California Government Code

§ 12099.7.5

GOV § 12099.7.5 Effective Jun 30, 2022Div. 3 · Title 2 · Part 2 · Ch. 1.6 · Art. 6.2

Statute text

(a)Upon appropriation by the Legislature, the office shall administer the Accelerate California Entrepreneurship Fund to provide acceleration grants to small businesses and entrepreneurs that participate in the Accelerate California: Inclusive Innovation Hubs. The purpose of the acceleration grants is to spur high-growth industries and startups and build a pipeline of scalable firms and well-paid jobs, and increase access to private investment for diverse founders as well as those in geographically isolated and underserved regions. The office shall develop guidance for priority areas of funding and process for the funding and selection of grantees. Funding disbursements shall begin in the second year of the program after a hub has achieved satisfactory reporting for the first year of performance.

(b)(1) To receive an acceleration grant, small businesses and entrepreneurs shall satisfy all of the following:

(A)Be located in the geographic region of the Accelerate California: Inclusive Innovation Hub.

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Legislative history

Added by Stats. 2022, Ch. 68, Sec. 13. (SB 193) Effective June 30, 2022.