The Connecticut Green Bank, in partnership with the Connecticut Department of Energy and Environmental Protection, Kresge Foundation, and Hewlett Foundation, has created a new nonprofit entity Inclusive Prosperity Capital to operate some of its programs, while enabling those programs to expand nationally.

This strategic partnership was created to scale-up efforts to expand successful financing programs for energy efficiency, renewable energy, and health & safety investments for low-to-moderate income families and underserved credits (e.g., nonprofits, small businesses, etc.). As a result of funding sweeps by the Connecticut General Assembly in 2018 and 2019, national banks and foundations became concerned about investing alongside the Connecticut Green Bank. Creating an independent 501(c)3 nonprofit organization provides an opportunity to continue private investment in these underserved markets. “The nonprofit becomes a way for us to maintain our commitment to the underserved while at the same time attracting private investment in a space we've lost some ground on because of what happened with the sweep," explains Green Bank CEO Bryan Garcia. Read more here and here.