THEN PASSED REGULATIONS TO
CHANGE THE RULES ABOUT HOW WE
COULD RESTRUCTURE LOANS AND
GREATLY LIMITING.
RESTRUCTURING BASICALLY MEANS IF
A SMALL BUSINESS OWNER IS HAVING
A HARD TIME PAYING BACK ALONE WE
CAN GIVE THEM MORE TIME.
AND TO PAY BACK BECAUSE THAT'S
WHAT WE WANT WE WANT TO GET PAID
BACK SO THE BUSINESS OWNER CAN
THRIVE AND WE DON'T HAVE TO DIP
INTO RESERVES.
AND THESE REGULATIONS DESPITE
LOTS OF WONDER OPPOSITION REALLY
RESTRICTED OUR ABILITY TO
RESTRUCTURE OUR LOANS AND SO
THAT HAS NOTHING TO DO WITH
RECAPTURE --
BUT IT'S IT'S AN INDICATION TO
ME OF THAT OF THE FACT THAT.
I AM I BEING MUCH BETTER
UNDERSTANDS.
AND THE NEEDS OF LENDERS AND
THEREFORE SMALL BUSINESS SAYS
THAT CP CFA AND IN FACT. TO THAT
TO THAT --
SUGGESTION THAT AND I THINK
ISN'T READY TO TAKE THIS ON A
NUMBER OF THE STAFF FROM CP CFA
ACTUALLY LAUGHED A NUMBER OF
YEARS AGO.
AND MOVED OVER THERE SO THE
EXPERTISE AND AND LASTLY I WOULD
JUST SAY THAT AND A GRAPHIC WITH
IT YESTERDAY RELEASED BY HAVE
THE TREASURER'S OFFICE KIND OF
SHOWING HOW THIS PROGRAM WORKS
AND HOW THAT.
STATE MONEY COMES AND GOES TO
THE SMALL BUSINESS THERE'S A
FACT SHEET THE CAME OUT
YESTERDAY.
AND REALLY INTERESTINGLY IT
COMPLETELY IGNORES THE FACT THAT
LENDERS ALSO PUT IN THE SAME
AMOUNT OF MONEY AT THE STATE THE
LENDERS ARE NOWHERE IN THE
PICTURE EXCEPT AS RECIPIENTS OF
THE FUNDS --
AND SO WHAT WE NEED IS AND AN
AGENCY THAT UNDERSTANDS LENDING.
AND UNDERSTAND THAT WE ARE
PARTNERS IN THIS THAT WE ARE NOT
I'M LOOKING FOR A HANDOUT RATHER
THAN WE CAPTURE WHAT THE BILL
ORIGINALLY HAD AND IT WAS
SOMETHING WHERE EACH LENDER
COULD USE THEIR POOL.
IF THERE WAS NO MORE STATE MONEY
THEY COULD USE THEIR POOL TO
KEEP AND ROLLING AROUND SO WERE
ALL FOR USING THAT MONEY TO THE
BEST USE POSSIBLE.
THE IDEA OF CHANGING THE RULES
AFTER THE FACT ON LENDERS AND
AND CHANGING THE RULES OF THE
GAME IS WHAT I THINK WE ALL ARE
QUITE OPPOSED.
TO SELLING IN CONCLUSION.
YOU CAN SEE FROM THOSE WHO ARE
SUPPORTIVE AND WE FEEL LIKE
WE'VE DONE ALL WE CAN TO WORK
WITH THIS AGENCY AND WE BELIEVE
I THINK IT'S TRULY THAT THE
EXPERT [inaudible]
THANK YOU.
THANK YOU ALRIGHT ANY OTHER
QUESTIONS.
WE JUST LOST MISTER [inaudible]
YOU.
I IN FACT IN DATA IN TERMS OF
COMMUNITIES THIS BILL I WE
ALREADY HAD TO OPPOSITION SPOKE
SPOKE FAIRLY.
LENGTHY AND SO WHAT WE TYPICALLY
DAVE DO IS JUST HAVE YOUR WAY
AND THANK YOU.
UP ALRIGHT SO WHAT WE'RE GONNA
DO IS --
SENATOR HUESO DO YOU HAVE ANY
CLOSING REMARKS.
I SIMPLY --
THIS IS BEEN A GREAT DISCUSSION
I THINK I ROOTED OUT ALL THE
ISSUES --
REGARDED REGARDING THIS THIS
MATTER --
BUT I ALSO IN TERMS OF THE
COMMENT THAT WAS MADE AYE AYE.
WHILE THE AYE BACK BECAUSE IT
TAKEN A POSITION ON THIS BILL
THEY HAVE --
COLLABORATED AND AND CREATING
LANGUAGE SO.
IF IT DOES END UP ARE ON THEIR
DOORSTEP THEY WILL THEY WILL BE
--
IT THIS BILL IS READY FOR THEM
IMPLEMENT.
IMMEDIATELY WHAT THEN ARE HOW
THEY OPERATE --
YOU KNOW THIS BILL IS ABOUT --
AGAIN CONTINUING OUR EFFORTS TO
TO MAKE CALIFORNIA COMPETITOR
STATE CRANE DEPARTMENT THAT
OFFERS ALL THE TOOLS AND TOOL
BELT.
NECESSARY TO DO THAT WORK FOR
SMALL BUSINESSES.
AND TO PROVIDE THE MOST YOU USER
FRIENDLY SYSTEM.
IN A MANNER THAT MAKES SENSE IN
AT WITHIN AN ORGANIZATION THAT'S
FULLY EQUIPPED.
CHIU TO PROVIDE --
BANKING.
OR DO LENDING.
NEEDS TO THE PEOPLE OF
CALIFORNIA.
SO THAT I ASK FOR YOUR SUPPORT
THANK YOU THANK YOU SENATOR AND
BEFORE WE CALL FOR A VOTE I
WOULD LIKE TO MAKE A FEW
COMMENTS.
UP A FEW OF YOU WHO HAVE WATCHED
THESE HEARINGS THAT I HAVE RUN I
ALWAYS LIKE TO BRING IT BACK TO
THE PEOPLE.
BIOS LIKE TO BRING IT TO US
WHETHER IT IS THAT TO A YOUNG
BUSINESS OWNER WHO IS JUST
THINKING OR DREAMING ABOUT
STARTING A BUSINESS WHETHER IT
SOMEBODY WHO HAS RETIRED AND NOW
WANTS TO START A BUSINESS.
AND THEY'RE LOOKING AT WHERE DO
I START AND YOU KNOW.
IT DEPENDING ON THE TIME PERIOD
MAYBE A HANDFUL OF YEARS AGO
THEY WOULD HAVE GONE TO THEIR
CHAMBER OF COMMERCE THEY MIGHT
HAVE GOT LOOKED UP.
A ON GOOGLE SOMETHING ABOUT
STARTING A BUSINESS AND A
VARIOUS --
INFORMATION WOULD POP AS WE'VE
GONE INTO OUR COMMUNITIES AND
THROUGHOUT THE STATE ONE OF THE
THINGS THAT WE AS A STATE OF
BEEN PROMOTING HIS GOBIZ IT'S A
ONE STOP SHOP.
AND WHEN YOU HEAR GOBIZ AND A WE
ARE MOVING TOWARDS TRYING TO GET
AN APP FOR IT TRYING TO MAKE IT
A USER FRIENDLY WHETHER THE ON A
MOBILE DEVICE AYE EVEN RECENTLY
ON ON THE THE US ASSEMBLY STATE
FLOOR.
A BILL MOVE FORWARD WHICH IS HOW
A REBRANDING CALIFORNIA WHAT ARE
STATES PRIORITY SO THAT WE CAN
BE THE VOICE OF A REALLY AYE
DEFINING WHAT CALIFORNIA IS AS A
BUSINESS.
ECONOMIC --
POWER HOUSE SO WHEN I JUST THINK
OF THAT PERSON WHO KNOWS. ZERO
ABOUT HELP CAP OR A OR B. OR ANY
OF THE ACRONYMS THAT WE ALL KNOW
AND CAN FIRSTHAND SAY BECAUSE WE
ARE IN THE WEEDS UP HERE THAT
MEANS WE KNOW --
ALL KINDS OF AGENCIES WE CAN
SPEAK TO BUT MOST PEOPLE DON'T
TO ME WHAT MAKES SENSE ABOUT
THIS IS YES WE HAVE THE
RECAPTURE ISSUE WE HAVE OTHER
ISSUES THAT WILL BE REFERRED. TO
BANKING BUT THE BIGGEST THING IS
HOW DOES THE AVERAGE PERSON WHO
DOESN'T HAVE ANY BAY --
ANY BACKGROUND AND JUST WANTS TO
START WEARS WHAT ARE THEY GOING
TO THINK WHEN THEY'RE WANTING TO
START A BUSINESS DO I GO TO THE
POLLUTION.
OF OR DO I GO TO A BILL BIDS AND
SO THAT'S REALLY FOR ME WHAT
DRIVES ME TO SUPPORT THIS
BECAUSE I WANT PEOPLE TO GET THE
ACCESS.
THAT WE KNOW THEY NEED AND I
WANT THEM TO BE ABLE TO START
THAT --
DREAM THAT THEY HAVE I KNOW THAT
THERE'S A LOT OF OTHER ISSUES
EMBEDDED AND I CERTAINLY DO NOT
WANT THE TREASURER'S OFFICE --
TO TIM TO LEAVE HERE FEELING
LIKE THERE IS IN A WAY TO
CONTINUE PARTNERING AND AS
MISTER MORRIS SAID YOU KNOW HE
IS ON BOTH SO I KNOW YOU HAVE
THE LENDS FROM FOR BOTH.
BUT WITH THAT --
I MISTER SECRETARY CAN YOU TAKE
ROLE.
ITEM NUMBER ONE SENATE BILL.
FIVE FIFTY ONE THE MOTION IS DO
PASS WITH AMENDMENTS TO ASSEMBLY
COMMITTEE ON BANKING AND FINANCE
CHAIR QUIRK SILVA.
AYE.
VICE CHAIR ALAN RISK IS ME.
CHAIR QUIRK SILVA AYE MEISTER
ALAN [inaudible]
BERMAN [inaudible]
CERVANTES.
CERVANTES AYE GONZALEZ FLETCHER.
GONZALEZ FLETCHER AYE RODRIGUEZ.
RODRIGUEZ AYE STEINORTH
[inaudible]
STEINORTH I THANK YOU MADAM
CHAIR MEMBERS.
LIKE THEY MIGHT.
OF SENATOR HUESO YOU HAVE ONE
MORE BILL --
THAT BILL IS OUT.
THANK YOU. FOR JOINING US.
GO FOR THE BETTER.
OUR PEOPLE STAND.
ALRIGHT WE HAVE ITEM NUMBER TO
ALSO BY SENATOR HUESO AND AGAIN
SPEAKING OF GOBIZ S. B..
SIX THIRTY FIVE THANK YOU HAVE A
MOTION AND A SECOND SOUNDS
PRETTY GOOD AND WILL MAKE THIS
IS SIMPLY ASK FOR YOUR SUPPORT
FOR THIS BILL THAT WOULD --
CREATE --
FIRST OF ALL I WANT I WANT TO
MENTION THAT I WANT TO TAKE THE
SUGGEST COMMITTEE AMENDMENTS
THANK YOU FOR THAT --
THIS BILL WOULD CREATE OP
OPPORTUNITY ZONES WITHIN THE
STATE OF CALIFORNIA.
AND ALSO IT WOULD --
CREATE PROMISE ZONES STATE OF
CALIFORNIA PROGRAMS THAT WILL
BRING OF MORE INVESTMENT DOLLARS
TO CALIFORNIAN AS FOR YOUR
SUPPORT.
I CAN'T ARGUE WITH THAT OKAY
THANK YOU MADAM CHAIR AND
MEMBERS MORE TOP ON BEHALF OF
THE CITY OF SAN DIEGO MAYOR
KEVIN FAULCONER IN THE ENTIRE
CITY COUNCIL.
WE ARE THE PROUD SPONSORS OF THE
MEASURE WE ASK FOR YOUR AYE VOTE
AND WITH ME TODAY IS CATHARINE
CROW. TO OFFER JUST A FEW BRIEF
COMMENTS --
IN THE INTEREST OF TIME AND
ANSWER ANY QUESTIONS YOU MAY
HAVE.
WELCOMES GOOD MORNING EVERYONE
--
YES I JUST THINK THAT THIS IS
WOOD IS GREAT THAT YOU ARE
SUPPORTING US WE HAVE --
NO PROMISE OWN IDEAS WITH THE
DESIGNATION NO MONEY CAME WITH
THAT DESIGNATION --
SO THE PREFERENCE POINTS THAT WE
ARE AWARDED ON FEDERAL GRANTS
HAS MADE A HUGE DIFFERENCE IN
GETTING OUR MEMBERS TO TO COME
TOGETHER AND WORK
COLLABORATIVELY.
SOVIET YEAR CONSIDERATION AYE
ANYBODY ELSE IN SUPPORT.
OKAY TOTAL RODRICK WILLIAMS AND
I'M HERE IN DUAL CAPACITY ON THE
DIRECTOR OF THE SACRAMENTO
PROMISE ZONE.
AND DIRECTOR OF DEVELOPMENT FOR
THE SACRAMENTO HOUSING AND
REDEVELOPMENT AGENCY WHICH
SERVES WELL TO CITY UP TO A
SACRAMENTO AND THE COUNTY.
AND I'M THE CHAIRMAN OF THE
DISADVANTAGED OUT COMMUNITIES
ADVISORY GROUP FOR BOTH A UP
CALIFORNIA PUBLIC UTILITIES
COMMISSION AND ENERGY
COMMISSION.
I'M WE ARE IN TOTAL SUPPORT OF
THIS BILL WE'VE HAD.
GREENLEE WE'VE BEEN EXTREMELY
SUCCESSFUL AT THE NATIONAL LEVEL
--
WHETHER CHALLENGE HAS BEEN AND
CONTINUES TO BE IS AT THE STATE
LEVEL.
AND BEING ABLE TO USE LOCAL
RESOURCES TO LEVERAGE THOSE
FEDERAL DOLLARS IF ABSOLUTELY
IMPORTANT FOR OUR SUCCESS.
AND SO WE APPRECIATE THE
OPPORTUNITY TO BE HERE TO
SUPPORT THE BILL AND APPRECIATE
HOW SENATOR HUESO OF LEADERSHIP
IN THIS EFFORT.
THANK YOU VERY MUCH.
THANK YOU SO MUCH MADAM CHAIR
DAVID JONES BEHALF THE CITY OF A
SACRAMENTO WHEN THEY'RE IN
STRONG SUPPORT OF THIS BILL
THANK YOU.
I DO WE HAVE ANYBODY OPPOSED.
OUR IT WILL BRING IT BACK ANY
QUESTIONS FROM THE MEMBERS.
AND I WILL JUST SAY WE ARE VERY
--
EXCITED ABOUT THIS BILL AS WELL
BECAUSE WE KNOW THAT IT'S ALSO
GONNA ENCOMPASS OPPORTUNITY
ZONES AND I THINK AGAIN WHEN WE
LOOK ACROSS THE STATE WE KNOW
THAT --
PRETTY MUCH ACROSS THE STATE
EVERY REGION HAS SOME
OPPORTUNITIES OWNS IN THEM SO
THANK YOU.
ANDA MISTER CHAIR.
I MEAN MISTER CHAIR MISTER
SECRETARY.
YES WE DO HAVE A FIRST AND
SECOND WE HAD [inaudible]
YES.
GONZALEZ IS A FIRST AND YES GO
AHEAD.
ITEM NUMBER.
TWO SENATE BILL SIX THIRTY FIVE
THE MOTION IS DUE PASSED WITH
AMENDMENTS TO ASSEMBLY COMMITTEE
ON APPROPRIATIONS CHAIR QUIRK
SILVA AYE.
CHAIR QUIRK SILVA AYE PLACER
ALLEN.
BERMAN [inaudible]
CERVANTES.
GONZALEZ FLETCHER.
GONZALEZ FLETCHER AYE RODRIGUEZ.
RODRIGUEZ AYE STEINORTH
[inaudible]
STEINORTH BY.
AND YOUR BILL IS OUT THERE IN
THE FUTURE.
LEGISLATION PART WE'RE GONNA GO
AHEAD AND KEEP THE ROLE OPEN FOR
ABOUT SIX MINUTES.
AND THAT IS IF WE HAVE ANY ADD
ONS THANK YOU [inaudible]
LITTLE [inaudible]
YOU KNOW [inaudible]
IN THIS
.
IF I EVER [inaudible]
WE DON'T [inaudible]
GROWTH
.
YOU GONNA ME [inaudible]
WAS.
MR SECRETARY KERRY WE OPEN THE
ROLE PLEASE.
ITEM NUMBER.
ONE SENATE BILL FIVE FIFTY ONE
THE MOTION IS TO PASS WITH
MEMBERS TO ASSEMBLY COMMITTEE ON
BANKING AND FINANCE VICE CHAIR
ALLEN BERMAN [inaudible]
BERMAN I YEAH.
ITEM NUMBER TO SENATE BILL SIX
THIRTY FIVE MOTIONS TO PASS WITH
AMENDMENTS TO ASSEMBLY COMMITTEE
ON APPROPRIATIONS.
ALLEN BERMAN.
BERMAN I THINK YOU.
WAS GONNA CALL YOU SENATOR I'M
CALLING EVERYBODY DIFFERENT
NAMES TODAY THANK YOU SENATOR
ABOUT THAT ASSEMBLY MEMBER.
YOU ARE WELCOME AND THAT WILL
CONCLUDE OUR SESSION TODAY
[inaudible]
LOOKS LIKE [inaudible]
YEAH SOME