About this programme
The Expanding Venture Capital Access Program is run by California IBank, the state's Infrastructure and Economic Development Bank, using $250 million from the State Small Business Credit Initiative (SSBCI 2.0), a federal program created under the American Rescue Plan Act of 2021. It is part of California's larger $1.2 billion SSBCI allocation from the US Department of the Treasury.
IBank says the program aims to build a more equitable venture capital ecosystem, with a focus on underrepresented fund managers, entrepreneurs and underserved business owners, plus a climate equity and justice emphasis.
Of the $250 million, $200 million is set aside to invest in venture capital funds themselves, and the remaining $50 million-plus goes to direct investments in individual companies.
How it works
There are two paths into this program: IBank invests in qualifying VC funds, or it invests directly in a startup alongside that startup's own lead investor.
For direct investments, IBank co-invests, it does not lead. A startup must already have secured a lead equity investor for its current financing round; debt financing does not qualify it for this program.
Investment opportunities go through a screening process involving Cambridge Associates and Recast Capital before IBank commits.
Full eligibility detail sits in IBank's "Criteria, Priorities, and Guidelines for Financing" document, referenced on the program page but not reproduced there.
Who can apply
For fund managers: the VC fund must have a minimum fund size of $50 million to be considered for an IBank fund investment.
For startups seeking a direct investment: the company must have already secured a lead investor for its current equity financing round. Debt financing alone does not qualify.
How to apply
- Fund managers complete the IBank Fund Application Form.
- Startups seeking a direct investment complete the IBank Direct Investment Application Form (hosted on Fillout).
- Fill out all required questions on the relevant form; incomplete forms are not considered for investment.
- Contact vc@ibank.ca.gov or call (916) 341-6600 with eligibility questions before applying.
Documents you’ll typically need
- Criteria, Priorities, and Guidelines for Financing (PDF, on the program page)
- Program Fact Sheet
Frequently asked
Does IBank lead the investment round?
No. For direct investments, IBank co-invests alongside a lead investor the startup has already secured; it does not act as the lead.
Can a startup with only debt financing apply?
No. The program requires a lead equity investor in the current financing round; debt financing does not qualify.
How big does a VC fund need to be to get IBank investment?
A minimum fund size of $50 million.
Who screens the investments?
Cambridge Associates and Recast Capital are involved in screening opportunities before IBank commits capital.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.