CA Export Finance Office successfully moves on to Assembly Appropriations Committee
SB 511, which was introduced by Senator Ted Lieu, 28th District, establishes the California Export Finance Office (CEFO). OCBC supports this bill and it was successfully passed out of the Assembly Jobs, Economic Development and Economy Committee. SB 511 enhances the ability of businesses already exporting to leverage export opportunities abroad and paves the way for new businesses to enter the export market with CEFO providing working capital loan guarantees to support specific export transactions. In addition to financial assistance, CEFO will provide businesses with technical assistance and practical information on potential opportunities, exporting techniques, protocols and legal considerations. CEFO, which operated in California from 1985 to 2003 as a department of the Technology, Trade & Commerce Agency, successfully generated nearly $2 billion in export sales and sustained 22,000 related jobs that would likely not have occurred without CEFO support. For more information, contact Matt Petteruto, Vice President, Economic Development.