As the coronavirus and prolonged economic shutdown continue to impact small businesses, Oakland-based ICA has reacted quickly to support its partner businesses through this unprecedented time.
ICA accelerates businesses through mentoring and investments to close the racial and gender wealth gaps. Since 1996, ICA has worked with hundreds of small businesses to generate revenues in excess of $1 billion and create thousands of job opportunities.
When the COVID-19 pandemic hit, ICA created the Rapid Response Liquidity Fund (RRLF), a zero-interest loan program designed to address the immediate liquidity crisis faced by many of the Bay Area’s companies. The RRLF pairs emergency capital with expert guidance from ICA’s team and network of advisors to help its companies maintain financial stability and help keep workers on the job.
To support ICA’s important work during this critical time, Boston Private is proud to have made a $10,000 investment in the RRLF.
“We are grateful to Boston Private for recognizing – and responding to – the urgent need to help local small businesses maintain their cash flows in the face of unprecedented disruptions to business as usual,” said ICA CEO Allison Kelly.
For more than 20 years, ICA has worked to create wealth-generating opportunities for entrepreneurs, the diverse workforce they employ, and the unique communities in which they exist. Since 2013, ICA has provided business owners with debt and equity financing through its investment fund, and hands-on business advice through its Accelerator. Together, ICA helps entrepreneurs grow their businesses and pursue their visions to hire a diverse workforce, and offer their employees robust benefits, a living wage, career ladders, and wealth-building opportunities through profit-sharing and employee ownership programs. ICA has worked with more than 600 companies. These companies have together created and retained over 5,500 jobs and paid more than $1B in wages.