Dear Friends and Supporters,
In the early days of spring 2020, as the economic impact of the pandemic became evident in the Bay Area, ICA’s immediate task became clear: We needed to take the bold, decisive actions that traditional financial institutions could not.
The ICA team quickly launched the Rapid Response Liquidity Fund, deploying 0% interest loans to help small business owners fill potentially devastating gaps in cash flow. We’ve since distributed $1.4 million to 30 small businesses in the Bay Area through this effort.
Distributing no-interest loans during a time of extreme uncertainty may seem like an imprudent risk. But we know our entrepreneurs, and we know what they can do. To me, nothing encapsulates the commitment of the ICA team more aptly than our ability to step up when our entrepreneurs need us most. We are able to do this because of the trust and confidence given to us—by our investors, by our donors, and by our community.
Many of ICA’s companies lost jobs and revenues in 2020; this was to be expected and this report provides that data. But this is also a story of perseverance and survival. Through our rapid, responsive funding and programming, ICA helped 89 companies survive, stabilize, and position for growth during the pandemic.
As we begin to emerge, we are also getting ready to celebrate ICA’s 25th anniversary. In the wake of this challenging year, we are looking back to the roots of ICA’s impact and ahead to the work still to come building a more inclusive economy.
We extend our deepest gratitude to you for joining us in this work. And we hope you will continue to do so. This moment presents an unprecedented opportunity to reimagine our economy so that it works for everyone.