California Pollution Control Financing Authority: Capital Access Loan Program.

(1) The California Pollution Control Financing Authority Act establishes the Capital Access Loan Program for small businesses, administered by the California Pollution Control Financing Authority, which provides loans through participating financial institutions to qualifying small businesses. The authority is required to create a loss reserve account for each financial institution. The act authorizes the authority to enact regulations for the distribution of specified funds paid to the authority. This bill would authorize the authority to establish loss reserve accounts for the purposes of financing terminal rental adjustment clause leasing, if funds are available for contribution into the loss reserve account from any source other than the authority. The bill would prohibit, for purposes of the loss reserve accounts for terminal rental adjustment clause leasing, the use of funds provided by the federal government for the purposes of providing a loan loss reserve program. (2) This bill would declare that it is to take effect immediately as an urgency statute.