Why is ICA doing this?
ICA has long-worked with Bay Area small businesses and we are committed to continuing to support our community. The Bay Area’s small businesses have been hard-hit by COVID-19. As our community fights the virus, our companies have seen steep declines in wholesale orders, customers and overall revenues. ICA’s companies employ more than 500 people and we are determined to help small businesses. The needs of the businesses we serve are urgent and our companies don't have time to wait for other relief programs to be fully implemented.
Where is the money coming from?
ICA is relying on our network of generous corporate and philanthropic funders to help raise this funds for the Rapid Response Loan Fund.
How much money is available?
To date we have secured over $1.2M. If you are one of our generous funders, help us continue to raise money for the fund by contacting CEO, Allison Kelly.
What are the amounts of the loans?
Loan amounts are tailored to the needs of each business and range from $25,000 to $150,000, taking into account company size, number of employees, and financial projections.
What are the criteria to be invited to apply?
You must be a 9-county Bay Area small business owner, with local employees, impacted by the COVID-19 pandemic.
Can I refer companies to the RRLF?
Yes! Are you a partner who would like to nominate a company in your network to receive these funds? Let us know.
Who should apply?
The Rapid Response Loan Fund is invitation only and priority is given to ICA Investment Portfolio and Accelerator companies. If you are a business support provider or a partner of ICA’s, please email us.
How else is ICA helping small businesses?
In addition to providing businesses with critical emergency capital, ICA will continue to pair businesses with our network of expert advisors, and continue providing tailored resources to companies in and outside of the ICA network. If you are an entrepreneur, tell us how we can support your business, and you, personally.
What happens after I apply?
A member of the ICA team will review your application and reach out to you directly as soon as possible. Currently, you can expect to hear back from us about the status of your application in about 7 to 10 days.
What's the length of the loan term?
This capital is structured as a 0%-interest, 4-year term loan that will not collect payments for the first year. At the end of the first year, we will work with you to ensure that the repayment schedule makes sense for the state of the company and available cash flows at the time.