Rebuilding paradise
I’d like to begin with a note regarding the tragic wildfires in Los Angeles. Observing the actions of first responders and local officials, and the heroics of the firefighters and pilots risking their lives to protect people and property has been absolutely awe-inspiring.
The outpouring of care and generosity of neighbors and fellow citizens for the residents of the affected communities demonstrates how the best of humanity always finds a way to shine, even in the darkest of times.
Just as Paradise, CA continues to rise from the ashes of the 2018 Camp Fire, Los Angeles will recover and rebuild to resume its status as a national paradise, and IBank will assist in that effort with all of our resources.
2024 Recap
As we kick off the new year, I’d like to take a moment to reflect on 2024. Not only was it another record-breaking year at IBank, but we had numerous reasons to celebrate:
- Supported a record $367M in loans to over 1,000 small businesses.
- Received $407M funds from US Treasury’s SSBCI – tranche 2.
- Provided our largest ISRF loan – $40M for San Diego’s organic waste facility.
- Issued $1.3B in bonds to finance facilities for health care, education, clean water, energy efficiency, and the arts.
- Closed or approved $40M to underrepresented venture capitalists and entrepreneurs.
- Created or preserved 16,000 jobs for Californians.
- Launched a loan match website connecting small businesses to trusted CDFI’s, and a WebLoan digital platform for municipalities.
- Attended Brightline’s Las Vegas groundbreaking for the nation’s first high-speed rail.
- Enjoyed the inaugural voyage of SWITCH Maritime’s first in the world hydrogen-powered ferry.
- Celebrated IBank’s 30th anniversary at the Academy Museum of Motion Pictures.
In 2024, IBank also continued to expand our nation-wide leadership in green finance:
- Issued $554M of green and sustainability bonds.
- Grew our green loan portfolio to $190M.
- Provided climate tech entrepreneurs access to $35M of capital.
- Completed first Climate Catalyst investment as a $25M anchor to the California Wildlife Innovation Fund.
- Secured $250M for California from EPA’s “Solar for All”.
- Negotiated the agreement for $446M of funding from EPA’s “National Clean Investment Fund” for which we seek board approval today. This is a major milestone that would not have been possible without the dedication of an entire team of IBankers who worked tirelessly over the previous months and years to bring this to fruition.
Together, these 2024 accomplishments remained tightly aligned with IBank’s three priorities: creating jobs, serving the disadvantaged, and addressing climate change.
Looking toward 2025, following 5 straight years of record operating income, IBank has never been stronger or better positioned to serve our mission. Just as we mobilized to help address the pandemic, IBankers will step up to respond to the LA fires and further invest to mitigate long-term climate crisis. We continue to build upon our strengths and are proud of our role as public servants in such critical times.
