State Treasurer John Chiang this week announced that he is increasing the financing available through the California Capital Access Program for Small Business and Collateral Support Program in communities ravaged by the recent wildfires, including the Carr Fire in the Redding area.
"These devastating wildfires have destroyed homes, businesses, and have even caused deaths and injuries," said Chiang. His office is exercising the authority to make more financing options available through 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 raced trhough 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.
The program this year will target 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."