On Aug. 24, DBO Commissioner Jan Lynn Owen hosted an industry roundtable with the Governor’s Office of Emergency Services (Cal OES) director Mark Ghilarducci and Insurance Commissioner Dave Jones to explore potential solutions and stopgaps to problems facing survivors of the recent catastrophic wildfires.

As a result of that meeting, the DBO announced a partnership between state-chartered Poppy Bank of Santa Rosa and Northern California Financial Development Corporation (Nor-Cal FDC) to extend a $450,000 line of credit to Chiaramonte Construction and Plumbing Inc. (Chiaramonte) to help rebuild 250 homes in an area of Sonoma County that burned in the 2017 wildfires.

Nor-Cal FDC provided an 80 percent guarantee to the line of credit Poppy Bank provided Chiaramonte.  Nor-Cal FDC is a public benefit corporation chartered and regulated by the Governor’s Office of Business and Economic Development.  Under the State Loan Guarantee Program, Nor-Cal FDC provides guarantees for loans, and specializes in helping small businesses that do not meet traditional lending guidelines.

The DBO also asks our licensees – banks, credit unions, mortgage lenders and others – to continue to provide as much discretion and latitude as possible to help fire victims recover and rebuild.