Here’s some good news for cleantech start-ups.
The Los Angeles Cleantech Incubator (LACI) announced last week that it is launching the nationwide “LACI Cleantech Debt Fund.” It is a $6 million first-of-its-kind green loan program to scale early stage cleantech start-ups and accelerate equitable climate action.
The debt fund will provide loans of $25,000 to $250,000 to an estimated 100 early stage start-ups over five years, providing a non-dilutive alternative to venture capital for companies that need financing to support their first customer orders or working capital to scale their businesses. There is also a priority placed on underrepresented start-ups. Also, the debt fund does not require founders’ personal collateral or their personal credit scores in underwriting.
LACI also operates the National Cleantech Incubator Coalition of which the Tennessee Advanced Energy Business Council is a member.
Click here to read more about the new fund that is focused on