Dear Community,
As we reflect back on our impact in 2023, I am proud to share with you ICA Fund’s work against the backdrop of a rapidly changing financial landscape. In the face of adversity, our commitment to fostering a diverse capital ecosystem remained steadfast. As traditional capital markets tightened, we continued to deliver innovative capital products to support Bay Area founders in growing thriving businesses.
In 2023, we witnessed the power of entrepreneurship to drive change. Nationally, there has been a surge in new business applications, with Black business ownership growing at its fastest rate in 30 years. This has led to a 60% increase in Black wealth and historic lows in Black unemployment. This demonstrates the why of ICA Fund’s mission: we provide coaching, connections, and capital to grow Bay Area businesses run by underrepresented founders, because these founders are more likely to create jobs and hire within their communities. This is how entrepreneurship can close the gender and racial wealth gaps.
We are proud that 79% of businesses served in 2023 are owned by people of color and 66% by women — compared to nationwide business ownership of 21% and 22%, respectively. Since 2012, ICA Fund has deployed over $12 million to Bay Area businesses, with 84¢ of every dollar going to women or people of color. And these companies created good jobs: in 2023 ICA companies retained over 1000 jobs with an average wage of $24.73. ICA Growth portfolio paid an average wage of $32.88/hour (compared to $16.52/hour minimum wage in Alameda County).
We’re incredibly proud of our mighty impact — we work closely with each founder in our community, and intentionally go deep instead of broad with our approach. At ICA, we are dedicated to making a local impact while demonstrating the effectiveness and potential of our approach for the field at large. This is why we share and validate our approach, with projects like our 2023 Levers of Wealth Creation Report.
In a world that often feels divided, small businesses remain a unifying force, and remain an institution that most Americans agree is a force for good. They not only drive economic growth but also foster a sense of belonging within our communities. Running a business is never easy, but these businesses are the heart and soul of our communities. They represent hope, opportunity, and the promise of a better world. I invite you to delve deeper into ICA Fund’s journey toward equity in entrepreneurship as we share our impactful year.
With gratitude,
Allison Kelly
CEO, ICA Fund
