Lessons Learned from Small Business Lending During COVID-19: A Case Study of the California Rebuilding Fund
As COVID-19 forced California businesses to shut down, a coalition that spanned government, universities, small business advocates, lenders, and concerned private citizens came together to design a solution that provided low-cost capital to small businesses via loans from Community Development Financial Institutions (CDFIs). The result was the California Rebuilding Fund (CARF). This report provides a brief history of the CARF; details its structure, loan terms, and application process; highlights lessons learned from its creation and implementation; and looks forward as this fund continues to operate in California and as other states or localities consider establishing similar funds.