Start-Up California Impact Investment Fund program.

The Bergeson-Peace Infrastructure and Economic Development Bank Act authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to make loans and provide other assistance to public and private entities for various types of economic development projects, among other things. The activities of the bank under these provisions are funded from the California Infrastructure and Economic Development Bank Fund, which is continuously appropriated for these purposes. This bill would create the Start-Up California Impact Investment Fund program to provide startup equity funds, as defined, to startup firms and small businesses. This bill would authorize the bank, upon appropriation of the Legislature, to make expenditures from the startup equity fund account, which is created within the Infrastructure and Economic Development Bank Fund, to invest in startup firms and small businesses pursuant to certain criteria, priorities, and guidelines, as specified.