PACE is thrilled to have been awarded $5 million through the Community Economic Resilience Fund (CERF) to launch a new initiative, the PACE Green Loan Fund (PGLF). As a community development financial institution (CDFI), PACE’s Green Loan Fund will promote the creation and expansion of green businesses in the Los Angeles region with objectives on solving the climate crisis and economic inequality.
PGLF is a revolving loan fund that will assist approximately 20 green companies in the Los Angeles region with loans ranging from $25,000 to $500,000. The flexible financing will provide entrepreneurs with working capital and/or growth with particular focus on providing high quality jobs. PACE has a successful track record in providing access to capital to minority and marginalized entrepreneurs as an award-winning SBA Women’s Business Center, SBA Microlender, SBA Community Advantage Lender, the only U.S. Department of Commerce Minority Business Development Agency Business Center in Southern California and as 2 City of Los Angeles Business Source Centers.
Community Economic Resilience Fund (CERF) and PACE have aligned objectives in promoting equitable outcomes in disinvested communities. PGLF will assist green businesses committed to Governor Newsom’s goal of achieving a carbon-neutral and climate-resilient economy. Equally important, the loan fund will prioritize businesses that improve the economic resiliency in disinvested communities by creating high quality jobs and/or improving environmental conditions.
Click here to learn more about CERF and its awardees.