It has been almost a month since the Bay Area began sheltering in place, and local businesses continue to struggle. ICA’s mission is to accelerate great businesses; in this moment of crisis, however, we are focusing on helping small businesses survive.
ICA’s Rapid Response Liquidity Fund is an important tool for addressing the urgent needs of small businesses. We are thrilled to share that JPMorgan Chase has committed $250,000 to seed the Fund. Applications for the Liquidity Fund capital will be open to ICA’s Accelerator and Portfolio companies starting next week.
- You can support local businesses by making a direct contribution to ICA’s Rapid Response efforts here.
- You can also support ICA’s businesses by visiting the ICA Marketplace, which features products and services from many of our great companies. Since launching last week, the site’s 500+ unique visitors are helping to drive an uptick in online sales. Visit the marketplace at icamarketplace.org.
In the last two weeks, 100 companies have reached out to ICA for help – mostly needing capital to meet payroll and expenses, and to weather the downturn. Our entrepreneurs are navigating new federal funding programs. Many are facing long wait times at banks, uncertainty about their eligibility, and the realization that federal cash assistance may not come in time. In fact, none of the companies the ICA team has talked to have received federal funding yet.
ICA can’t single-handedly meet the needs of each company, so we are working with our trusted ecosystem partners to help meet companies’ needs. We are reaching out to every company that has filled out our Rapid Recovery Liquidity Fund interest form so we can connect them to ICA’s network of expert advisors and partners.
While we have no way of knowing what the future will bring, ICA is committed to being here for our businesses for the long term. With your help, we will keep providing the coaching, connections, and capital our companies need to survive the next several months intact, and be positioned for longer-term stability and growth as well.
Allison Kelly, CEO