â€œCaliforniaâ€™s small businesses are the backbone of our economy and a primary source of job creation.Â It is vital for our stateâ€™s economic recovery that Governor Schwarzenegger approves SB 66 into law, providing small businesses with the necessary tools to gain access to federal and private loans and services,â€ said Senator Correa.Â â€œI commend Senator Price for introducing this legislative measure, which is a step in the right direction for our economic upturn.â€Â
The Small Business Loan Guarantee Program was eliminated due to cuts in the last state budget. Without this program, Californiaâ€™s small businesses will not be eligible for federal government loans and private financial, technical and education aid. Once signed into law, SB 66 will save this program by retaining the majority of trust fund assets and will be able to resume services to small businesses.Â
Senator Correa was recently named â€œLegislator of the Yearâ€ by the California Small Business Association (CSBA) and California Small Business Roundtable (CSBR). He represents the 34th Senate District, which includes the cities of Anaheim, Santa Ana, Garden Grove, Westminster, Stanton, Buena Park, and Fullerton.