The feds gave the green light on a $1.1 billion grant for the state, which includes a program to invest in VC fund managers from diverse backgrounds.
Dee Dee Myers, the director of the California governor’s office of business and economic development.- Assistant Managing EditorThe U.S. Treasury approved $1.1 billion in funding for California Wednesday under the State Small Business Credit Initiative, a part of President Joe Biden's American Rescue Plan from last 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.
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