Beyond Newsom’s Rebuilding Fund, additional action is necessary to preserve small businesses

David Beier
3 min readDec 8, 2020

With the launch of the Rebuilding Fund, California has laid a foundation for small business recovery, but much more needs to be done

This article, co-authored with Pedro Nava and Sean Varner, fellow Little Hoover Commissioners, was first published by Cal Matters on December 8.

On Nov. 20, Gov. Gavin Newsom announced the launch of a key program to support small businesses devastated by the COVID-19 pandemic — the California Rebuilding Fund. While we commend this strong start, the state must marshal more resources to address the pandemic’s impact on our small business communities.

Image via Cal Matters (iStock)

The Rebuilding Fund is a partnership between state and local governments and private organizations — some for-profit, some nonprofit — that will provide financial support to small businesses in underserved communities. The governor and Legislature provided a $25 million anchor commitment in this year’s budget, state money that the Rebuilding Fund will combine with private capital to provide low-interest loans to small businesses.

“This public-private partnership,” Newsom explained, “will give underserved communities across California access to capital, making for a more inclusive economy.” On Nov. 30, Newsom further announced an additional…

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David Beier
David Beier

Written by David Beier

Managing Director, Bay City Capital, San Francisco, CA. Previously Chief Domestic Policy to Vice President Al Gore. Senior corporate officer DNA and Amgen

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