Date
Thursday, September 15, 2022
The Air District and California Infrastructure and Economic Development Bank, or IBank, announced the statewide expansion of the Climate Tech Finance program.
The Climate Tech Finance program has supported $20.7 million in loans to date, with a focus on Bay Area companies and projects. By expanding the program statewide, entrepreneurs and small businesses across California will have access to the Air District's impact evaluation and IBank’s loan guarantee of up to 80 percent of the loan principal or $5 million, whichever is less.
The Climate Tech Finance program is a first-of-its-kind finance partnership designed to accelerate the growth of small businesses working to reduce greenhouse gas emissions. As part of its goal of a post-carbon Bay Area by 2050, the Air District developed the program in partnership with IBank and the Northern California Financial Development Corporation in 2018.
The Air District identifies climate entrepreneurs and small businesses, assesses the merits of the technologies, and estimates greenhouse gas emission reductions and social impacts to ensure that proposed projects improve the climate and community in an equitable and sustainable way.
IBank, a California state agency housed within the Governor’s Office of Business and Economic Development, provides loan guarantees that give lenders the confidence they need to lend to small businesses that otherwise struggle to access affordable financing.
The Air District, IBank, and Financial Development Corporations are eager to support climate entrepreneurs, work with climate-oriented lenders, and scale up much-needed solutions to the climate crisis across California.
IBank issues tax-exempt and taxable revenue bonds, provides financing to public agencies, provides credit enhancements, acquires and leases facilities, leverages state and federal funds, and provides loan guarantees and other credit enhancements for small businesses.
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Last Updated: 10/11/2022