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$150 Million Available to California Manufacturers

The California Enterprise Development Authority (CEDA) applauds the State Treasurer's office for increasing the funding allocation for the 2009 Industrial Development Bond (IDB) program from approximately $120,000,000 to $150,000,000. This annual IDB issuing volume, which funds projects for California manufacturers, is established by the State Treasurer and represents a $30 million, or a 25 percent, increase over the IDB limit set in January 2008. Through the program's small-issue IDBs, CEDA can access the increased funding limit of $150 million to finance projects statewide to support expansions of existing manufacturers as well as create much needed jobs in today's economy. Manufacturers can use these tax-exempt, private-activity bonds, which are issued through state and local governmental agencies like CEDA, to assist in purchasing facilities and financing capital expenditures. Manufacturers interested in tapping these funds must be creditworthy and meet other state and federal requirements. However, according to Dan Bronfman, President, Growth Capital Associates, Inc., "In most cases, the approval process is worth the effort when you realize how much a business owner can save with an IDB versus a conventional loan. Since this program is aimed at helping mid-sized manufacturers, it supports a critical segment of California businesses."

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