SACRAMENTO (May 21, 2019) – The California Infrastructure and Economic Development Bank (IBank) and the Bay Area Air Quality Management District (BAAQMD) have created a partnership to provide subsidized financing for technology projects in hopes of encouraging the development and adoption of technologies that reduce greenhouse gas emissions.
The Climate Tech Finance program will support both small business and the public sector.
Small businesses may be eligible for loans up to $20 million. Through this partnership, IBank’s Small Business Loan Guarantee Program (SBLGP) program will be empowered to guarantee as much as 90% of the loan, up to a maximum of $2.5 million.
IBank’s California Lending for Energy and Environmental Needs (CLEEN) Center direct loans can be made to the public sector in amounts ranging from $500,000 to $30 million with up to 30-year terms at below-market and subsidized rates.
This financing program is aimed at supporting emerging technologies that have been successfully demonstrated at the pilot, demo or early commercial scale but has not yet reached full-commercial scale.
“The partnership between IBank and BAAQMD allows us to focus on our areas of expertise and make it as easy as possible to help create real change in the Bay Area’s air quality,” IBank’s Acting Executive Director Nancee Robles said. “Often there are barriers for a small business with new technology to access capital and with a loan guarantee that could be as much as 90% or our subsidized financing for municipalities, it opens the door to greater lending opportunities for important technology.”
All inquiries and applications should be directed to BAAQMD to determine eligibility. Guidelines and more information can found here: http://www.baaqmd.gov/funding-and-incentives/businesses-and-fleets/climate-tech-financeAbout the California Infrastructure and Economic Development Bank
IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member Board of Directors. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public agencies, provide credit enhancements, acquire or lease facilities, leverage State and Federal funds and provide loan guarantees and other credit enhancements to small businesses. Find more information at www.ibank.ca.gov.