Alternative Small Business Financing: Keeping California on Top and Sharing the Wealth
Small businesses in California employ nearly half of the state's private workforce but lack the capital to grow. Though a recovery is underway, access to money has grown more acute since the Great Recession. Banks aren’t lending in the amounts that small businesses and entrepreneurs need; venture capital, angel investing, and crowdfunding have become important alternative forms of financing. In fact, California’s small business owners tap these alternative means of capital – often from Silicon Valley and Silicon Beach -- far more than small business nationwide. But the state can do much more for small business, from crowdfunding legislation to greater support for minority entrepreneurs to reaching out beyond the world of technology.
Carolyn Karo, Associate Director, Strategic Initiatives, Center for Regional Economics, Milken Institute
Autumn Burke, Assemblymember, 62nd District, State of California
Manny Fernandez, Angel Investor; Co-Founder and CEO, DreamFunded
Chris Hameetman, President, Tech Coast Angels; CEO, Rainforest LA
Victor Parker, Los Angeles District Director, U.S. Small Business Administration
Richard Swart, Senior Advisor, CrowdSmart.io; Filene Research Fellow, University of California, Irvine