Added by Stats. 1980, Ch. 819, Sec. 1.
The Controller shall establish, maintain, and administer a separate account within the General Fund of the State of California to effect the provisions of this chapter.
Article 2 - State Enterprise Loan Fund
California Financial Code — §§ 32810-32814
Sections (5)
Amended by Stats. 1989, Ch. 1040, Sec. 20.
The name of this account shall be the “State Enterprise Loan Fund,” which fund shall be continuously appropriated for the purposes of this division.
Amended by Stats. 1983, Ch. 323, Sec. 31. Effective July 1, 1983.
The Controller shall transfer into the fund from the General Fund and from the Energy Resources Program Account in the General Fund all moneys required to meet the loan requests of the corporation, subject to the following terms and conditions:
(a)The amount transferred to the fund from the General Fund shall not exceed one million five hundred thousand dollars ($1,500,000).
(b)The amount transferred to the fund from the Energy Resources Programs Account in the General Fund shall not exceed one
million dollars ($1,000,000) and the Controller shall not transfer any money from the account to the fund unless and until both of the following occur:
(1)The corporation certifies to the Controller that it has approved not less than a total of five million dollars ($5,000,000) in loans to eligible small businesses in this state.
(2)The corporation certifies to the Controller that it will use the additional money transferred to the fund only to make new loans to eligible small businesses in this state.
Added by Stats. 1980, Ch. 819, Sec. 1.
The Controller shall disburse moneys from the fund to the corporation subject to the provisions of this chapter.
Added by Stats. 1980, Ch. 819, Sec. 1.
The Controller shall deposit in the fund all moneys received from the corporation in repayment of the principal and interest of loans made to the corporation.