Lt. Governor Kounalakis Joins the U.S. Department of the Treasury to Announce $10 Million in Federal Funding to Support California Small Businesses

Lieutenant Governor Eleni Kounalakis Joins U.S. Department of Treasury to Announce$10 Million in Federal Funding to Support California Small Businesses

For Immediate Release
Monday, October 7, 2024
Contact:[email protected], (916) 445-8994

SACRAMENTO - Today, Lieutenant Governor Eleni Kounalakis joined U.S. Deputy Secretary of the Treasury Wally Adeyemo in announcing a $10 million award to the California Office of the Small Business Advocate (CalOSBA) through the Biden-Harris Administration's State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). This funding, in partnership with $16.25 million in matching state funds, will support CalOSBA's Procurement & Innovation Capital Leadership for Entrepreneurs (PINNACLE) program.

The PINNACLE program will provide targeted technical assistance and capital readiness training to over 5,000 small businesses, including those owned by people of color and women, connecting them in fast-growing sectors like clean energy, manufacturing, infrastructure, and climate resiliency.

For more information regarding the announcement, visit the U.S. Department of the Treasury's press release here.

WHAT THEY'RE SAYING:

California Lieutenant Governor Eleni Kounalakis:

"This $10 million investment is a huge win for California's small businesses, helping them grow, create jobs, and lead in industries that drive our future," said Lieutenant Governor Eleni Kounalakis. "By supporting California's efforts to provide essential resources, technical support, and access to capital, this investment will ensure our state remains at the forefront of economic growth and innovation, especially for businesses owned by women and people of color. I am grateful for the Biden-Harris Administration's commitment to fostering inclusive economic opportunity and supporting the backbone of California's economy."

U.S. Deputy Secretary of the Treasury Wally Adeyemo:

"The Biden-Harris Administration's economic agenda is focused on continuing the historic small business boom by helping small businesses across the country grow and hire. With this new funding, California will be able to provide one-on-one support to help entrepreneurs seize new opportunities created by state investments in infrastructure and innovation."

House Speaker Emerita Nancy Pelosi:

"America's small businesses are the engine of our economy - and as I often say, there is nothing more optimistic than starting a small business. As Speaker, I was proud to partner with President Biden and lead House Democrats in delivering transformative investments for our small businesses - and I'm thrilled to join in celebrating this federal funding to bring those investments to California. Democrats are proud to support small businesses and their great optimism, entrepreneurialism and courage, which are the lifeblood of the American economy."

National Economic Advisor Lael Brainard:

"Today's announcement to fund critical small business technical assistance programs will help ensure that more small businesses can thrive, as part of the Biden-Harris Administration plan that is powering a small business boom with a record 19 million new business applications so far."

U.S. Congresswoman Maxine Waters:

"This funding will go a long way in making sure that small businesses across California not only know about billions of dollars in low cost federal and state financing available to them, but also receive any technical assistance necessary to apply for these funds. I am particularly pleased that this award is coming from the State Small Business Credit Initiative, an initiative I helped to create in 2010 and later led the effort to renew and expand in partnership with the Biden-Harris Administration in 2021. California's small businesses, and especially its diverse-owned businesses, are too often ignored by our traditional banking system, but through this program can receive critical capital financing to better serve their communities. I look forward to working with the Treasury Department and state agencies to spread the word about these resources."

Congresswoman Judy Chu:

"Reauthorized and expanded by Congressional Democrats and the Biden-Harris Administration through the American Rescue Plan, SBOP supports small businesses nationwide receive the access to capital and technical assistance they need to succeed-barriers disproportionately impacting businesses owned by women and people of color. With today's announcement, entrepreneurs in the San Gabriel Valley and around California will be able to take advantage of the new PINNACLE program's wealth of resources, training, and other forms of assistance to help them not just stay afloat but thrive and magnify their contributions to their communities."

CalOSBA Director Tara Lynn Gray:

"CalOSBA is honored and grateful that the U.S. Treasury has chosen our application through this competitive process. Our proposal is designed to complement both the existing federal investment in our Technical Assistance for Capital Readiness Program and state-level investment from Governor Newsom's administration in our Accelerate California program. The team at CalOSBA is tasked with diversifying California's innovation economy and increasing small business participation in state contracting - both of which will be greatly assisted by this new funding."

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