GOOD MORNING, EVERYONE AND
WELCOME TO THE ASSEMBLY
COMMITTEE ON JOBS, ECONOMIC
DEVELOPMENT IN THE ECONOMY. I AM
SERVING AS CHAIR OF THIS
COMMITTEE AND WITH US TODAY E
WILL HAVE SEVERAL MEMBERS
JOINING US. I KNOW THAT THERE'S
QUITE A BIT GOING ON THIS
MORNING. I DO WANT TO WELCOME.
ONE OF OUR NEWEST MEMBERS WILL
REJOIN US ASSEMBLYMEMBER'S HANEY
FOR HIS FIRST JETTY HEARING. I
LOOK FORWARD TO HIS
CONTRIBUTIONS TO THE COMMITTEE'S
DELIBERATIONS. WITH US TODAY IS
OUR CHIEF CONSULTANT TONY
SIMMONS, AS WELL AS GENERAL FROM
THE ASSEMBLY REPUBLICAN CAUCUS
POLICY UNIT. WE WILL MOVE
FORWARD AND START AS A
SUBCOMMITTEE. AND WE CAN START
WITH POWER ITEM FIVE. SB 777.
BRADFORD CALIFORNIA JUMPSTART
ACT. SAMIR. SO BEFORE THE AUTHOR
BEGINS OR BILL PRESENTATION. LET
ME GIVE EVERYONE NOTICED THAT
THE PHONE LINES ARE OPEN FOR
WITNESSES TO GET INTO THE QUEUE
. THAT NUMBER TO CALL IN IS
877692895. AND THE ACCESS CODE
IS 131512. SENATOR BRADFORD. I
DO UNDERSTAND THAT YOU HAVE
REVIEWED THE LIST OF AMENDMENTS
PROPOSED BY THE COMMITTEE. WHICH
ARE LISTED ON COMMENTS EIGHT AND
ARE COMMITTED TO PUTTING BIRTH
TO INTO THE BILLS AND HIS
REASONABLE THAT YOU'RE ALSO
AGREEABLE TO THE OTHER ITEMS.
COMMITTEE STAFF WILL ASSIST AND
WILL SEEK INPUT FROM THE
TREASURER'S OFFICE AS WELL. YEAH
AND YOU MAY BEGIN WHEN YOU'RE
READY. THANK YOU. UH, THANK YOU,
MADAM CHAIR AND MEMBERS. SB 777
IS CALIFORNIA JUMPSTART ACT AND
IT'S UH, THAT'S WHAT WE HOPE IT
WILL DO AND PLAN FOR IT TO DO
JUMP START OUR ECONOMY AND
UNDERSERVED PARTS OF OUR STATE.
I AGAIN WANT TO THANK THE
COMMITTEE FOR THEIR WORK AND I
AM COMMITTED TO ACCEPTING THE
AMENDMENT REFLECTED AND THE
COMMITTEE ANALYSIS AND WILL
CONTINUE TO WORK. WITH YOUR
COMMITTEE ON CRAFTING SPECIFIC
LANGUAGE. AS THE BILL MOVES
FORWARD TO DATE, THE LEGISLATURE
AND THE GOVERNOR HAS CREATED
SEVERAL PROGRAMS IN RESPONSE TO
THE PANDEMIC, INCLUDING US.
SMALL HIRING TAX CREDIT, WHICH I
CARRIED IN 2020. SB 777 BUILDS
UPON THE WORK WE'VE DONE AND
JUMP START OUR ECONOMIC FUTURE
BY INVESTING 375 MILLION AND
SMALL BUSINESSES LOCATED
SPECIFICALLY AND UNDERSERVED
COMMUNITIES. MILLIONS OF
ENTIRELY NEW PRIVATE CAPITAL
WILL BE INVESTED INTO
CALIFORNIA'S MOST ECONOMICALLY
DISADVANTAGED SMALL BUSINESSES
AND COMMUNITIES WITHIN THE NEXT
24 MONTHS. 70% OF THIS NEW
CAPITAL WITHIN THE 1ST 12 MONTHS
WITH ZERO STATE TAX DOLLARS
GOING OUT THE DOOR AND THOSE
FIRST TWO YEARS. THIS INVESTMENT
WILL ENABLE SMALL BUSINESSES A
GIRL, UH AND NOT JUST SURVIVE.
THE GYM START ACT ACHIEVES THIS
BY CREATING A PUBLIC PRIVATE
PARTNERSHIP FUNDED BY 300
MILLION IN TAX CREDIT SPREAD
OVER FOUR FISCAL YEARS. THE
PROGRAM WILL BE OVERSEEN BY THE
STATE TREASURER FIONA MÀ. WHO IS
THE SPONSOR OF THIS BILL, AND
WHO'S WITH US THIS MORNING.
ELIGIBLE AND INVESTMENT AREAS
HAVE HAVE THE ELIGIBLE
INVESTMENT AREAS HAVE THE
HIGHEST POVERTY RATES AND HIRES
UNEMPLOYMENT RATES IN THE LOW
MEDIAN INCOME. THIS BILL WILL
FOCUS ON OUTREACH ON MINORITY
WOMEN OWNED DISABLED VETERANS
AND LGBT OWNED BUSINESSES. THIS
IS CRITICAL BECAUSE TRADITIONAL
FINANCIAL INSTITUTIONS HAVE A
HISTORY OF PUTTING MINORITY AND
WOMEN OWN, UH, BUSINESSES. UM
WHAT SEVERE DISADVANTAGES WHEN
IT COMES TO, UH, LENDING BEFORE
THE PANDEMIC, SANFORD STUDY
FOUND THAT ONLY 1% OF MINORITY
BUSINESS OWNERS GOT ALONE. UH IN
THEIR FOUNDING YEAR. THIS
COMPARED TO 77% OF WHITE OWNED
BUSINESS OWNERS. MANY OF THESE
BUSINESSES OFTEN HAVE, UH, THE
ACUMEN AND THE KNOWLEDGE TO
SUCCEED BUT LOCKED ECONOMIC
OPPORTUNITY AND A CATALYST TO
SURVIVE. THIS INVESTMENT WILL BE
IN THE FORM OF LOANS WITH CAPPED
INTEREST RATES OR MINORITY
EQUITY INVESTMENTS. SP 777 THE,
UH WHAT S V 77? THE STATE CAN
EXPECT TO GET BACK. AND OVERALL
RETURN ON THE INVESTMENT OF
NEARLY $3 FOR EVERY DOLLAR
INVESTED OVER 10 YEAR PERIOD.
THE MAJORITY OF THE MONEY
GENERATED FROM SPC. 777 WILL BE
GOING BACK. TO THE STATES
GENERAL REVENUE FUND, ENABLING
THE STATE TO REINVEST THIS MONEY
AND TWO K THROUGH 12 SCHOOLS AND
COMMUNITY COLLEGES TO JUMPSTART
EQUAL AND POWER, SMALL
BUSINESSES TO GROW AND THRIVE.
THAT IS THE KEY. WHY WE WANT
MORE AND JUST ECUADOR ECONOMY.
THAT WE HAD BEFORE THE PANDEMIC
, THIS PROGRAM WILL BE
EFFICIENT. IN ITS USE OF STATE
FUNDS AS WELL AS EFFECTIVE AND
ITS IMPACT AND UNDERSERVED
BUSINESSES. TESTIFY AND SUPPORT
OF THIS MEASURE TODAY IS OUR
STATE TREASURER FIONA MA, AS
WELL AS JULIAN JULIAN. UH CAN IT
E T CAN KENNEDY, PRESIDENT AND
CEO OF THE CALIFORNIA HISPANIC
CHAMBER OF COMMERCE. WE ALSO
HAVE TECHNICAL AS MUCH AVAILABLE
TO ANSWER ANY QUESTIONS. I
RESPECT. LAST YEAR I VOTE. THANK
YOU, SENATOR RADFORD. I DO WANT
TO NOTE MEMBERS THAT WE CANNOT
ADOPT. THE COMMITTEE SUGGESTED
AMENDMENTS TODAY. IF WE DID, IT
WOULD JEOPARDIZE THE BILL AS IT
MOVES ON TO REVENUE AND TAXATION
IN THE ASSEMBLY. BUT NOW THAT WE
DO HAVE QUORUM IF WE COULD
ESTABLISH A FORM AND CALL THE
ROLL. CHAIR CERVANTES HERE,
CHAIR CERVANTES HERE, VICE
CHAIR. CHOI VICE CHAIR. CHOI
HERE. ASSEMBLY MEMBER, HANEY
ASSEMBLYMEMBER'S HANEY HERE.
ASSEMBLYMEMBER'S PETRIE-NORRIS.
ASSEMBLYMEMBER'S RAMOS SHELLEY
BERMAN RAMOS HERE,
ASSEMBLYMEMBER' SMITH.
ASSEMBLYMEMBER'S SMITH HERE YOU
HAVE A FORUM. THANK YOU AND
LET'S GO AHEAD. AND NOW HERE
FROM YOUR PRIMARY SUPPORT
WITNESSES, TREASURE MOTH. THANK
YOU. THANK YOU, MADAM CHAIR AND
THE COMMITTEE FOR YOUR HARD WORK
ON THIS. ISSUE WE KNOW THAT, UM
OTHER FEDERAL STATE PROGRAMS
HAVE HELPED MANY SMALL
BUSINESSES AROUND THE STATE.
HOWEVER UH, THIS BILL WILL CAST
A WIDER NET TO INCLUDE SMALL
BUSINESSES IN SEVERELY
DISTRESSED AREAS WHO GRAPPLE
WITH GEOGRAPHIC DISPARITIES
WITHIN THE STATE. AND SO I THANK
SENATOR BRADFORD FOR SPONSORING
AND AUTHORING THIS BILL,
CREATING THIS PUBLIC PRIVATE
PARTNERSHIP IN WHICH PRIVATE
CAPITAL WILL CONTRIBUTE $75
MILLION MORE INVESTMENT THAN
DISPERSED IN THE TAX CREDITS, SO
THIS WILL GO A LONG WAY TO HELP
MORE SMALL BUSINESSES SURVIVE
AND THRIVE. POST PANDEMIC.
SUPPORT WITNESSES. THANK YOU.
CHAIR CERVANTES JOINT COMMITTEE
PRESIDENCY OF THE CALIFORNIA
HISPANIC CHAMBERS OF COMMERCE.
AND GOOD MORNING TO THE CHAIRMAN
, COMMITTEE MEMBERS AND STAFF.
THANK YOU FOR YOUR LEADERSHIP
AND TIME ON THIS IMPORTANT AND
NEEDED PIECE OF LEGISLATION. I
WOULD ALSO LIKE TO THANK SENATOR
BRADFORD AND TREASURER MÀ
ASSEMBLYMEMBER'S PETRIE-NORRIS
FOR THEIR STAFF SUPPORT. AND
THEIR SUPPORT AND CONTINUED
LEADERSHIP AND DEDICATION AND
SUPPORT OF SMALL BUSINESSES,
PARTICULARLY SMALL, DIVERSE
BUSINESSES HERE IN CALIFORNIA,
CALIFORNIA HISPANIC CHAMBER OF
COMMERCE UH, WHICH WE REPRESENT
THE INTERESTS TO OUR 120 MEMBER
CHAMBERS OF THE 800,000 HISPANIC
BUSINESS OWNERS IN CALIFORNIA.
I'M HERE TODAY TO EXPRESS OUR
FULL SUPPORT OF SB 777. THE
CALIFORNIA JUMPSTART ACT, WHICH
WILL EXPAND AND SUPPORT IMPACT
INVESTMENT OPPORTUNITIES INTO
ECONOMICALLY UNDERSERVED UNDER
UNDER INVESTED SMALL BUSINESSES
AND TARGETED COMMUNITIES
THROUGHOUT CALIFORNIA. HISPANIC
BUSINESSES ARE TOO OFTEN
UNDERESTIMATED AND UNDER
SUPPORTED, ALTHOUGH WE
CONTRIBUTE BILLIONS TO THE STATE
ECONOMY AND REVENUE AND JOBS AND
REPRESENT THE FASTEST GROWING
RATE OF SMALL BUSINESS
OWNERSHIP. AND ENTREPRENEURSHIP
AMONG ALL DEMOGRAPHICS. WE
CONTINUE TO EXPERIENCE
SYSTEMATIC ECONOMIC AND
OPPORTUNITY BARRIERS. BARRIERS
THAT LEAVE OUR BUSINESS IS
VULNERABLE TO EXPENSIVE FORMS OF
DEBT AND OTHER PREDATORY LENDING
BUSINESS PRACTICES. HISPANIC
BUSINESS ARE DENIED CREDIT MORE
OFTEN CHARGE HIGHER INTEREST
RATES AND DISCOURAGED FROM
APPLYING FOR LOANS DUE TO LOWER
SPREAD CREDIT SCORES NO OR LOW
COLLATERAL AND LET'S START UP. A
STARTUP CAPITAL, ACCORDING TO
RESEARCH FROM JPMORGAN CHASE. IT
IS FUNDAMENTAL FOR BUSINESSES OF
ALL SIZES TO HAVE ACCESS TO
CAPITAL WHEN THEY NEED IT. THE
TYPES OF FLEXIBLE, AFFORDABLE
PATIENT GROWTH CAPITAL HISPANIC
BUSINESSES SEEK IS ONLY
CONTINUED, IS ONLY CONTINUING.
TO GET HARDER TO FIND NOT EASIER
AGAINST THE CURRENT BACKDROP OF
BANKS, TIGHTENING LENDING
RESTRICTIONS AND THE COST OF
ROWING MONEY GOING UP. NEW
RESEARCH FROM THE FROM BEING AND
COMPANY SHOWS THAT HAS LATINO
OWNED BUSINESSES APPROACH TO $1
MILLION REVENUE MARK THE
COMPANIES START TO STRUGGLE WITH
PROFITABILITY AND CASH FLOW.
THAT MAKES THEM DIFFICULT TO
SCALE AND OR TO ACCELERATE
GROWTH, PARTICULARLY WHEN THEY
HAVE LESS ACCESS TO EQUITY
INVESTMENTS. ABSENT THE ABILITY
TO SEEK EQUITY FOR GROWTH FROM
VENTURE CAPITAL FUNDS OR
AFFORDABLE PRICE DEBT FROM
TRADITIONAL FINANCIAL
INSTITUTIONS. LATINO SMALL
BUSINESS WILL REMAIN
SIGNIFICANTLY UNDERFUNDED.
COMPARED WITH THEIR WHITE SMALL
BUSINESS OWNER PEERS LIVING
THEIR ABILITY TO REINVEST CASH
TO SCALE INVESTING IN THEIR
EMPLOYEES AND GROWING THE STATE
AND LOCAL ECONOMIES. THIS
EVOLVING ISSUE IS NOT JUST
LIMITED TO CAPITAL LATINO. SMALL
BUSINESSES ALSO NEED ACCESS TO
NETWORKS OF EXPERIENCED
INVESTORS WITH DEMONSTRATED
TRACK RECORDS AND MAKING
INVESTMENTS IN BUSINESSES OWNED
BY PEOPLE OF COLOR. WHO CAN
ADVISE THEM DURING CRITICAL
BUSINESS DEVELOPMENT STAGES AND
PROVIDE TECHNICAL, LEGAL
COUNTING AND OTHER FORMS OF
SUPPORT NECESSARY TO MAINTAIN
STABILITY AND REALIZE GROWTH. SB
777 IS AN OPPORTUNITY FOR THE
LEGISLATURE TO ADDRESS BOTH
INEQUITIES BY NUMBER, ENABLING
LATINO SMALL BUSINESSES TO
ACCESS CAPTAIN BELOW MARKET DEBT
AND MINORITY EQUITY INVESTMENTS
FROM FEDERALLY LICENSED IMPACT
INVESTMENT FUNDS. WITH THE
EXPERTISE AND RESOURCES TO
ADVISE AND SUPPORT THEM AT ALL
STAGES. WE RESPECTFULLY REQUEST
FOR I VOTE SO THAT WE CAN
CONTINUE TO FEEL HISPANIC, SMALL
BUSINESS AND DIVERSE BUSINESS
GROWTH HERE IN OUR STATE. THE
JUMPSTART ACT IS THE NEXT
LOGICAL LARRY LAYER AND TOOL IN
AVAILABLE FINANCING FOR
CALIFORNIA SMALL BUSINESSES AS
WE LOOK TO REBUILD A MORE
EQUITABLE ECONOMY FOR ALL THANK
YOU, MR CANETE. IF WE CAN HAVE
ADDITIONAL, UH INDIVIDUALS WHO
WOULD LIKE TO SPEAK IN SUPPORT
OF THIS BILL, PLEASE STEP UP TO
THE MIC. GOOD MORNING, CHAIR AND
MEMBERS. MY NAME IS RACHEL
SMITH. I'M HERE ON BEHALF OF THE
CALIFORNIA COALITION FOR
COMMUNITY INVESTMENT, AND WE
JUST WANTED TO SAY WE SUPPORT SP
7777737. AND URGE YOUR I VOTE AT
THE APPROPRIATE TIME. THANK YOU
SO MUCH. KHLOE CONEY HARRIS WITH
ADVANTAGE, CAPITAL. THANK YOU
ALL SO MUCH FOR HEARING THIS
IMPORTANT ISSUE. WE WOULD LIKE
TO EXPRESS OUR FULL SUPPORT AND
YOUR I VOTE ON THIS IMPORTANT
LEGISLATION AND I AM AVAILABLE
TO ANSWER ANY QUESTIONS ON THIS
BILL SHOULD HAVE COME UP. THANK
YOU VERY MUCH. SEE NO ADDITIONAL
SUPPORT COMMENTS, MR MODERATORS
OR ANYONE ON THE CONFERENCE LINE
WHO WOULD LIKE TO SPEAK IN
SUPPORT OF THIS BILL? IF YOU'D
LIKE TO SPEAK IN SUPPORT OF THE
BILL. ESPECIALLY 10 AT THIS
TIME. ONE MOMENT, PLEASE.
AND WE DO HAVE LINE 14. PLEASE
GO AHEAD. HI TESS RYLANDER ON
BEHALF OF THE COLLISION CHAMBER
IN SUPPORT OF SB 7 77. THANK
YOU. AND ALSO LINE 15, PLEASE GO
AHEAD. HI THERE. THANK YOU.
GENTLEMEN. CERVANTES MEMBERS OF
THE COMMITTEE. MY NAME IS
LORRAINE KELLY CALLING IN ON
BEHALF OF STONEHENGE CAPITAL
COMPANY AND SUPPORTIVE SPS 777
BY SENATOR BRADFORD, THE
CALIFORNIA JUMPSTART ACT. THANK
YOU. THERE'S NO ONE ELSE. THANK
YOU. PLEASE GO AHEAD. MODERATOR
I UNDERSTAND THAT THAT WE DO
HAVE MS K HARDMAN WITH THE
CALIFORNIA TEACHERS ASSOCIATION
, WHO WOULD LIKE TO SPEAK IN
OPPOSITION. OF THIS BILL. THANK
YOU. HER LINE IS OPEN. HI GOOD
MORNING, KATIE HARDMAN WITH THE
CALIFORNIA TEACHERS ASSOCIATION
, WHICH IS UNFORTUNATELY OPPOSED
THE ABILITY TO THE IMPACT ON
GENERAL FUND REVENUES AND
PROPOSITION 98. WHILE WE
UNDERSTAND THIS WELL INTENDED WE
DO NOT SUPPORT THIS APPROACH,
AND THE COMMITTEE COULD CONSIDER
OTHER WAYS TO ACHIEVE THIS GOAL
DID NOT IMPACT FUNDING FOR
SCHOOLS. THANK YOU. THANK YOU.
IS THERE ANYONE IN THE HEARING
ROOM WHO WOULD LIKE TO SPEAK IN
OPPOSITION OF THIS BILL? SEE
NONE, MADAM MODERATORS OR ANYONE
ELSE ON THE CONFERENCE LINE THAT
WISH TO SPEAK IN OPPOSITION. IF
YOU IF YOU WANT TO SPEAK IN
OPPOSITION, PLEASE PRESS 10.
AT THIS TIME, NO ONE HAS QUEUED
UP. THANK YOU. LET ME TURN IT TO
MY COLLEAGUES ON THE DIETS. ARE
THERE ANY QUESTIONS COMMENTS
FROM COMMITTEE MEMBERS? WE HAVE
A MOTION. IN THE SECOND BY
ASSEMBLYMEMBER'S RAMOS. UH I DO
WANT TO JUST THANK OF COURSE,
THE AUTHOR FOR YOUR COMMITMENT
TO WORK ON THIS BILL AS IT MOVES
FORWARD OUT OF THIS COMMITTEE.
SHOULD YOU RECEIVE THE VOTES? I
DO HAVE A RECOMMENDED AYE. AND
IF MADAM OF OUR CAUCUS
CONSULTANT CAN CALL THE ROLL.
EXCUSE ME BEFORE WE DO THAT. LET
ME MAKE SURE SENATOR BRADFORD.
WOULD YOU LIKE TO CLOSE FASTER?
I VOTE THANK YOU VERY MUCH. THE
MOTION IS DO PASS AND REFER TO
THE ASSEMBLY COMMITTEE ON
REVENUE AND TAXATION. CHAIR
CERVANTES CHAIR CERVANTES EYES.
VICE CHAIR. CHOI VICE CHAIR CHOI
I ASSEMBLYMEMBER'S HANEY.
ASSEMBLYMEMBER'S HAITI. I
REMEMBER PETRIE-NORRIS
ASSEMBLYMEMBER'S RAMOS SHE LEFT
HER RAMOS ASSEMBLYMEMBER'S SMITH
ASSEMBLYMEMBER'S SMITH. AYE.
OKAY WE WILL LEAVE THE ROLE OPEN
. THANK YOU. CHAIR MEMBERS
APPRECIATE YOU. BEFORE WE BRING
UP, SENATOR CABALLERO. I DO WANT
TO BRING UP THE ITEMS ON THE
CONSENT CALENDAR. I DO WANT TO
KNOW THAT SENATOR ARCHILA HAS
PULLED ITEM 10 SB 14 78 FROM THE
HEARING TODAY. AND THERE ARE SIX
BILLS ON CONSENT. ITEM ONE A CR
1 40 ITEM TO A CR 1 47. ITEM
THREE A. J. R 29 ITEMS FOR A J.
R 30. ITEM SEVEN SB 11 OH. FOUR
ITEM NINE. SB 14. OH, SEVEN
MEMBERS, YOU HAVE THE LIST.
SUPPLEMENTAL LISTS OF SUPPORT
OPPOSITION. AT YOUR DESK AS
WELL. DO I HAVE A MOTION? WHO
HAVE EMOTION FROM OUR VICE CHAIR
IN A SECOND FROM
ASSEMBLYMEMBER'S RAMOS. IF WE
COULD CALL THE ROAD, PLEASE. THE
MOTION IS ON ITEM ONE A CR 1 40
TO BE ADOPTED AND REFERRED TO
THE ASSEMBLY COMMITTEE ON
APPROPRIATIONS RECOMMEND
CONSENT. ITEM TWO. A CR 147. THE
MOTION IS TO BE ADOPTED.
RECOMMEND CONSENT. ITEM THREE A
. J. R 29. THE MOTION IS TO BE
ADOPTED WITH AMENDMENTS
RECOMMEND CONSENT. ITEM FOUR A
JR 30. THE MOTION IS TO BE
ADOPTED. RECOMMEND CONSENT ITEM
SEVEN SB 11. OH, FOUR. THE
MOTION IS DUE PASS TO THE
ASSEMBLY COMMITTEE ON
TRANSPORTATION RECOMMEND
CONSENT. AN ITEM. NINE. SB 14
OH, SEVEN. THE MOTION IS DUE
PASSED WITH AMENDMENTS TO THE
ASSEMBLY COMMITTEE ON
APPROPRIATIONS RECOMMEND
CONSENT. CHAIR CERVANTES
CERVANTES, VICE CHAIR. CHOI VICE
CHAIR CHOI ASSEMBLYMEMBER'S
HANEY. SEVERAL OF THEM ARE HANEY
. I SAID, REMEMBER,
PETRIE-NORRIS REMEMBER RAMOS,
RAMOS ASSEMBLYMEMBER'S SMITH.
STILL REMEMBER SMITH? AYE. AND
WE WILL LEAVE THAT OPEN TO ALLOW
MEMBERS TO ADD ON AND IF WE
COULD BRING UP SENATOR CAVALLERO
FOR S B, I DON'T NUMBER SIX SB 6
TO 5 RELATING TO THE C D. F I
GRANT PROGRAM. I DO WANT TO
REMIND EVERYONE THAT THE PHONE
LINES ARE OPEN AND THAT NUMBER
AGAIN 877692895 WITH THE ACCESS
CODE BEING 131. 5127. SENATOR
CAVALLERO. WELCOME TO THE
ASSEMBLY JOBS COMMITTEE. I DO
UNDERSTAND YOU WILL BE ACCEPTING
THE COMMITTEE AMENDMENTS
IDENTIFIED ON PAGE EIGHT OF THE
ANALYSIS. MY NOTE. WELL MY NOTES
INDICATE 14 AND 15 AND I CHECKED
TO BE SURE THEY'RE LISTED, UM
HOW MANY ONE MOMENT. JUST TO BE
CLEAR. COMMENT COMMENT. EXCUSE
ME? YES IDENTIFY, COMMENT. A OF
THE BILL ANALYSIS LISTED ON PAGE
14 THROUGH 15. I JUST WANT TO BE
CLEAR. THANK YOU FOR THE
CLARIFICATION. YES. YES THAT IS
CORRECT. THANK YOU FOR GOOD.
THANK YOU. THANK YOU VERY MUCH
FOR THE OPPORTUNITY, MADAM CHAIR
TOO, UM, PRESENT. WHAT I THINK
IS A REALLY SIGNIFICANT BILL. SB
6 25. THE COMMUNITY DEVELOPMENT
FINANCIAL INSTITUTIONS GRANT
PROGRAM. FIRST IT AS UM, THE
CHAIR INDICATED. I'M ACCEPTING
ALL OF THE RECOMMENDATIONS. UM
THE STAFF OF THE COMMITTEE
WORKED REALLY HARD WITH OUR
STAFF. AND I REALLY APPRECIATE,
UM, THE ATTENTION TO DETAIL AND
UM AND THE PURPORTED THE
PROPOSED AMENDMENTS ARE REALLY
RELEVANT TO THAT, AND I REALLY
THINK IT THINK BOTH THE STUFF OF
THE COMMITTEE AS WELL AS MY
COLLEAGUE, SENATOR LEHMAN FOR
HER INPUT AND ASSISTANCE. THE
ASSISTANCE OF HER STAFF. AS YOU
MAY KNOW MANY COMMUNITIES
THROUGHOUT CALIFORNIA ACTIVE
FINANCIAL SEVICES AND
INVESTMENT OPPORTUNITIES TO
PROMOTE PROMOTE SUSTAINABLE AND
COMMUNITY BASED ECONOMIC GROWTH
. I THINK THE ANALYSIS POINTS
OUT VERY CLEARLY THAT CALIFORNIA
HAS REBOUNDED. AFTER THE COVID
PANDEMIC, BUT IT HAS BEEN
UNEQUAL IN MANY PARTS OF THE
STATE HAVE NOT SEEN THE ECONOMIC
GROWTH, UM REFLECTED BOTH IN
TERMS OF THAT NUMBER OF JOBS AND
THE KINDS OF ASSETS IN THE
COMMUNITY TO BE ABLE TO EXPAND
ECONOMIC OPPORTUNITY. C D F I S
HELPED FILL THIS GAP THEIR
COMMUNITY BASED FINANCIAL
INSTITUTIONS THAT PROMOTE
ECONOMIC DEVELOPMENT THROUGH
ACCESS TO CAPITAL. AFFORDABLE
LENDING ANOTHER FINANCIAL
RESOURCES, ACCORDING TO THE CDF.
AYE COALITION. THERE ARE
APPROXIMATELY 100 CDF IS
HEADQUARTERED IN CALIFORNIA. AND
UM, AND A NUMBER OUTSIDE OF THE
STATE THAT DO WORK IN CALIFORNIA
IN 2017 CDF INVESTMENT IN
CALIFORNIA, PROVIDED OVER 500
MILLION TO BUSINESSES OVER 100
AND 80 MILLION TO COMMUNITY
NONPROFITS. CONSTRUCTED AND
REHABILITATED OVER THREE MILLION
SQUARE FEET OF REAL ESTATE AND
BUILT ALMOST 4000 UNITS OF
AFFORDABLE HOUSING. THE STATE
HAS ALSO WORKED IN PARTNERSHIP
WITH DEFIANCE IN THE PAST.
THROUGH THE COIN PROGRAM AND THE
GOLDEN STATE ACQUISITION FUND.
MORE RECENTLY, CALIFORNIA CDFA
NETWORK WAS TAPPED TO HELP
DISTRIBUTE OVER THREE BILLION IN
DIRECT FUNDING FROM THE STATE TO
PROVIDE SMALL BUSINESSES,
TENANTS AND LANDLORDS. FINANCIAL
RELIEF AS A RESULT OF THE
ECONOMIC HARDSHIPS BROUGHT ON BY
COVID 19 PANDEMIC. THEY WERE
GREAT PARTNERS FOR THE STATE. SB
6 25 WILL HELP SEE THE ADVICE.
CONTINUE THIS IMPORTANT WORK TO
CREATE A PERMANENT FINANCING
INFRASTRUCTURE TO ALLOCATE GRANT
FUNDS WHEN APPROPRIATED BY THE
STATE. PLEASED TO ANNOUNCE THAT
50 MILLION HAS BEEN INCLUDED ARE
IT'S SUPPOSED TO BE INCLUDED AS
PART OF THE LEGISLATURE'S BUDGET
. UM AN IMPORTANT MILESTONE FOR
THIS PROGRAM. SPECIFICALLY THIS
BILL AS PROPOSED TO BE AMENDED
ESTABLISHES THE CALIFORNIA
INVESTMENT AND INNOVATION
PROGRAM ADMINISTERED BY THE
COMMUNITY DEVELOPMENT FINANCING
AUTHORITY WITHIN THE STATE
TREASURER'S OFFICE TO PROVIDE
GRANTS TO QUALIFYING C D F I S
IT ESTABLISHES AN IMPORTANT
REALLY IMPORTANT GUARDRAILS TO
ENSURE ELIGIBLE CDF. I MUST HAVE
A TRACK RECORD OF INVESTMENT IN
CALIFORNIA AND MUST USE THE
FUNDS PROVIDED THROUGH THE GRANT
PROGRAM TO ENHANCE THE CAPACITY.
OF SYRIA, FIDES TO PROVIDE LOANS
, GRANTS, EQUITY INVESTMENTS OR
TECHNICAL ASSISTANCE TO LOW
INCOME COMMUNITIES WITH ME TODAY
TO TESTIFY IN PERSON IN SUPPORT
OF THE BILL. AND HELP ANSWER ANY
QUESTIONS IS MICHAEL CARROLL ON
BEHALF OF THE CALIFORNIA
COALITION FOR COMMUNITY
INVESTMENT, AND EMILY UDELL,
POLICY ADVOCATE WITH A
CALIFORNIA AND NEVADA CREDIT
UNION LEAGUES, WHO WILL BE
TESTIFYING BY PHONE. THANK YOU.
MR CAROL. YOU BEGAN WHEN YOU'RE
READY. THANK YOU AND GOOD
MORNING CHAIRS OF AUNTIES AND
MEMBERS OF THE COMMITTEE. MY
NAME IS MICHAEL CARROLL AND I'M
THE DIRECTOR AT THE RURAL
COMMUNITY ASSISTANCE
CORPORATION, WHICH IS A
CALIFORNIA BASED CDF. AYE. UH C
D F I S ARE MISSION DRIVEN
LENDERS THAT PROVIDE FINANCING,
TECHNICAL ASSISTANCE AND OTHER
SUPPORT SERVICES. FOCUSED ON
ACCESS TO CAPITAL FOR
UNDERSERVED COMMUNITIES. WE
HELPED TO DELIVER AFFORDABLE
HOUSING. WE SUPPORT SMALL
BUSINESSES, DELIVER SAFE
DRINKING WATER AND INCREASE
ACCESS TO HEALTHCARE. I AM HERE
TODAY IS ONE OF THE FOUNDING
MEMBERS OF THE CALIFORNIA
COALITION FOR COMMUNITY
INVESTMENT. A NETWORK OF OVER
30. CDF IS WORKING IN
CALIFORNIA. OUR COALITION IS A
SPONSOR OF SP 6 25. AND OF
COURSE, WE WANT TO THANK SENATOR
CABALLERO AND SENATOR LIMÓN. FOR
THEIR LEADERSHIP AND AUTHORING
THIS IMPORTANT LEGISLATION. THE
BILL REPRESENTS A GROWING
RECOGNITION BY THE PUBLIC SECTOR
THAT CITY F I S ARE CRITICAL
PARTNERS AND PROVIDING MUCH
NEEDED CAPITAL AND RESOURCES TO
UNDERSERVED COMMUNITIES. THE
FUND IS MODELED AFTER THE VERY
SUCCESSFUL BUT OVERSUBSCRIBED 25
YEAR OLD FEDERAL PROGRAM CALLED
THE CITY OF I FUND THAT'S
ADMINISTERED BY THE U. S.
TREASURY DEPARTMENT. THE STATE
FUND, CREATED BY SB 25 WILL
PROVIDE ADDITIONAL MUCH NEEDED
FLEXIBLE CAPITAL TO SUPPORT
CAPITAL. CAPACITY BUILDING
FUNDING FOR C D. F. I S TO
ENHANCE OUR EXISTING PROGRAMS,
SERVE MORE LOW INCOME
COMMUNITIES AND ADDRESS GAPS IN
FINANCING AND TECHNICAL
ASSISTANCE. THIS MODEL HAS
PROVEN SUCCESSFUL AT THE FEDERAL
LEVEL AND IN SEVERAL OTHER
STATES. EVERY DOLLAR INVESTED IN
THE FUND WILL LEVERAGE 10 TO $12
IN ADDITIONAL INVESTMENT BY
SYRIA FIRES IN LOWER INCOME
COMMUNITIES THROUGHOUT
CALIFORNIA. AS AS SENATOR CAVIAR
MENTIONED C D F I S HAVE ALREADY
PROVEN TO BE GOOD PARTNERS WITH
THE STATE OF CALIFORNIA. UH
EXAMPLES INCLUDE THE GOLDEN
STATE ACQUISITION FUND AND
PARTNERSHIPS TO PROVIDE COVID
RELIEF TO RENTERS, LANDLORDS AND
SMALL BUSINESSES DURING COVID.
THIS FUND WILL HELP GROW THOSE
KINDS OF SUCCESSFUL
PARTNERSHIPS. I REALIZED THAT
YOUR TIME IS AT A PREMIUM, AND
SO I WILL CONCLUDE BY URGING
YOUR VOTE FOR SP 6 25. AND OUR
MEMBERS. THANK YOU FOR TAKING UP
THIS ISSUE IN A VERY THOUGHTFUL
MANNER. THANK YOU, MR CARROLL.
THIS MODERATOR UNDERSTAND THAT
WE ALSO HAVE MR NOODLE WITH THE
CALIFORNIA CREDIT UNION LEAGUE
ON THE CONFERENCE LINE TO SPEAK
IN SUPPORT. QUÊ IN HER LINE IS
OPEN. THANK YOU. GOOD MORNING,
MADAM CHAIR AND MEMBERS OF THE
COMMITTEE. EMILY YOU DEAL WITH
THE CALIFORNIA CREDIT UNION LADY
HERE IN SUPPORT OF SENATE BILL 6
25. I WANT TO START BY THANKING
SENATOR CABALLERO AND SENATOR
LEE MOMENT FOR THE LEADERSHIP ON
THIS ISSUE AND SUPPORT OF
OFFICE. CREDIT UNIONS ARE NOT
FOR PROFIT MEMBER OF
COOPERATIVES THAT EXIST TO SERVE
THE FINANCIAL NEEDS THAT THEIR
MEMBERS AND COMMUNITIES AND IN
CALIFORNIA THERE NEARLY 300
CREDIT UNIONS, 27 OF WHICH ARE
CDF ES CREDIT AND CERTIFIED AS
DEFIES APPLY FOR AWARDS. THEIR
VARIOUS COMPETITIVE PROGRAMS
ADMINISTERED BY THE FEDERAL
FUNDS THAT ENABLED THEM TO
FINANCE A WIDE RANGE OF
ACTIVITIES, INCLUDING MORTGAGE
LENDING FOR FIRST TIME
HOMEBUYERS. CYCLE UNDERWRITING
FOR COMMUNITY FACILITIES AND
COMMERCIAL ARMS FOR BUSINESSES
AND LOW INCOME AREAS. AT THE 6
25 WOULD ESTABLISH A NEW
STATEWIDE PROGRAM TO SUPPORT THE
FIVE THROUGH GRANT FUNDING,
WHICH WOULD DIRECTLY BENEFIT LOW
INCOME AND DISADVANTAGED
COMMUNITIES BY ADDRESSING AREAS
OF AFFORDABLE HOUSING, SMALL
BUSINESS LENDING AND ECONOMIC
DEVELOPMENT. THE CALIFORNIA
INVESTMENT AND INNOVATION
PROGRAM, ESTABLISHED UNDER FP 6
TO 5 WILL FURTHER ENCOURAGE THE
VALUABLE AND ESSENTIAL WORK OF
PDFS LIKE CREATING ONGOING
SOURCE OF REVENUE. THIS
INVESTMENT WILL ALSO CONTINUE TO
SUPPORT THE IMPORTANT
PARTNERSHIP BETWEEN CD FIVE IN
THE STATE OF CALIFORNIA BY
WORKING TOGETHER TO DEPLOY
RESOURCES TO THE COMMUNITY
SUFFERING THE MOST ESPECIALLY DO
THE ECONOMIC FALLOUT FROM THE
COVID 19 PANDEMIC. CDVA CREDIT
UNIONS PLAY A VITAL ROLE IN
PROVIDING FINANCIAL SERVICES TO
LOW INCOME COMMUNITIES AND THE
PEOPLE WHO LIKE ACCESS TO
FINANCING BY SUPPORTING THEIR
MEMBERS. THEIR FINANCIAL
INCLUSION STRATEGIES. FOR
EXAMPLE, CREDIT UNIONS YOU
CITIFIED GRANT FUNDING FOR
INCLUSIVE PRODUCT DEVELOPMENT,
INCLUDING LOADING OBI CHECKING
PRODUCTS LOAN LOST OVER RESERVES
TO HELP EXPAND LENDING AND LOWER
LENDING RISKS WITHOUT CHARGING
HIGH FEES AND RATES. AND
FINANCIAL EDUCATION BY
ESTABLISHING A STATE BACKED BY
PROGRAM AND FUND SERIOUS SIZE
WILL CONTINUE TO EXPAND ACCESS
TO FINANCIAL SERVICES AND FOSTER
ECONOMIC GROWTH ARE LOW INCOME
AND DISADVANTAGED COMMUNITIES.
IN STRATEGIC ALIGNMENT WITH
CALIFORNIA'S RECOVERY EFFORTS.
THANK YOU FOR YOUR TIME TODAY
AND I RESPECT THE ASK YOU'RE
EITHER ON FB 6 25. THANK YOU.
LET ME ASK IF THERE'S ANYONE IN
THE HEARING ROOM WHO WOULD LIKE
TO SPEAK IN SUPPORT OF THIS
BILL? GOOD MORNING AGAIN CHAIR
MEMBERS AND JUST WANTED TO SAY
THANK YOU SO MUCH TO SENATORS,
CAVIAR, CAVIAR. OH SENATORS,
LEMON AND THE COMMITTEE STAFF
FOR THE EXCELLENT WORK ON THIS
BILL AND ON BEHALF OF THE
CALIFORNIA COALITION FOR
COMMUNITY INVESTMENT, THE CDF
AYE. COALITION OF OVER 30 C. D F
S IN CALIFORNIA JUST WANTED TO
SAY THANK YOU SO MUCH. AND I
URGE YOUR I VOTE AT THE
APPROPRIATE TIME. THANK YOU SO
MUCH. SEEN NO OTHER. I WOULD
LIKE TO SPEAK IN SUPPORT IF WE
CAN MOVE BACK TO THE MODERATORS
OR ANYONE ELSE ON THE CONFERENCE
LINE, WHO LIKE TO SPEAK IN
SUPPORT. THANK YOU FOR YOUR
SUPPORT. PLEASE PRESS LONDON
ZERO WE DO HAVE LINES 16, PLEASE
GO AHEAD. AND THEN I'M SURE THIS
IS HOLLY FOR MANY DAYS LOOK LIKE
HEALTH PUBLIC AFFAIRS ON BEHALF
OF HABITATS, HUMANITY CALIFORNIA
AND SUPPORT. THANK YOU. AND ONE
MOMENT WE HAVE ONE OTHER IN QUÊ.
IN THAT SIGN 19. PLEASE GO
AHEAD. YEAH HI. MY NAME IS HEIDI
PICKMAN AND ON BEHALF OF CAMEO,
THE CALIFORNIA ASSOCIATION FOR
MICRO ENTERPRISE OPPORTUNITY. WE
SUPPORT THIS BILL AND THINK THE
AUTHORS AND STUFF FOR THEIR
WORK. QUÊ AT THIS TIME. THERE'S
NO FURTHER PARTICIPANT IN QUÊ.
IF WE CANNOT TURN TO ANY
OPPOSITION. IS THERE ANYONE IN
PRIMARY OPPOSITION TO THIS BILL?
C NONE. WE CAN MOVE TO THE
MODERATOR. THERE'S ANYONE ELSE
IN THE CONFERENCE LINE WHO'D
LIKE TO SPEAK IN OPPOSITION?
THANK YOU. AND IF YOU'RE OPPOSED
, PLEASE PRESS LONDON ZERO. AND
AT THIS TIME, THERE'S NO ONE
QUEUING UP. IF I COULD TURN TO
ANY MEMBERS ON THE DIOCESE, WHO
HAVE ANY COMMENTS, QUESTIONS
RELATED TO THIS BILL. CNN I DO
JUST WANT TO ACKNOWLEDGE, OF
COURSE, SENATOR CABALLERO AND
SENATOR LEHMAN YOUR WORK ON THE
CDF. I GRANT PROGRAM. AS YOU
STATED, THERE HAS BEEN AN EQUAL
ECONOMIC GROWTH ACROSS THE
STRAIT. STATE AND UNDER
INVESTMENT IN CERTAIN REGIONS OF
OUR STATE, AND SO CERTAINLY
APPRECIATE YOUR WORK ON THIS
IMPORTANT PROGRAM, AND IT DOES
HAVE MY SUPPORT. AND IF YOU'D
LIKE TO CLOSE THANK YOU VERY
MUCH, MADAM CHAIR. I REALLY
APPRECIATE UM, THE SUPPORT AND
THE UNDERSTANDING I HAVE IN THE
CURRENT DISTRICT, 23 COMMUNITIES
OR CITIES THAT ARE UNDER 30,000
IN POPULATION AND SIGNIFICANTLY
UNDER 30,000, AND THE NUMBER ONE
ISSUE THAT HAS BEEN RAISED TO ME
IS ACCESS TO CAPITAL SO THAT
THEIR BUSINESS COMMUNITY THEY
CAN BUILD AFFORDABLE HOUSING.
THEY'RE THEY'RE READY AND
AVAILABLE. THEY JUST DON'T HAVE
ANY MONEY, SO I REALLY
APPRECIATE THE SUPPORT OF THE
COMMITTEE AND RESPECTFULLY ASK
FOR YOUR I VOTE. THANK YOU IF WE
CAN CALL THE ROLL. DO WE HAVE A
MOTION? WE HAVE WE HAVE EMOTION
BY ASSEMBLYMEMBER'S RAMOS AND
THE SECOND BY VICE CHAIR TROY
MADAM. IF CONSULTANT THERAPY
COULD PLEASE CALL THE ROLL. THIS
IS ITEM SIX SB 6 TO 5. THE
MOTION IS DUE PASS AS AMENDED RE
REFER TO THE ASSEMBLY COMMITTEE
ON APPROPRIATIONS. CHAIR
CERVANTES CERVANTES, VICE CHAIR
. CHOI VICE CHAIR CHOI
ASSEMBLYMEMBER'S HANEY. CYLINDER
HAITI. I ASSEMBLYMEMBER'S
PETRIE-NORRIS ASSEMBLYMEMBER'S
RAMOS. DILLONLIAM RAMOS
ASSEMBLYMEMBER'S SMITH.
ASSEMBLYMEMBER'S SMITH. AYE. WE
BELIEVE THAT OPEN FOR ADDITIONAL
MEMBERS TO ADD ON THANK YOU VERY
MUCH. WE COULD HAVE SENATOR
GONZALEZ OF APPROACH. WE WILL
NOW BE HEARING THE NEXT ITEM ON
FILE ITEM NUMBER EIGHT A. B 13
25 BY SENATOR GONZALES RELATED
TO THE CALIFORNIA TECH EQUITY.
INNOVATION PROGRAM BEFORE THE
AUTHOR DOES BEGIN THEIR BUILD
PRESENTATION. I DO WANT TO GIVE
NOTICE AGAIN THAT THE PHONE
LINES ARE OPEN FOR WITNESSES TO
GET INTO THE QUEUE, SENATOR
GONZALEZ UNDERSTAND THAT YOU
WILL BE ACCEPTING THE COMMITTEE
AMENDMENTS IDENTIFIED AND COMMON
EIGHT OF THE BILL ANALYSIS. THAT
IS CORRECT. YES, MADAM CHAIR
BEGIN WHEN YOU'RE READY. THANK
YOU. AND I FIRST WANT TO THANK
YOU AND THE COMMITTEE. THOSE
WERE GREAT AMENDMENTS MADE. THE
BILL MUST MUCH MORE ROBUST AND,
OF COURSE, VERY CLEAR. SO MADAM
CHAIR AND MEMBERS PRESENTING
TODAY SB 13 25, WHICH WILL HELP
FOSTER GREATER EQUITY IN
CALIFORNIA TECHNOLOGY AND START
UP BUSINESSES WHILE DIRECTLY
SUPPORTING THE STAE'S ECONOMIC
RECOVERY AND SMALL BUSINESS
DEVELOPMENT. DESPITE OUR STATE
STATUS AS THE TECH CAPITAL OF
THE WORLD, THERE REMAINS A
pSERIOUS GAP IN OPPORTUNITIES AND
FUNDING FOR MANY MINORITY
COMMUNITIES. LGBT Q. PLUS WOMEN
ENTREPRENEURS WHO WISH TO START
THEIR OWN BUSINESSES HERE IN OUR
GREAT STATE. RECENT DATA HAS
SHOWN THAT $15 BILLION RAISED BY
BLACK AND LATINO FOUNDER SINCE
2015 REPRESENTS ONLY A MERE 2.4%
OF THE TOTAL. U. S VENTURE
CAPITAL RAISED DURING THAT TIME.
WITH BLACK FEMALE ENTREPRENEURS
RECEIVING JUST 0.34% OF THAT
VENTURE CAPITAL FUNDING
SPECIFICALLY SP 13 15 25 CREATES
THE CALIFORNIA EQUITY INNOVATION
FUND, WHICH WILL FUND GRANTS TO
SUPPORT LOCAL ACCELERATORS,
INCUBATORS, ECONOMIC DEVELOPMENT
ORGANIZATIONS AND HIGHER
EDUCATION INSTITUTIONS THAT HELP
PREPARE THESE NASCENT BUSINESSES
TO GET OFF THE GROUND AND SECURE
VENTURE CAPITAL FUNDING.
TESTIFYING IN SUPPORT TODAY. I'M
PLEASED TO HAVE AMY BROWN ON
BEHALF OF THE CITY OF LONG BEACH
AND ANDREA WHITE CUES, MANAGING
DIRECTOR FOR THE LONG BEACH
ACCELERATOR WHO WILL BE ON THE
REMOTE LINE. I RESPECTFULLY ASK
HERE I VOTE ON SP 13 25. THANK
YOU, MADAM CHAIR. THANK YOU,
MISS AMY BROWN. IF WE COULD
BEGIN WHEN YOU'RE READY, WE
THANK YOU, MADAM CHAIR MEMBERS,
AMY BROWN ON BEHALF OF THE CITY
OF LONG BEACH. JUST ADD THAT
THIS BILL, WE WANT TO THANK THE
AUTHOR. WE THINK THIS IS SORT OF
THE MISSING PIECE OF STATE
COMMITMENTS TO PROGRAMS LIKE THE
ONE IN IN THE CITY OF LONG
BEACH, THE ECONOMIC DEVELOPMENT
BLUEPRINT WAS PASSED IN 2017,
AND IT LOOKS AT PUBLIC PRIVATE
PARTNERSHIPS. UM BETWEEN LONG
BEACH STATE UNIVERSITY. THANK
YOU LONG BEACH STATE UNIVERSITY
, AS WELL AS AN EQUITY FUND TO
PROVIDE THIS TECHNICAL SUPPORT.
FOR THIS THE DEMOGRAPHIC THAT
THIS BILL ATTEMPTS TO DO THE
LEGISLATION IS THE NEXT PHASE
IN, YOU KNOW, DIGITAL INCLUSION
, AND IT ADDRESSES THE VAST
INEQUITIES THAT STILL EXIST IN
TECH ENTREPRENEURSHIP. THE ONES
THAT THE CITY OF LONG BEACH IS
TRYING TO PROVIDE SUPPORT FOR,
SO WE ASKED FOR YOUR ABOUT THANK
YOU. I DO UNDERSTAND IT.
MODERATOR WE HAVE MISS KJOS WITH
THE LONG BEACH ACCESS
ACCELERATOR ON THE CONFERENCE
LINE WITH US. THANK YOU. YOUR
LINE IS OPEN. GOOD MORNING. THIS
IS ANDREA WHITE QUÊ, MANAGING
DIRECTOR OF THE LONG BEACH
ACCELERATOR. I'M HERE TO SPEAK
IN STRONG SUPPORT OF SB 13 25.
THE LONG BEACH ACCELERATOR IS A
FIBER, ONE C THREE NONPROFIT
ORGANIZATION ESTABLISHED AS THE
PUBLIC PRIVATE UNIVERSITY
PARTNERSHIP BETWEEN THE CITY OF
LONG BEACH, CAL STATE LONG BEACH
IS INSTITUTE FOR INNOVATION AND
ENTREPRENEURSHIP AND PRIVATE
INVESTMENT FIRM SUNSTONE
MANAGEMENT. THE MISSION OF THE
ELBE IS ALIGNED WITH THE CITY OF
LONG BEACHES BLUEPRINT FOR
ECONOMIC DEVELOPMENT, AS
MENTIONED, WHICH PROVIDES THE
STATED VISION OF HOW LONG BEACH
WILL ADVANCE OF THE CITY OF
INCLUSIVE OPPORTUNITY FOR
DIVERSE WORKERS, INVESTORS AND
ENTREPRENEURS. BELL VÀ PROVIDES
COHORT BASED INTENSIVE TECHNICAL
ASSISTANCE MENTORSHIP INVESTOR
NETWORKING OPPORTUNITIES, PEER
SUPPORT. AND ACCESS TO OUR
INNOVATION ECOSYSTEM, AS WELL AS
STRATEGIC PARTNERS TO DIVERSE
TECHNOLOGY STARTUP FOUNDERS THIS
COMBINATION OF RESOURCES AND
TRAINING RESULTS IN CREATING
COMPETITIVE STARTUPS. VASTLY
ACCELERATING, GO TO MARKET AND
EXPANSION, INCREASING SUCCESS
RATE AND ULTIMATELY MAXIMIZING
ECONOMIC OPPORTUNITIES AND
EMPLOYMENT. CONCEPTION THE LBS
AND FOCUSED ON EQUITY IN THE
EARLY STAGE, TECH ECOSYSTEM AND
OUR FIRST THREE COHORTS HAVE
BEEN LED BY OVER 50% FEMALE
FOUNDERS AND OVER 75%
UNDERREPRESENTED FOUNDERS OF ALL
TYPES. THE NETWORK IN OUR
ECOSYSTEM MENTORS, INVESTORS,
DIRECTORS AND ADVISERS SIMILARLY
DIVERSE IN JUST THE FIRST YEAR
OF OPERATIONS. THE 20 LONG BEACH
ACCELERATOR GRADUATES HAVE
RAISED OVER $12 MILLION IN
PRIVATE INVESTMENT CAPITAL
GENERATED OVER 2.5 MILLION IN
REVENUE AND HAVE HAD FIVE
ACQUISITION OFFERS. THE LBS
RESULTS CAN AND SHOULD BE A
BLUEPRINT FOR OTHER ACCELERATORS
AROUND CALIFORNIA SINCE STARTUPS
LIKE GRADUATE FROM AN AVERAGE
ACCELERATOR AT 26% MORE LIKELY
TO BE OPERATIONAL OR ACQUIRED
TWO YEARS AFTER GRADUATING. AS
COMPARED TO A STARTUP THAT DID
NOT WHEN SB 13 25. IT'S FULLY
IMPLEMENTED. ASSUMING THAT
FUNDING IS THE CALIFORNIA PUBLIC
PRIVATE ACCELERATORS THAT
COLLECTIVELY GRADUATE 800
BUSINESSES IN THE FIRST TWO
YEARS. THESE COMPANIES COULD BE
EXPECTED TO GENERATE EMPLOYMENT
FOR 88,800 PEOPLE. AND
CONSIDERING THE LOWER FAILURE
RATE OF THESE PRODUCTS WOULD
GENERATE $1.76 BILLION IN
ADDITIONAL ECONOMIC ACTIVITY. IN
ADDITION, SINCE HIGH TECH WAGES
ARE ABOUT 15% HIGHER THAN
AVERAGE, THESE WORKERS WOULD
GENERATE 695 MILLION IN WAGES.
THE SUPPORT PROVIDED TO RESCUE
13 25 WILL ENABLE ACCELERATORS
LIKE THE L B A SCALE EFFORTS TO
SUPPORT INCLUSIVE ECONOMIC
DEVELOPMENT, JOB CREATION AND
ATTRACT AND LEVERAGE PRIVATE
INVESTMENT FOR INNOVATIVE
STARTUPS. AND ULTIMATELY FOR
CALIFORNIA TO REMAIN THE HIGH
TECH LEADER IN THE WORLD. THANK
YOU AND WE ASK FOR YOUR SUPPORT
OF SB 13 25. THANK YOU IF WE CAN
MOVE BACK TO THE HEARING ROOM,
IS THERE ANYONE ELSE WHO LIKE TO
SPEAK IN SUPPORT OF TODAY'S
MEASURE? SEE NONE. MODERATORS OR
ANYONE ELSE IN THE CONFERENCE
LINE. WHO LIKE TO SPEAK IN
SUPPORT OR OPPOSITION OF THE
BILL. THANK YOU. AND IF YOU ARE
IN SUPPORT OR OPPOSITION, PLEASE
PRESS ONE AND ZERO. WE DO HAVE
LINE 18. PLEASE GO AHEAD. ME ANY
TALK IT ON BEHALF OF TECHNET AND
SUPPORT. THANK YOU MY MOMENT,
PLEASE.
THE NEXT PERSON IS LYING. 21,
PLEASE GO AHEAD. MY NAME IS
NAOMI KHALILI WITH A G GLOBAL
SOLUTIONS REPRESENTING FRESNO
METRO BLACK CHAMBER OF COMMERCE
AND SUPPORT. AND AT THIS TIME,
THERE'S NO ONE ELSE. THANK YOU.
THANK YOU. I'D LIKE TO BRING IT
BACK TO OUR MEMBERS. IF THERE'S
ANYONE WHO LIKE TO PROVIDE
COMMENT, ASK QUESTIONS. OKAY GO
AHEAD. THANK YOU. CHAIR I JUST
WANT TO THANK THE AUTHOR FOR
BRINGING THIS EASURE FORWARD. I
THINK IT'S SUCH A GREAT IDEA,
AND I THINK, AS MISS BROWN SAID,
REALLY MISSING PIECE SO THANK
YOU WOULD LOVE TO BE ADDED AS A
CO AUTHOR. AND IF I MAY, BEFORE
I ASKED THE SENATOR TO CLOSE I
DO WANT TO NOTE THAT WE KNOW
THAT THERE'S SO MANY ADVANTAGES
IN THE STATE TO HAVING SMALL
BUSINESSES OPEN AND THRIVE HERE.
BUT WE ALSO KNOW THERE'S AN
CHALLENGE WITH ACCESS TO CAPITAL
AND TO REALLY APPRECIATE WHAT
YOU ALL ARE DOING HERE WITH THIS
PROGRAM. I THINK IT'S INNOVATIVE
. WE NEED TO MAKE SURE THAT WE
HAVE EQUITY IN THIS SPACE. AND
SO I DO LOOK FORWARD TO
SUPPORTING THIS BILL TODAY AND
AS IT CONTINUES. AND I'D LIKE TO
ALSO ASKED IF I COULD BE ADDED
AS A CO AUTHOR, WHEN APPROPRIATE
WITH THAT, IF YOU'D LIKE TO
CLOSE, I JUST WANT TO THANK
AGAIN MADAM CHAIR MEMBERS AND
THE COMMITTEE FOR THE REBUS
ROBUST OPPORTUNITY TO BRING OUT
AN EVEN BETTER BILL FORWARD, AND
I WANT TO THANK MISS BROWN AND
MISS KAY USE WHO'S BEEN WORKING
ON THE LONG BEACH ACCELERATOR.
BUT I HOPE LONG BEACH IS A PILOT
CAN BE LOOKED AT AS AN EXAMPLE.
BUT ACROSS THE STATE RURAL
COMMUNITIES TRIBAL NATIONS TO BE
ABLE TO REALLY HAVE AN
OPPORTUNITY TO ENSURE THAT WE
HAVE ACCESS TO CAPITAL FOR FOLKS
THAT REALLY NEED IT IN TECH
ENTREPRENEURSHIP. SO WITH THAT I
ASK FOR YOUR VOTE. THANK YOU,
GONZALES. WE DOHAVE A MOTION BY
ASSEMBLYMEMBER'S THOMAS RAMOS
AND WE HAVE A SECOND BY OUR VICE
CHAIR. CHOI YEAH, THE MOTION IS
SP 13 25 IS DUE PASSED WITH
AMENDMENTS TO THE COMMITTEE ON
APPROPRIATIONS WITH THE CHIEF
CONSULTANT. PLEASE CALL THE
ROLL. ITEM EIGHT. SB 13 TO 5.
THE MOTION IS DUE PASS AS
AMENDED, REFERRED TO THE
ASSEMBLY COMMITTEE ON
APPROPRIATIONS CHAIR OF
CERVANTES CERVANTES, VICE CHAIR.
CHOI. VICE CHAIR CHOI
ASSEMBLYMEMBER'S HANEY.
ASSEMBLYMEMBER'S PETRIE-NORRIS
PETRIE-NORRIS AYE
ASSEMBLYMEMBER'S RAMOS RAMOS I
ASSEMBLYMEMBER'S SMITH. REMEMBER
SMITH? AYE. OKAY WE WILL LEAVE
THE ROLE OPEN. WE CAN NOW GO
BACK TO ITEMS ON CLOTH. WE CAN
LIFT THE CALL ON THE CONSENT
CALENDAR FOR MEMBERS TO ADD ON.
THIS IS THE CONSENT CALENDAR. IT
INCLUDES ITEM ONE A CR 1 40
ITEMS TO A CR 147. ITEM THREE.
JR 29. ITEM FOUR JR 30 ITEM
SEVEN. SB 11. OH, FOUR. AND ITEM
NINE. SP 14 OH, SEVEN.
ASSEMBLYMEMBER'S PETRIE-NORRIS.
AYE. THAT IS OUT ON A 7 TO 0
VOTE.
SO ITEM ITEM ONE HDR 1 40 TO BE
ADOPTED AN APPROACH TO THE
ASSEMBLY COMMITTEE ON
APPROPRIATIONS THAT IS OUT ON A
VOTE 7 TO 0. LET'S GO AHEAD AND
MOVE TO LIFT THE CON ITEM NUMBER
FIVE SP 777 BRADFORD. ITEM FIVE
SB 777. THE MOTION IS DUE PASS
REFERRED TO THE ASSEMBLY
COMMITTEE ON REVENUE AND
TAXATION. REMEMBER
PETRIE-NORRIS. SO REMEMBER
PETRIE-NORRIS. OKAY THAT IS OUT
TO DO PATH TO THE COMMITTEE ON
REVENUE AND TAX OR I VOTE 7 TO
0. LET'S GO AHEAD AND LIFT THE
CALL. ON ITEM NUMBER SIX SB 6 TO
5. ITEM SIX SB 6 TO 5. THE
MOTION IS DUE PASS AS AMENDED,
REFERRED TO THE ASSEMBLY
COMMITTEE ON APPROPRIATIONS
ASSEMBLYMEMBER'S PETRIE-NORRIS.
SOME REMEMBER PETRIE-NORRIS.
AYE. APOLOGIES SO WE DO I DO
WANT TO MAKE A NOTE THAT IS OUT
ON A VOTE 6 TO 0. AND AGAIN THAT
IS DUE PASSES AMENDMENT TO
COMMITTEE ON A PREPARATIONS AND
IF WE COULD LIFT THE CALL ON A B
, I REMEMBER A B 13 25, SENATOR
GONZALEZ. ITEM EIGHT SB 13 25.
THE MOTION IS DUE PASS AS
AMENDED REFER TO THE ASSEMBLY
COMMITTEE ON APPROPRIATIONS.
SOME ASSEMBLY MEMBER HANEY SOME
OF THEM WERE HANEY. AYE. AND
THAT IS OUT BY VOTE 6 TO 0.
WE'RE VERIFYING IF THERE ARE ANY
OTHER ITEMS ON CALL.
THAT CONCLUDES TODAY'S HEARING.
THANK YOU.