California Business Investment Services Program.

Existing law creates the California Business Investment Services Program under the authority of the Director of the Governor's Office of Business and Economic Development to promote business investment and expansion in California. Existing law requires the director to establish and implement a process for convening teams on various key business development situations, including attracting new businesses. This bill would add attracting public and private investors to the list of key business development situations. The bill would also add serving investors to the list of purposes of the program. Existing law also requires the director, pursuant to the California Business Investment Services Program, to work cooperatively with various entities with a goal of helping businesses grow and be successful in California. This bill would add to this requirement the goal of helping investments grow and be successful in California. The bill would also require the director to work cooperatively with economic developers and workforce training partners and to support the upward mobility of small businesses and residents, as specified. The bill would require the Governor's Office of Business and Economic Development to work with partners and other stakeholders to moderate the impact of gentrification that may lead to the displacement of residents and small businesses. The bill would additionally require the Governor's Office of Business and Economic Development to track program activities, as necessary, and, upon request by the Legislature, report to the Legislature on specified matters relating to program activities, including the number of businesses and investors who requested assistance from the program.