Added by Stats. 2013, Ch. 537, Sec. 4. (AB 1247) Effective October 4, 2013.
(a)Among other priorities, corporations shall give high priority to the issuance of loan guarantees to small business incubators and to businesses that lease space in incubators.
(b)For the purposes of this section, “incubator” means a facility that allows new small businesses to increase their probability of success by sharing needed capital equipment, services, and facilities, which may include, but are not limited to, the following:
(1)Reception and meeting area.
(2)Secretarial services, such as collating, telephone answering, or mailhandling.
(3)Accounting and bookkeeping services.
(4)Research libraries.
(5)Onsite financial and management counseling.
(6)Parking.
(7)Flexible lease arrangements for flexible space.
(8)Computer or word processing facilities.
(9)Day care facilities.
(10)Office furniture rentals.
(11)A graduation policy sometimes requiring firms to leave after three to five years in a subsidized, nurturing environment.
(12)Employee training and placement services.
(c)Among other priorities, corporations shall give high priority to marketing their services to Phase 1 or Phase 2 Small Business Innovation Research (SBIR) recipients and providing loan guarantees, whenever possible.
Cite this section
Other sections in Article 7 - Loan Guarantees
§ 63089.70§ 63089.71