The Los Angeles Cleantech Incubator is launching a green-loan program for Black, brown and female founders of early-stage startups.
Why it matters: The program is funded through a $6 million pool of capital and is a step toward increasing funding to this group of founders, where VC money is in short supply.
Startups with a founder who identified as Latino received 2% of startup venture funding last year, according to Crunchbase. That was the same amount that went to female founders, Bloomberg reported.
Venture funding for Black-led startups was 3% of the 2020 total, according to Reuters.
