Wednesday, June 8, 2022

Los Angeles Cleantech Incubator Launches Cleantech Loan Fund

The Los Angeles Cleantech Incubator announced this morning that it has launched a brand new, $6M clean technology loan fund, designed to fund early stage startups in the climate area. According to the incubator, the LACI Cleantech Debt Fund will offer up loans of between $25,000 to $250,000 to an estimated 100 early-stage startups over five years. The incubator said it is particularly looking to provide non-dilutive funding to startups needing to support their first customer orders or working capital to scale their businesses. The fund also is specifically interested in underrepresented founders–in particular female, Black, and Brown founders, who traditionally have had a hard time getting traditional bank loans. The new loan fund is backed by Sobrato Philanthropies and Homecoming Capital, as well as the Wells Fargo Foundation.