ICA is proud to announce the receipt of a new $500,000 award from the US Treasury’s Community Development Financial Institution (CDFI) Fund Financial Assistance Program. The funds will allow ICA to grow and expand on our work in support of our mission to accelerate great companies to close the racial and gender wealth gaps.
ICA plans to put the $500,000 award from the CDFI Fund to immediate use, building out our new investment Fund allowing the organization to meet the capital needs of even more Bay Area businesses.
“The award is a great validation for our model and our growth plan,” said Allison Kelly, ICA CEO. “We are excited to put this money to use and look forward to sharing more about the innovative products we have in the works in the months to come,” she added.
An official CDFI since 2016, ICA is proud to be one of just six Venture Capital funds to receive grants in this round of funding. In total the US Department of the Treasury deployed $204.1 million in awards to Community Development Financial Institutions across the country last week.