The allocation of funds will be handled by the California Infrastructure and Economic Development Bank (IBank) and the program will be launched by the end of the year.
According to IBank Executive Director Scott Wu, the program will be separated into 3 separate initiatives. The first will invest in VC funds of existing fund managers from diverse backgrounds, while the second will invest in first-time fund managers and funds with a "climate equity or climate justice" focus.
While most of the funding will go towards various programs making it easier for small businesses to acquire loans, the state set aside $200 million for a unique program aiming to support equity and climate-focused venture capitalists.
According to IBank Executive Director Scott Wu, the program will be separated into 3 separate initiatives. The first will invest in VC funds of existing fund managers from diverse backgrounds, while the second will invest in first-time fund managers and funds with a "climate equity or climate justice" focus.
While most of the funding will go towards various programs making it easier for small businesses to acquire loans, the state set aside $200 million for a unique program aiming to support equity and climate-focused venture capitalists.
