Unshackled Ventures receives state’s first investment from new Expanding Venture Capital Access program

SACRAMENTO (June 27, 2023) — Today, the state of California’s Infrastructure and Economic Development Bank (IBank) announced the first investment by a new state program, Expanding Venture Capital Access. The program — the first venture capital (VC) program administered by the state — was designed to create a more inclusive VC ecosystem. Unshackled Ventures received $4.1 million as the state’s first investment.

Founded by immigrant entrepreneurs, Unshackled Ventures invests in visionary immigrant founders, providing the “friends and family” capital that immigrant entrepreneurs often lack, while also providing full support for the founders’ immigration process, including sponsoring visas and offering a community of resources. These investments generate innovation and U.S. jobs.

“We are thrilled to announce this first investment from our new venture capital program,” said IBank Executive Director Scott Wu. “In spite of California’s dominance in the VC industry, venture capital remains inaccessible to many entrepreneurs. Increasing inclusion in who receives VC funding starts with increasing inclusion in who manages VC funds — and both are critically important in the state’s push toward equity.”

While California is home to many of the world’s top venture capital firms, the VC community is demographically concentrated, making it challenging for underserved investors and startups to access funding. Studies have shown that startups led by inclusive teams have generated better investment returns than teams that lack diversity.

The new venture capital program’s primary focus is investing in underrepresented VC fund managers, including those in geographic areas that are socio-economically disadvantaged or that receive very limited VC funding. The program is also looking to make investments that promote climate equity and climate justice.

“We looked at where there were unmet needs in the VC world and you don’t have to dig deep to see that we needed to expand access to venture capital beyond the usual suspects,” added Wu. “This program allows us broaden our reach to those who haven’t had the same access to opportunity.”

“This is a momentous first step for the state of California’s venture program,” said IBank Deputy Director of Venture Capital Derrick Tang. “The team at Unshackled belongs perfectly within our mission — to help entrepreneurs gain access to a California dream, and help support an inclusive economy that is prosperous and representative of the people of our state.”

“We founded Unshackled Ventures nine years ago with a simple mission — to help unrecognized and excluded immigrant entrepreneurs succeed faster,” said Manan Mehta, Founding Partner of Unshackled Ventures. “We believe immigrants represent a national advantage, and by partnering with the state of California, the state with the largest immigrant population in the country, we are confident that our efforts to drive more innovation and inclusion will result in more economic prosperity and American job growth.”

The Expanding Venture Capital Access program is funded by $200 million from California’s $1.2 billion allocation from the U.S. Treasury’s State Small Business Credit Initiative (SSBCI), which provides capital to fund small businesses, including those that are socially and economically disadvantaged startups and investors. The program is administered by IBank — part of the Governor’s Office of Business and Economic Development (GO-Biz) — in partnership with Cambridge Associates.

Interested VC fund managers can visit IBank’s Expanding Venture Capital Access webpage to learn more.

About GO-Biz
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit the GO-Biz website.

Karen C. Naungayan
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916.207.9132

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​SACRAMENTO – California is investing $46 million in innovative companies to bolster the economy and create nearly 500 new jobs across the state. These new CalCompetes Tax Credit awards will continue to support the cutting-edge technologies and businesses that are the hallmark of California, bringing family-supporting jobs and investment to the state that would otherwise go someplace else. 

Two California businesses will be expanding their efforts to domestically design, develop, and manufacture the next generation of semiconductors and microchips. Collectively, Bosch and Akash Systems plan to make more than $1.3 billion of capital investments in California, while creating hundreds of new jobs with a combined average salary of nearly $100,000.

California is a global leader in semiconductor research, development, and manufacturing. The state is home to many of the industry’s leading companies, including over 600 fabrication facilities — more than any other state. The Golden State also has the highest number of jobs supported by the semiconductor industry – 63,000 or 23% of the U.S. total.

“California has the ecosystem that is ready to maximize the investments, great jobs, and national and economic security benefits that will result from the forthcoming CHIPS and Science Act federal funding,” said CalCompetes Deputy Director Scott Dosick. “These latest investments in the state’s semiconductor and microchip manufacturing sector ensure that California will remain a global leader in technology innovation for decades to come.”

Click Here for the Complete List of Approved Companies and Award Amounts

The California Competes Tax Credit was created in 2013 to help businesses grow and stay in California. GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage and benefits, economic impact, strategic importance and more. In 2022, the program was extended for an additional five years with at least $180 million in tax credits available for allocation to businesses each year through 2028.

About GO-Biz
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit the GO-Biz website.

Heather Purcell
Deputy Director of Communications
Email Heather, HERE

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SACRAMENTO (June 12, 2023) — The state of California’s Infrastructure and Economic Development Bank (IBank) announced that it had closed more than $1 billion in loans to cities, counties, and special districts to finance critical infrastructure for California communities around the state.

IBank, located with the Governor’s Office of Business and Economic Development (GO-Biz), administers the Infrastructure State Revolving Fund program to provide low-cost public financing to state and local government entities, including municipalities and nonprofit organizations sponsored by public agencies, for a wide variety of public infrastructure and economic development projects. It offers loan financing in amounts ranging from $1 million to $65 million with loan terms up to 30 years.

“Infrastructure is all around us, but it’s easy to take for granted,” said IBank Executive Director Scott Wu. “You might not think about the importance of updating wastewater treatment facilities until a sewer spill shuts down your family’s trip to the beach. IBank is proud to finance these critical infrastructure projects that affect our daily lives — from upgrading public safety facilities and airports to repairing streets and enabling organic-waste recycling.”

Many of the infrastructure projects financed by California’s IBank are listed on the IBank website.

By exceeding $1 billion in loans and counting, including more than $152 million in green loans and more than 24,000 jobs for Californians, IBank continues to demonstrate how a public finance program can generate incredible leverage on just $162 million of original seed capital from the state’s General Fund. A prime example is the construction of a new commercial waste transfer building, which will help Sacramento County meet state requirements under Senate Bill 1383 (2016) mandating organic waste be collected and diverted from landfills to mitigate pollution and reduce greenhouse gases.

“All of IBank’s programs lift up Californians by creating and preserving jobs, working to improve underserved communities, and addressing climate change to protect the environment,” added Wu. “We look forward to serving even more cities and counties — including those in the most underserved regions of the state — to create a California for All.”

Additional information is available on IBank’s Infrastructure State Revolving Fund Program fact sheet and the IBank website. For questions, please email infrastructureloans@ibank.ca.gov.

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 at ibank.ca.gov.

About GO-Biz
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit the GO-Biz website.

Karen C. Naungayan
Email Karen, HERE
916.207.9132

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SACRAMENTO – Today, Governor Gavin Newsom announced $39 million in state funding going to economic development projects across the state that support California’s transition to a low-carbon, green growth future. The funds, awarded through the Community Economic Resilience Fund (CERF), support communities with their transition to more sustainable, climate forward industries while strengthening access to good jobs.

What Governor Newsom said: “Our transition to a clean economy must include all Californians – that’s why we’re investing hundreds of millions of dollars into innovative projects across our state that put workers first. We’re leaving no one behind on our path to achieving world-leading climate goals that will slash pollution and supercharge our economy.”

Launched by Governor Newsom in 2021, CERF is a $600 million program catalyzing high-growth, low-carbon industries and high-quality jobs in the transition to a clean energy economy. The program is administered by a cross-agency team that includes the Governor’s Office of Planning and Research (OPR), Governor’s Office of Business and Economic Development (GO-Biz), and the Labor & Workforce Development Agency (LWDA).

As part of CERF’s initial planning phase, 13 economic development entities known as High Road Transition Collaboratives were awarded $5 million each to develop roadmaps, including a strategy and recommended series of investments, for their region. Following the planning phase, the program’s implementation phase will provide $500 million to fund projects identified by the High Road Transition Collaboratives. Today’s awards are an initial part of the implementation process.

CERF Economic Development Pilot Awardees

Alchemist Public Market, awarded $7.8 million, is a place-based infill project in Sacramento’s emerging River District that will build a pipeline for underserved entrepreneurs to start new food businesses, provide workforce development for individuals with high barriers to employment, create an attractive and energetic community gathering place, and offer access to quality food and produce from local producers.

The Walnut-Daisy Urban Farm project, awarded $3.8 million, is a collaboration between three community-based and resident-driven organizations and groups in Santa Ana. The project includes an urban micro-farm for BIPOC farmers, a cooperative cafe and an artisan shop, a community gathering space with outdoor seating and a stage, as well as an office and a marketplace for local produce and value-added items sold by local, BIPOC-owned micro-enterprises, including worker-owned cooperatives.

The Noyo Harbor Revitalization Plan, awarded $3.2 million, will fund the development of a new ice facility and the Entrepreneurial Marine-Based Training Program & Community Fish Market to establish a robust community fish market, foster job creation, skill development and improve job quality and access to capital for commercial fishers in Mendocino County.

The PACE Green Loan Fund (PGLF), awarded $5 million, is a revolving loan fund with loans ranging from $25,000 to $500,000 to provide entrepreneurs with working capital and/or growth with particular focus on providing high-quality jobs, reducing economic inequality and addressing the climate crisis in the Los Angeles region.

Integrating Innovation and the North State’s Working Landscape, awarded $2.1 million, will fund final construction costs to rehabilitate Yreka’s Carnegie Library Building and convert it into a community-driven business and industry innovation hub to support the region’s working landscape sectors, including agriculture, outdoor recreation tourism, and wood sectors, in developing new products, creating high-road jobs, cross-collaborating, and developing climate resiliency practices.

The Bioeconomy, Agriculture, and Manufacturing (BEAM) Initiative, awarded $3.6 million, is a cross-sector collaboration to advance the circular bioeconomy in the North San Joaquin Valley, with a focus on accelerating bio-based innovations and the manufacturing industry cluster that complement the region’s strength in food and agriculture while creating family-sustaining jobs across the region.

High Roads to Good Jobs and Prosperity in the Central Valley, awarded $10 million, will create thousands of quality good jobs in the renewables industry, advance entrepreneurship and access to capital for hundreds of minority business owners through business technical assistance and accelerator programs, and provide coordinated, social safety net, and provide digital infrastructure in priority communities focused on those digitally disinvested and in affordable housing areas.

Latino Workers and Entrepreneurs Resiliency Pathway, awarded $3.4 million, will create a revolving loan fund to support business incubation and entrepreneurship in the homecare and climate industries, as well as provide financial education and individual coaching as foundational steppingstones for underserved communities in San Benito, Santa Cruz, and Monterey counties.

“As part of the Community Economic Resilience Fund, the state is partnering with regions and local leaders to chart a path forward for California’s economy that helps us achieve our climate and equity goals,” said Sam Assefa, Director of the Governor’s Office of Planning and Research. “The awards announced today will help us build industries that leverage our natural resources in sustainably, create good-paying jobs, and catalyze innovation and entrepreneurship in every corner of the state.”

“It’s exciting to see community-based collaboration as a cornerstone of the innovative projects awarded today,” said Dee Dee Myers, Director of the Governor’s Office of Business and Economic Development.  “CERF was designed for such collaboration to occur, leading to previously underrepresented communities being part of developing solutions for local economic sustainability and resilience.”

“These projects showcase the power and potential of CERF,” said California Labor Secretary Stewart Knox. “Each region has a unique focus as part of our state’s efforts to build economic resilience in the face of climate change and other disruptions. By fostering a bottom-up approach to economic and workforce planning, we can improve on past efforts and ensure our future is cleaner, greener, and more prosperous for all Californians.”

Details regarding awarded projects can be found here.

About GO-Biz
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit the GO-Biz website.

Heather Purcell
Deputy Director of Communications
Email Heather, HERE

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The International Team at GO-Biz participated in multiple events focused on marketing California to international businesses in April and May, including leading a delegation of California economic developers to the annual SelectUSA Investment Summit in Washington, D.C.

Sacramento, CA – The GO-Biz International Affairs and Trade team recently concluded three weeks of initiatives focused on highlighting opportunities in California to international businesses. Featuring events statewide and engagement with international partners from around the world, these events underlined the unparalleled opportunities in California for expanding international businesses. They included:

• A zero-emission vehicles tour of Sacramento with a delegation from Taiwan, coordinated by GO-Biz and the Greater Sacramento Economic Council, in partnership with the American Institute in Taiwan.
• The SelectLA Investment Summit in Los Angeles, at which Deputy Director for International Affairs Emily Desai delivered remarks.
• The SelectUSA Investment Summit in Washington, D.C., to which GO-Biz led a delegation of local economic developers from across the state.
• The SelectSF Investment Summit in the Bay Area, at which GO-Biz staff spoke on a panel highlighting opportunities for biotech businesses.
• POWER-CA, an offshore wind focused event in Humboldt County, at which GO-Biz staff presented on resources to help international companies land.

Each of these events allowed GO-Biz International to engage with industry groups and international partners with strategic alignment in California and to amplify opportunities for global companies to establish operations in California and create jobs. Throughout these events, GO-Biz engaged with more than 350 international businesses to promote business expansion in the state.

Emily Desai, Deputy Director of International Affairs and Trade at GO-Biz, noted: “My team is proud to be attending events, meeting with businesses, and advertising the unparalleled assets our state has to offer to global companies. People from around the world also know that their ideas and dreams are welcome here in the Golden State, and that our diversity is a vital part of our economic engine. It is our honor to support events like SelectUSA and roll out the red carpet to foreign companies.”

The anchor event in this series was the SelectUSA Investment Summit, the preeminent foreign investment attraction event in the U.S. hosted by the Department of Commerce in Washington, DC. This was their largest ever event, with more than 4,900 attendees from over 80 international markets. As a Diamond-level sponsor, California brought a delegation of local economic developers from across the state:

• David Whelan, BioscienceLA
• Lance Hastings, CA Manufacturers & Tech Assn.
• Connie Stopher, Economic Development Coalition
• Matt Senekeremian, Fremont Chamber of Commerce
• Julian Ramos and Tiffany Louk, Fresno EDC
• Soua Vang and Jenny de la Mora, Glendale
• Darlene Chiu Bryant, GlobalSF
• Troels Adrian and Hayden Kandul, Greater Sacramento Economic Council
• Scott Adair, Humboldt County
• Patrick Ellis, Murrieta Innovation Center
• Tim Kelley and Sean Willcock, Imperial Valley EDC
• Alex Andrade, Milpitas
• Tahra Goraya, Monterey Bay Economic Partnership
• Scott Agaganian, Murrieta
• Michael Foote, REACH Central Coast
• Kimberly Wright, Riverside County
• Tony Yung, Sac China Trade Office
• Ryan Niesen, San Bernardino County
• Hala Madanat, San Diego State University
• Robin Reimold, TeamCA
• Rosibel Ochoa, UC Riverside
• Larry Holt, World Trade Center Los Angeles
• Lucas Coleman, World Trade Center San Diego

At the Summit, GO-Biz hosted a Meet California Breakfast, which featured a panel of experts on California’s startup ecosystem to discuss resources available to help global founders land. This sold-out event allowed the California delegation to network with nearly 100 hand-selected international businesses with interest in expanding to the Golden State.

The delegates reported extremely positive feedback of their experience throughout this series of events. Lee Ann Eager, President & CEO of the Fresno County Economic Development Corporation, which served as GO-Biz’s fiduciary for the Summit, said: “Participating in SelectUSA enabled Fresno County EDC to put our Foreign Direct Investment strategy into action and achieve results in real time with business representatives from around the world. Through this incredible opportunity, we met with over 40 new leads representing 26 industries from 20 countries.”

“Extending our global reach is a key initiative for the state capital region of California’s business community. We were honored to partner with GO-Biz to market Sacramento to international businesses in person for our foreign investment attraction strategy,” said Greater Sacramento Economic Council Senior Vice President Troels Adrian. “In addition to the SelectUSA Summit, this year we hosted a delegation from Taiwan in partnership with GO-Biz. This allowed us to showcase the Sacramento region and market a sector that is particularly important for us, focusing on a climate change industry and zero-emission vehicles.”

Scott Adair of Humboldt County, which hosted the POWER-CA conference, said, “We were thrilled with the outcome of POWER-CA and the collaborative spirit demonstrated by our partners and stakeholders. This event not only showcased the immense potential of Humboldt County as a hub for renewable energy, but it also laid the foundation for meaningful partnerships and initiatives that will drive the transition to a cleaner and more prosperous future.”

California is proud to be the number one U.S. state for jobs supported by international businesses and it continues to be a priority for the Newsom Administration to welcome more international companies to our state. You can follow the GO-Biz International team’s foreign investment attraction efforts by subscribing to their newsletter, following @CAGoBiz on Twitter, and searching for #GoBizInternational across social media platforms.

About GO-Biz
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit the GO-Biz website.

Heather Purcell
Deputy Director of Communications
Email Heather, HERE

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More than $34 million in CalCompetes tax credits projected to generate nearly $2 billion in capital investments across the state

Sacramento, CA – California is investing $34.2 million in cutting-edge industries to bolster the economy and create more than 1,500 new jobs, with the majority of those being green jobs. Companies receiving these funds will develop and manufacture zero-emission, autonomous aircrafts, provide commercial solar and battery energy storage systems for public utilities, and more.

“We’re excited to support these innovative businesses and new technologies that are the hallmark of our state, especially those that help California meet its zero-carbon emission goals,” said Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz. “CalCompetes had a tremendous impact over the past decade, bringing family-supporting jobs and investment to our state that would otherwise go someplace else.” ️

☀️ RENEWABLE ENERGY
AES received a $6 million tax credit to expand its solar energy and battery storage operations in Adelanto, Bakersfield, Blythe, Lancaster, and San Jose. Collectively, AES intends to create more than 120 new, full-time jobs with an average salary of $97,000.

Additionally, BESS Manufacturing will be investing in battery energy storage system manufacturing equipment and facilities as part of its expansion in Merced. Their $5.04 million tax credit will create 855 jobs and result in more than $250 million of capital investments in the Central Valley.

“The CalCompetes program was created to ensure businesses like these choose California,” said Scott Dosick, CalCompetes Deputy Director. “We continue to prioritize businesses that will create high-quality, green jobs in low-income and high-poverty parts of the state that need them most.”

🛩️ ELECTRIC AIRCRAFTS
Pyka, a developer and manufacturer of electric, autonomous aircrafts received a $7 million tax credit to invest in manufacturing and R&D equipment as part of its expansion in Alameda and Oakland, which is expected to create nearly 150 new jobs that hold an average salary of $100,000.

💻 SEMICONDUCTORS AND MORE
Additional awardees include:

* EUV Tech, Martinez-based equipment manufacturer that builds measuring instruments used in the design and production of semiconductors.
* Smart 72, designer and manufacturer of a smart building control system for HVAC, water heating, lighting, and appliances, who is expanding their operations in Watsonville and San Louis Obispo.
* Keiser, manufacturer of high-end exercise equipment, who is using their award to expand and improve their headquarters and manufacturing capacity in Fresno.

Click Here for the Complete List of Approved Companies and Award Amounts.

The California Competes Tax Credit was created in 2013 to help businesses grow and stay in California. GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage and benefits, economic impact, strategic importance and more. In 2022, the program was extended for an additional five years with at least $180 million in tax credits available for allocation to businesses each year through 2028.

About GO-Biz
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit the GO-Biz website.

Heather Purcell
Deputy Director of Communications
Email Heather, HERE

Explore more articles by category:  GO-Biz News  |  CalOSBA News  |  Press Releases  |  Opinion Editorials  |  Statements