As the Bay Area shelter-in-place order nears its two-month anniversary, ICA’s work to support our companies through this crisis continues. As part of our Rapid Response Relief Fund, we just approved an additional interest-free loan to Bay Area companies.
In total, ICA has deployed close to $300K to 8 companies affected by the COVID19 crisis. Our entrepreneurs are working hard to pivot their business models, access federal funding, and find creative new ways to reach customers. ICA’s Relief Fund is one piece of the puzzle: our interest-free bridge loans are unlike any other small business capital product being offered right now.
While the road to recovery is long, entrepreneurs tell us that the infusion of emergency cash from ICA is an important lifeline for their companies in these times.
Maria Palacio, CEO of Progeny Coffee, says “These funds from ICA are going to allow us to keep pushing through this season and keep our mission alive for our farmers". Progeny graduated from ICA’s Accelerator program in 2019. Since the shutdown, Progeny has lost large orders from its core customers – Silicon Valley’s tech sector. Maria and her team have prioritized online sales and offered expedited in-person deliveries to keep the business going (read more in Forbes here).
In addition to our Relief Fund, ICA’s expert advising means we can meet entrepreneurs where they are as they plan for the future. The ICA Program team just hosted our third session of open Office Hours, this week with a focus on Marketing.
We can’t do this work with out you! Thank you for supporting our fundraising efforts as part of our Giving Tuesday campaign – you can still make a gift today! Your support makes this work possible and we are grateful for you.
Allison Kelly, CEO