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60,000 California Entrepreneurs Benefit From State's Increased Funding

60,000 California Entrepreneurs Benefit From State's Increased Funding
In 2014, small businesses in California experienced significant growth in both the number of new businesses started as well as increased revenue by existing businesses. According to the California Small Business Development Centers (SBDC), the reason is due to their 42 centers which have helped small businesses improve their access to capital.

Centers increase capital for small business

A recent report by the California SBDC showed that their program helped small businesses across the state access more than $535 million in loans and equity investments. This represents a huge 56 percent increase from the prior year.

How they do it

SBDC offer a number of services to small business owners, such as consulting services and workshops. The services are designed to educate business owners and connect them to sources for capital and lending. Another big boost to small business was the Governor’s Office of Business and Economic Development (GO-Biz) Capital Infusion Program that provided $2 million in one-time, matching grants to California SBDC offices so they could, in turn, assist small businesses in obtaining capital.

The California SBDC is the largest technical assistance provider for small businesses in the state of California. The assistance the centers provide for small businesses have resulted in the creation and retention of 8,624 jobs last year, and the start of 920 new businesses and sales increases of nearly $344 million.

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