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The State Treasurer’s Office offers low-cost financing and tax incentives for construction, manufacturing equipment, waste hauling, recycling and more.
“The wildfires that recently ravaged North Bay’s wine country and Southern California have caused deaths and injuries, destroyed and damaged property and uprooted people’s lives,” Chiang said. “But the people of California are resilient. When disaster strikes, we rebuild our communities even better than they were before. That is why my office is providing additional financing tools and making it easier and faster to access them.”
His offerings include:
– Increasing by 50 percent state funding to spur lending and guarantee private bank loans to small businesses. Protecting lenders against defaults will make it easier for business owners to borrow money to rebuild more quickly.
– Redirecting state deposits to qualified community banks to encourage recovery lending. The Treasurer will deposit hundreds of millions of dollars to any qualified community bank or credit union that agrees to actively participate in the reconstruction and recovery of their local communities.
– Reimbursing certain fees charged to private waste haulers and recyclers for bond financing to pay for the cost of removing rubble before rebuilding can begin.
– Fast-tracking applications to exempt manufacturers from paying sales tax on new equipment purchases, and exploring application fee waivers and prioritizing manufacturers that are rebuilding.
– Assisting community and rural, non-profit health clinics by refinancing and deferring payments on existing Treasurer’s Office loans as well as exploring the issuance of up to $2 million in available funding from an existing loan program. The loans could be used for working capital, infrastructure, building purchases, renovations and equipment.
– Supporting small business lending for recovery efforts by aggressively purchasing government-guaranteed portions of Small Business Administration loans.
Some of the Treasurer’s financing opportunities already are available while others could be in place by December or early next year.
“It is critical to public health and safety for small businesses and health clinics to be up and running as soon as possible,” Chiang said.
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A strong month for retail sales made up for most of the shortfall.
For the first four months of the 2017-18 fiscal year, total revenues of $32.65 billion are outpacing budget projections by $544.8 million, or 1.7 percent, with all of the “big three” – personal income, retail sales and use, and corporation taxes – in the black.
Sales tax receipts of $936.1 million for October were $45.0 million higher than anticipated in the budget. For the fiscal year, sales tax receipts of $6.86 billion are $195.3 million above budget estimates.
Personal income tax, or PIT, receipts for October totaled $5.38 billion, falling $49.8 million short of budget estimates.
For the fiscal year to date, total PIT receipts of $22.97 billion are $166.4 million above assumptions in the 2017-18 Budget Act.
Corporation tax receipts for October totaled $285.6 million, $78.1 million below projections – or 21.5 percent – after beating expectations for three consecutive months.
For the fiscal year, corporation tax receipts of $1.81 billion are outpacing budget projections by 8.6 percent.
Outstanding loans of $19.54 billion in October were $1.26 billion more than 2017-18 Budget Act estimates. This loan balance consists of borrowing from the state’s internal special funds. Unused borrowable resources in October exceeded projections by $1.78 billion, or 8.3 percent.
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As part of program development, CDFA identified specific soil management practices eligible for initial funding through the HSP.
Some of these practices include no or reduced tillage, planting cover crops and compost application.
Earlier this summer, CDFA announced that it will begin accepting new proposals in order to provide additional opportunities to stakeholders.
“As we continue to develop the Healthy Soils Program, we want to consider new and innovative contributions from our stakeholders,” said CDFA Secretary Karen Ross. “Improving soil health in California must be a collaborative effort, and our continued efforts with stakeholder groups, sister agencies and federal partners is instrumental to the program’s success.”
The HSP stems from the California Healthy Soils Initiative, a collaboration between state agencies to support the development of healthy soils in California. By providing funds to incentivize management practices and on-farm demonstration projects, HSP helps build soil organic carbon and reduce atmospheric greenhouse gases (GHG’s).
Proposal requirements, process for consideration and other details on the submission process can be found at https://www.cdfa.ca.gov/oefi/efasap/docs/HSP_NewPractices_RFP.pdf.
Proposals are due by 5 p.m. PST on Dec. 18 and must be submitted to
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The meeting will be held from 10 a.m. to 2:30 p.m. at the California Department of Food and Agriculture (CDFA), 1220 N St., Main Auditorium, Sacramento.
“The devastating impact of these fires to local communities is heartbreaking,” said CDFA Secretary Karen Ross. “Farms and farmers are integral to this region, so we are working very closely with our state and federal partners to get them the information they need on assistance programs to help them rebuild. Recovery is not only about assistance, but also returning to normal business operations. The Wine Country is an important economic driver for the region, and many establishments are open and welcoming visitors.”
The board will also be discussing California WaterFix, the Administration’s plan to modernize the state’s water delivery system and maintain a reliable clean water supply for 25 million Californians.
Invited speakers for the meeting include: Dan Bout, Governor’s Office of Emergency Services; Jacque Johnson, USDA Farm Service Agency; Jim Spear, USDA Natural Resources Conservation Service; Cynthia Cowell, US Small Business Administration; Karla Nemeth, California Natural Resources Agency; Jay Lund, UC Davis Center for Watershed Sciences; Randy Record, Metropolitan Water District of Southern California; and Jason Phillips, Friant Water Authority.
The California State Board of Food and Agriculture advises the governor and the CDFA secretary on agricultural issues and consumer needs.
The state board conducts forums that bring together local, state and federal government officials, agricultural representatives and citizens to discuss current issues of concern to California agriculture.
All meetings are open to the public and attendance is welcome.
Follow the board on Twitter at www.twitter.com/Cafood_agboard.