California § 63088.6 - To implement its responsibilities, a corporation shall undertake program activiti

§ 63088.6. To implement its responsibilities, a corporation shall undertake program activiti

To implement its responsibilities, a corporation shall undertake program activities that shall include, but not be limited to, the following: (a) Outreach to low-resource small businesses and microbusinesses. The corporations located in rural areas shall give priority to low-resource farmers and rural and agriculturally related businesses. (b) Collaboration with other organizations and lenders to identify and assist those businesses that are creditworthy but face impediments to accessing conventional sources because of reasons, such as low equity, inadequate collateral, unacceptable legal structure (such as a co-op or nonprofit organization), management inadequacies, and language problems. (c) To the extent possible, bringing all possible financial resources to bear on the borrower’s problems, including, but not limited to, low-interest lenders, business and industrial development corporations (BIDCOs), minority enterprise small business investment companies (MESBICs), and other financial institutions, financial companies, and grantors. (d) Technical assistance to businesses receiving loans or guarantees that will maximize the probability of loan repayment. (e) Ongoing strategies for increasing program resources through private sector involvement and nonstate funds. (f) A program for collecting and liquidating defaulted loans so that the corporations can qualify to become full-service lenders under the Small Business Administration. Corporations located in rural areas shall, in addition, try to qualify for lender status under the United States Department of Agriculture’s Rural Development and Farm Services Agency. (g) Become an agent for other financial institutions and financial companies. (h) Become an agent for other state or federal governmental agencies that need a qualified financial service provider, including, but not limited to, the State Energy Resources Conservation and Development Commission.