BILL NUMBER: AB 780	AMENDED
	BILL TEXT

	AMENDED IN SENATE  AUGUST 12, 2013
	AMENDED IN SENATE  JULY 3, 2013

INTRODUCED BY   Assembly Member Bocanegra

                        FEBRUARY 21, 2013

   An act to add Section 14063 to the Corporations Code, relating to
small businesses, and making an appropriation therefor.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 780, as amended, Bocanegra. Small business financial
development corporations.
   The California Small Business Financial Development Corporation
Law authorizes the formation of small business financial development
corporations to grant loans or loan guarantees for the purpose of
stimulating small business development. These provisions, including
the small Business Loan Guarantee Programs are administered by an
executive director, who is appointed by the Secretary of the
Business, Transportation and Housing Agency. Commencing July 1, 2013,
the duties of the agency with respect to these provisions became
vested in the Governor's Office of Business and Economic Development.

   This bill would appropriate $2,000,000 from the General Fund to
the Governor's Office of Business and Economic Development, and would
require the Executive Director of the Small Business Loan Guarantee
Program to distribute these funds to the financial development
corporations, as specified, for their ongoing administrative
operations.
   Vote: 2/3. Appropriation: yes. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 14063 is added to the Corporations Code, to
read:
   14063.  (a) The Legislature finds and declares that the workload
of California financial development corporations has increased
significantly since the state's receipt of funds from the federal
government pursuant to the Small Business Jobs Act of 2010 (Public
Law 111-240).
   (b) (1) The sum of two million dollars ($2,000,000) is hereby
appropriated from the General Fund to the Director of the Governor's
Office of Business and Economic Development, for the purpose of
providing administrative funding to financial development
corporations under this part. These funds shall be allocated to the
executive director, who shall distribute one hundred fifty
thousand dollars ($150,000)   one hundred eighty-one
thousand eight hundred eighteen dollars ($181,818)  to each
financial development corporation, for expenditure for the purposes
described in this section, and shall be available for this purpose
until the federal funding referenced in subdivision (a) has been
exhausted.
   (2) Funds provided pursuant to this subdivision shall be used to
supplement, and shall not supplant, other General Fund or other
moneys made available for financial development corporation
administration.