In response to the pandemic, California launched a grant program and then a loan program, both for small businesses, within about a week.
would reach a size of between $250 million and $500 million. So far it’s raised just $114 million, said Beth Bafford, vice president at Calvert Impact Capital, which arranged the fund.
Businesses across the state didn’t take advantage of the program equally. In 19 counties, nobody received a loan, according to the report. In several counties, just one or two businesses got one. All businesses that completed applications and met eligibility and credit requirements received the loan, said Bafford.
Lots of other municipalities and counties decided to run their own grant programs for small businesses instead, said Bafford.
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