Treasurer Chiang Helps Ensure Small Businesses Have Resources to Rebuild After California Wildfires
August 2, 2018
Contact: Press Office
SACRAMENTO – State Treasurer John Chiang today announced that he is increasing the financing available through the California Capital Access Program (CalCAP) for Small Business and Collateral Support Program in areas affected by the most recent wildfires.
“These devastating wildfires have destroyed homes, businesses, and have even caused deaths and injuries,” said State Treasurer John Chiang. “But when tragedy strikes, Californians come together and show our true resilience. That’s why I’m proud to announce that we are adding additional financing via CalCAP so businesses in these affected communities have the resources to repair and rebuild as quickly as possible.”
Treasurer Chiang took similar action last fall when wildfires ravaged the North Bay and Southern California. Among other things, the program encourages banks and other financial institutions to make loans to small businesses that typically have difficulty obtaining financing by offering these lenders greater protections against defaults by small business borrowers.
Treasurer Chiang’s announcement affects small businesses in Mariposa, Riverside, Shasta, and Siskiyou Counties.
Treasurer Chiang added, “This additional financing will help small businesses rebuild, put people back to work, and provide a boost to our local economies, which is why it is critical we do everything we can to help these businesses and communities recover as soon as the threat is over.”