California § 63089.70 - The Small Business Expansion Fund, which is hereby continued in existence, shall,
Full text of California Public Contract Code - PCC § 63089.70 — The Small Business Expansion Fund, which is hereby continued in existence, shall,, with citation guidance and answers to common questions.
§ 63089.70. The Small Business Expansion Fund, which is hereby continued in existence, shall,
(a) The Small Business Expansion Fund, which is hereby continued in existence, shall, among other things, provide guarantees to loans offered by financial institutions and financial companies to small businesses. (b) The Legislature finds and declares that the Small Business Loan Guarantee Program has enabled participating small businesses that do not qualify for conventional business loans or Small Business Administration loans to secure funds to expand their businesses. These small businesses would not have been able to expand their businesses in the absence of the program. The program has also provided valuable technical assistance to small businesses to ensure growth and stability. The study commissioned by former Section 14069.6 of the Corporations Code, as added by Chapter 919 of the Statutes of 1997, documented the return on investment of the program and the need for its services. The value of the program has also been recognized by the Governor through proposals contained in the May Revision to the Budget Act of 2000 for the 2000â01 fiscal year. (c) A corporation shall not issue a guarantee under this section unless it determines that the following conditions are satisfied: (1) There is a low probability that the loan being guaranteed would be granted by a financial company or financial institution under reasonable terms and conditions and the borrower has demonstrated a reasonable prospect of repayment. (2) The loan proceeds will be used exclusively in this state. (3) The loan qualifies as a small business loan or an employment incentive loan. (4) The borrower has a minimum equity interest in the business as determined by the directives and requirements. (5) As a result of the loan being guaranteed, the jobs generated or retained demonstrate reasonable conformance to any directives and requirements specifying employment criteria.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 63089.70
What does Public Contract Code - PCC § 63089.70 cover?
Section 63089.70 ("The Small Business Expansion Fund, which is hereby continued in existence, shall,") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 63089.70?
A common citation format is "Public Contract Code - PCC § 63089.70" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 63089.70 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
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