Infrastructure

ICA has nurtured small businesses in the Bay Area through capital investment and mentoring for nearly thirty years. A central part of their approach is a form of impact investing that focuses on buying equity in promising companies rather than offering loans. As those businesses succeed, ICA creates pathways for the original owners to buy back that equity over time.

ICA Fund is known as an innovator in the CDFI field because it extends patient, flexible capital on founder-friendly terms to the small businesses in which it invests. This approach is in contrast to most CDFIs, which typically offer small businesses loans rather than convertible notes or equity investment options that have extended, flexible repayment expectations aligned with the businesses growth. It’s also in contrast to venture funding, which typically focuses on high-growth businesses and expects a high rate of return over a short period of time.

Building on our five-year partnership, we created this new series of case studies to spotlight ICA Fund’s work to shape a more inclusive economic system: one where entrepreneurs can access the capital and partnership they need to grow, where local economies thrive, and where quality jobs expand alongside profit. Each case study speaks to a core audience and a core belief: investors can generate both social impact and returns; business owners deserve capital designed for their success; policymakers can drive widespread economic growth by supporting equity investing that works for real people.