California climate budget to include $1 billion green loan fund

by Judy Lin and Rachel Becker,CAL Matters

Contending that California needs to better encourage small players with ideas to address the climate crisis, Gov. Gavin Newsom plans to include a $1 billion revolving loan program in his new budget Friday to seed recycling, low-carbon transportation and climate-smart agriculture projects, according to a summary document obtained by CalMatters.

The Climate Catalyst Revolving Loan Fund, which would grow over four years, would offer low-interest lending to small businesses and organizations that have green ideas but may not be established or connected enough to compete for venture capital funding.