Riverside and San Bernardino to Get $5M Each From California’s $600M Community Economic Resilience Fund

By: Sharjeel Sohaib

• 

Apr 16, 2022

 â€¢ 

On September 23, 2021, Governor Gavin Newsom signed SB 162, establishing the $600 million CERF to foster a long-term and equitable recovery from COVID-19’s economic crisis by supporting new plans and policies to diversify local economies build sustainable enterprises.

About CERF

CERF is a $600 million state fund overseen by the CERF Leadership Team, which includes the California Labor and Workforce Development Agency (LWDA), the Governor’s Office of Planning and Research (OPR), and the Office of Business and Economic Development (GO-Biz)

The main aims of CERF are as follows:

  • Promote a long-term, equitable recovery from COVID-19 that provides all Californians with high-quality, accessible jobs.
  • Encourage the creation of regional economic roadmaps that invest in sectors that will thrive in a carbon-free future while also fostering long-term economic prosperity.
  • To optimize recovery efforts and promote long-term economic resilience, align and leverage state, federal, charitable, and private-sector initiatives.
  • Integrate neighborhood people’s priorities into regional planning processes.

Share of Inland Empire in the CERF

The CERF is divided into 13 regions. San Bernardino and Riverside Counties are included in the Inland Empire Region.

There will be two phases of the Community Economic Resilience Fund program, and they are as under:

Phase I of CERF

During Phase I, each CERF Region will receive a $5 million grant to help them establish innovative, focused regional economic roadmaps that will help them create high-quality employment and build a more fair economy that benefits everyone.

Phase II of CERF

In Phase II, the following actions are to be taken:

  • From fall/winter 2022 through October 2026, provide approximately $500 million in rolling, competitive awards. 
  • Fund initiatives in communities throughout the regions based on regional plans and criteria.
  • Ensure that initiatives promote economic diversity, sustainability, and equity while supporting regional economic resilience and transition. Outcomes will spur the development of internationally competitive, sustainable sectors with high-paying, accessible employment and improve equality outcomes across race, ethnicity, gender, and location.

Impact of CERF 

CERF was established to assist innovative plans and strategies to diversify local economies and build sustainable sectors that produce high-quality, widely accessible jobs for all Californians to achieve a long-term and equitable recovery from COVID-19’s economic suffering. The Community Economic Resilience Fund Program (CERF) will specifically assist towns and regional organizations in developing regional economic recovery and transition plans that prioritize creating accessible, high-quality jobs in sustainable businesses.

Inland Empire Regional CERF Planning Meetings will be held on Fridays at 1 p.m.

To join the meetings, register yourself here.  

Read FAQS about CERF here.  

Source: Valleyvision.org

Author

  • Avatar Of Sharjeel

    Sharjeel joined Startempire Wire as emerging technologies editor. Earlier, he worked at Silicon Canals, a leading English language technology media source for the Benelux and wider Europe. He covered the European technology and startup ecosystem digging into latest funding rounds of startups.

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