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Lawmakers Introduce Bill To Create A State Bank For COVID-19 Pandemic

A group of California lawmakers have introduced a state bill that would establish a state bank to provide financial aid to local governments and businesses during the COVID-19 pandemic. Assembly members from the Bay Area and Southern California are behind the Bank on California bill.

It would convert the state's IBank into a state-run bank. That bank would lend money to businesses and local governments to protect crucial services like schools and public health. The authors say it would increase credit available to rural, minority-owned, women-owned, indigenous-owned, and immigrant-owned businesses.

"This bill would, among other things, require the I-Bank to continue or expand the Small Business Finance Center as specified, including by guaranteeing loans to small businesses with a focus on specified borrowers," it reads in part.


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