SACRAMENTO – State Treasurer Fiona Ma today Announced $15 million in grants to support small business development programs throughout California. The grants were made through the California Investment & Innovation Program (Cal IIP) run by the California Pollution Control Financing Authority (CPCFA), which Ma chairs as state treasurer.
“Small businesses power the California economy,” said Treasurer Ma. “By distributing these funds in local communities, they allow our partners to tailor programs that meet the unique needs of those communities and help small businesses thrive.”
Cal IIP grants are awarded to Community Development Financial Institutions (CDFIs) – credit unions, banks, non-profit organizations, and other entities – which address the needs of communities underserved by traditional banking institutions.
CDFIs can use the grant funds for services and operations that contribute to their community development mission, including affordable housing, capital access for small businesses and individuals, and education and healthcare facilities.
The board approved Cal IIP grant awards to 63 CDFIs, for a total of $14,999,999.92.
Cal IIP highlights include:
• $9.1 million for small business support
• $5.9 million to fund community development projects and services
• $5.0 million for affordable housing programs
• $4.3 million for engaging the underbanked
The California Legislature established the Cal IIP Fund in 2022 with Senate Bill 193,
which committed $50 million over several years toward grant funding. Cal IIP grants are
required to be awarded by February 1. The program distributed $14.2 million in 2024.
For more information about the program, visit
