The Assembly Committee on Economic Development, Growth, and Household Impact convened on July 11, 2025, to discuss key initiatives aimed at enhancing local business opportunities and addressing economic challenges in California. The meeting highlighted the vital role of the Small Business Development Center (SBDC) in supporting entrepreneurs and fostering community growth.

The session began with a discussion on the importance of equity and opportunity in procurement processes. Committee members emphasized the need for local governments to adopt successful policies from other regions, including a recent initiative by Supervisor Montgomery Stepp that mirrors California's AB 2019. This policy aims to achieve a 25% procurement goal, which has reportedly exceeded expectations since its implementation. The committee noted that leveraging local government resources and technical assistance could help ensure that funds remain within communities, thereby boosting local economies.

Members also addressed the challenges businesses face in navigating rising costs, tariffs, and uncertainties in the market. A representative shared insights on the importance of creative partnerships, particularly international collaborations, to mitigate these challenges. They encouraged businesses to utilize SBDC resources, highlighting the connections available through local networks.

The conversation shifted to funding issues, particularly in light of recent banking instability following the failure of Silicon Valley National Bank. A business representative discussed their struggle to secure loans despite having a Climate Tech award, citing the need for sufficient equity and revenue as barriers to accessing financial support. The committee acknowledged these challenges and reiterated the importance of ongoing support for businesses in research and development sectors.

In conclusion, the meeting underscored the committee's commitment to fostering economic growth through equitable procurement practices, local government support, and enhanced access to funding for businesses. The discussions set the stage for future initiatives aimed at strengthening California's economic landscape and ensuring that local communities thrive.