State of California’s Infrastructure and Economic Development Bank Reaches $1 Billion in Infrastructure Loans Supporting California Communities through Clean Water, Organic Recycling, Safer Roads, Fire Protection, and More
SACRAMENTO (June 12, 2023) — The state of California’s Infrastructure and Economic Development Bank (IBank) announced that it had closed more than $1 billion in loans to cities, counties, and special districts to finance critical infrastructure for California communities around the state.
IBank, located with the Governor’s Office of Business and Economic Development (GO-Biz), administers the Infrastructure State Revolving Fund program to provide low-cost public financing to state and local government entities, including municipalities and nonprofit organizations sponsored by public agencies, for a wide variety of public infrastructure and economic development projects. It offers loan financing in amounts ranging from $1 million to $65 million with loan terms up to 30 years.
“Infrastructure is all around us, but it’s easy to take for granted,” said IBank Executive Director Scott Wu. “You might not think about the importance of updating wastewater treatment facilities until a sewer spill shuts down your family’s trip to the beach. IBank is proud to finance these critical infrastructure projects that affect our daily lives — from upgrading public safety facilities and airports to repairing streets and enabling organic-waste recycling.”
Many of the infrastructure projects financed by California’s IBank are listed on the IBank website.
By exceeding $1 billion in loans and counting, including more than $152 million in green loans and more than 24,000 jobs for Californians, IBank continues to demonstrate how a public finance program can generate incredible leverage on just $162 million of original seed capital from the state’s General Fund. A prime example is the construction of a new commercial waste transfer building, which will help Sacramento County meet state requirements under Senate Bill 1383 (2016) mandating organic waste be collected and diverted from landfills to mitigate pollution and reduce greenhouse gases.
“All of IBank’s programs lift up Californians by creating and preserving jobs, working to improve underserved communities, and addressing climate change to protect the environment,” added Wu. “We look forward to serving even more cities and counties — including those in the most underserved regions of the state — to create a California for All.”
Additional information is available on IBank’s Infrastructure State Revolving Fund Program fact sheet and the IBank website. For questions, please email infrastructureloans@ibank.ca.gov.
About 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 ibank.ca.gov.
About GO-Biz
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit the GO-Biz website.
Karen C. Naungayan
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