ICA receives $1M from the eBay Foundation.
The ICA team is excited to share that we have received a $1 million grant from the eBay Foundation to support small businesses in the wake of the COVID19 pandemic.
eBay’s funds will be used to provide immediate support in the form of 0%-interest loans and expert advising to more than 30 local businesses in ICA’s network.
In April, ICA launched our Rapid Response Liquidity Fund (RRLF), to respond to the dramatic impact the shelter-in-place mandate has had on the cash flow and financial stability of small businesses. Through the Fund, ICA has quickly deployed $325,000 of interest-free money to local small businesses, helping to preserve over 55 local jobs in the midst of the pandemic.
“eBay’s support is an important boost for our mission. Entrepreneurs of color, especially women, are already constrained by a lack of access to capital and high-caliber advisor and investor networks, even though they start businesses at higher rates than white business owners. Recent findings show that companies owned people of color have been hardest hit in the COVID-19 pandemic and have received a disproportionately small percentage of federal funding,” says Allison Kelly, CEO of ICA.
“It’s inspiring to see eBay recognize the urgency of supporting small businesses and the power of ICA’s model to do so. We are thrilled to have them as a partner to address this gap.
— Allison Kelly, ICA CEO
In light of the COVID19 pandemic, ICA’s expert advising, direct investment, and rapid response are more critical than ever.
"As we navigate our ‘new normal’ amid COVID-19, we all hear – and say – what an unprecedented time this is,” said Allie Ottoboni, President of the eBay Foundation. “We felt it was critical to meet the moment and provide an unprecedented level of funding from the eBay Foundation to underrepresented entrepreneurs and small businesses who make our communities what they are."
For over 23 years, ICA has worked to accelerate Bay Area small businesses in order to create good jobs to close the racial and gender wealth gaps. To date, companies participating in ICA’s Investment Portfolio and Accelerator program have raised more than $50M in funding – including more than $2.8M in direct investment by ICA – creating 600+ local jobs and $85M in wages to employees in the process.
With eBay’s support, ICA will continue to provide the coaching, connections, and capital our community needs.