AB 1537: Small Business Financial Assistance Act of 2013: reports.

The Small Business Financial Assistance Act of 2013 authorizes the formation of small business financial development corporations to grant loans from, or guarantee loans made by a financial institution or financial company, as defined, against, moneys awarded to the corporation from the California Small Business Expansion Fund, a continuously appropriated fund, for the purpose of stimulating small business development, as specified. Existing law charges the program manager, as defined, with the administration of these provisions. Existing law requires each corporation to provide to the program manager, in a format prescribed by the program manager, specified data and reports, including, but not limited to, a summary of all outstanding loans, bonds, and other credit enhancements to which a corporate guarantee is attached, as specified.

This bill would additionally require each corporation to provide to the program manager a list by city and county of the number and dollar value of all credit enhancements and debt instruments the corporation entered into during the report year and that are outstanding at the close of the fiscal year.

Existing law requires the program manager, no later than January 1 of each year, to prepare and submit to the Governor and the Legislature a report for the preceding fiscal year ending June 30 containing the financial product activity of each corporation. Existing law requires the report to include, among other things, direct loans, guarantees, and other financial products awarded and outstanding balances.

This bill would additionally require the report to include a geographic distribution by city and county of the direct loans, guarantees, and other financial products awarded and outstanding at the close of the fiscal year.

By expanding the requirements of the report, this bill would increase the costs associated with the report, thereby making an appropriation.