Article 2. State Enterprise Loan Fund of California Financial Code >> Division 15.5. >> Chapter 7. >> Article 2.
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.
The name of this account shall be the "State Enterprise Loan
Fund," which fund shall be continuously appropriated for the
purposes of this division.
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
(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.
The Controller shall disburse moneys from the fund to the
corporation subject to the provisions of this chapter.
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.