SACRAMENTO – Throughout the month of October, the California Infrastructure and Economic Development Bank (IBank) will be celebrating more than 25 years of focused activity that has supported infrastructure financing, job creation and retention as well as contributing to the quality of life for Californians.
IBank has issued more than $550 billion in financing through direct loans to local governments and public benefit entities, revenue bond financing for manufacturing businesses, nonprofit entities and public entities, as well as other financing transactions important to the State, including a series of Green Bonds totaling more than $1.3 billion between 2016-2019 for clean water projects.
When IBank was created through legislation in 1994, it became the State of California’s only general purpose financing authority. The mission was to create a healthy climate for jobs and contribute to economic growth by financing public infrastructure and private development. Those pieces aim to improve the quality life for Californians – something that remains a priority at IBank today.
“Every day the IBank team has a chance to make a real impact on the State of California,” Acting Executive Director Nancee Robles said. “Our goals are not motivated by profit. Our mission to create jobs and help municipalities and other organizations meet the needs of their stakeholders is a priority.
“The various types of projects we have financed range from wastewater treatment plants for small and large communities, museums, educational facilities, airports and so much more. These are vitally important to California and IBank is lucky to be part of the process. We never lose sight of why we were created.”
By means of the Infrastructure State Revolving Fund Program (ISRF) Loans alone, IBank has helped create more than 22,000 jobs with more than $625 million in loans. One of those loans was issued to the Fresno Yosemite International Airport in May. The $35 million financing package will help Fresno prepare for a continuing increase in passengers with a new parking garage, Electric Vehicle charging stations and more.
“Committed leadership, legal expertise, responsive staff, streamlined procedures, lower costs – all these compelling positives induced Fresno to choose the IBank,” Fresno Yosemite International Airport’s Director of Aviation, Kevin Meikle, said. “IBank allowed airport management to focus on the planning of a major parking expansion, not the mechanics of a public financing.”
IBank also collaborates with other state entities to help them accomplish their goals. One such partnership is with the Bay Area Air Quality Management District (BAAQMD). Through a program offered as a result of a partnership between IBank and BAAQMD, the Climate Tech Finance Program offers subsidized financing for public and private facilities to adopt emerging technologies that reduce greenhouse gas emissions.
“We offer loan guarantees through our Small Business Finance Center as well as with the program with BAAQMD because a guarantee might be the difference of whether some new green technology emerges or a small business starts, expands or has any success,” Robles said. “We want to improve access for those who want to help the state continue to achieve economic growth and that should include greater access to green financing and support for small business as well as what we achieve through our loan and bond financing.
“After 25 years IBank’s ability to impact the State of California in various ways is truly amazing.”
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 on our website.
Public Information Officer
Email Gabrielle, HERE
Phone: (916) 341-5568