With only a handful of credit unions enrolled, the state of California is pulling out all the stops to get more signed on to a nearly $100 million business lending program.
The California Capital Access Program is offered through the California Pollution Control Finance Authority within the state's treasurer's office. It encourages credit unions and other financial institutions to make loans to small businesses that fall just outside of their conventional underwriting standards.
The way CalCAP, as it is referred to is, works is when a lender's first loan is enrolled, the program establishes a loss-reserve account for that lender. Each time a loan is enrolled under CalCAP, premiums are paid into the portfolio loss-reserve account and the program matches the premiums.
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