California Enterprise Development Authority
Why Did CALED Sponsor the Creation of CEDA?
As the recognized statewide leader in advocating expansion of economic development financing opportunities, CALED is committed to directly addressing gaps in economic development financing by establishing the California Enterprise Development Authority (CEDA) Joint Powers Authority (JPA). CEDA’s goal is to maximize the availability of capital to California small and medium sized manufacturers and nonprofits for expansion and job creation through an innovative gap financing program.
The CEDA Difference: What is a JPA?
Under the laws of the State of California, a JPA can be created by two or more jurisdictions to undertake certain activities permitted by each. While all cities and counties in California have the ability to issue conduit revenue bonds for qualifed housing and economic development projects, many utilize JPAs to gain transaction economies of scale, access specialized transaction skills and avoid using precious staff time on these types of transactions. While there are a small number of statewide issuers, there are no issuers dedicated to economic development. The California Enterprise Development Authority will be dedicated to the issuance of conduit revenue bonds for economic development projects.