We are excited to share that three ICA companies will receive a total of $100,000 from our Rapid Recovery Liquidity Fund. These interest-free loans are the first of more than $800,000 that ICA will get out the door to help companies weather the storm of the pandemic and thrive when the shelter-in-place is lifted. The three companies employ over 30 Bay Area workers and a generate nearly $3 million in revenues locally.
ICA was able to approve these loans because of the generous new support of Crankstart and the Surdna Foundation. Their contributions effectively tripled the lending capacity of the Fund, building on seed funding from JPMorgan Chase. ICA is now poised to help even more small businesses bridge the gap until relief funds arrive and revenues are restored.
Meanwhile, ICA’s program team is providing expert advising through webinars and “office hours” to answer pressing questions from ICA companies, while continuing our hands-on support of the current cohort of the ICA Accelerator.
Our challenge is to help our companies survive in the short term, and be ready to thrive as the economy opens up down the road. Building resilience into the small business sector now and into the future is where we’re headed.
And we need your help! Your support helps ICA provide rapid relief and long-term support to local small businesses at every step of their journey. Make a gift, shop the ICA Marketplace, or volunteer as an advisor.
We hope you’ll join us as we rebuild a future that is more inclusive and vibrant for us all.
Allison Kelly, CEO