As we enter a new month we are keenly aware of the toll the COVID-19 crisis is taking on our small business community. The ICA team remains committed to providing our companies with the coaching, connections, and capital they need to get through this unprecedented time.
I am happy to share that we have received our first commitment of capital for the Rapid Response Liquidity Fund. We will soon be able to deploy it to our investment portfolio and Accelerator companies. An official announcement will be made next week. As we continue to fundraise towards our $5M goal we are grateful for the support we have received and happy to be able to move money to our companies in the form of 0%-interest loans.
In the weeks since we first announced the Rapid Response Liquidity Fund, more than 50 small businesses from across the Bay Area have reached out to ICA for support and capital. As expected, their capital need has already exceeded even our $5M Fund goal.
We are building support solutions and partnerships across our ecosystem, and figuring out how to best utilize our resources in real time. Stay tuned for more announcements next week. In addition to the Fund we have launched a new ICA marketplace where you can buy directly from our companies.
As we work to connect our entrepreneurs with the resources they need, we are keenly aware that we can’t do it alone. That’s why I encourage you to buy from our companies, share your expertise, and, if you are able, donate directly.
Allison Kelly, CEO