Small businesses: funds: task force: report.

Existing law establishes, under the Bergeson-Peace Infrastructure and Economic Development Bank Act, the California Infrastructure and Economic Development Bank within the Governor's Office of Business and Economic Development. Under the Small Business Financial Assistance Act of 2013, the bank administers, either directly or under contract with small business financial development corporations, specific programs relating to small businesses. Existing law creates the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, for the support of the bank and makes the moneys available for expenditure for the purposes stated in the act. Existing law establishes the Capital Access Loan Program for Small Businesses, which is administered by the California Pollution Control Financing Authority, to assist qualifying small businesses in the state to access capital. Existing law authorizes the authority to enter into contracts with participating financial institutions and authorizes a participating financial institution that experiences a default on a qualified loan enrolled in the Capital Access Loan Program to obtain reimbursement from the authority, as specified. Existing law defines a "qualified loan" for the purposes of the program. This bill would require the bank to work in collaboration with the authority to establish a task force that examines the regulations, statutes, directives, and other requirements related to the Small Business Expansion Fund and California Capital Access Fund for purposes of determining whether the administration of those funds allows for the full participation of financial institutions and financial products that support small businesses, while preventing financial institutions and financial products from utilizing these funds if their practices or features do not support the long-term health of small businesses. The bill would set forth the composition and duties of the task force. The bill would require the task force to submit, by June 15, 2024, a report with findings relating to loans and programs made from the funds. By expanding the purposes of a continuously appropriated fund, the bill would make an appropriation. This bill would make related findings and declarations.