State Enterprise Loan Fund.

Existing law, the State Assistance Fund for Enterprise Act of 1989, requires the Controller to establish, maintain, and administer the State Enterprise Loan Fund, which is a continuously appropriated fund, as a separate account within the General Fund and creates the State Assistance Fund for Enterprise Business and Industrial Development Corporation as a nonprofit corporation to provide financing assistance to businesses in the state, as specified. Existing law requires the Controller to transfer into the fund from the General Fund and the Energy Resources Program Account all moneys required to meet the loan requests of the corporation, and prohibits the amount transferred from the General Fund from exceeding $1,500,000 and from the Energy Resources Programs Account from exceeding $1,000,000. This bill would, instead, prohibit the amount transferred from the Energy Resources Programs Account from exceeding $5,000,000. By increasing the amount of money that could be transferred into a continuously appropriated fund, this bill would make an appropriation.