Dear ICA Community,

At ICA Fund, we know that small businesses are the heart of our communities. Today, economic and political uncertainty creates additional barriers for entrepreneurs striving to grow. From inflationary pressures to proposed tariffs to shifts in federal small business funding, the landscape for founders is unclear. But we know that we need small businesses now more than ever — they create jobs and opportunity, and build more vibrant, resilient communities that we all enjoy.

This February, we were able to step away with a select group and pilot something special: the ICA Fund Founder Retreat, led by ICA team member Caron Gugsa-Howard. We brought founders together for a weekend of reflection, connection, and rejuvenation in Santa Cruz. The impact was profound, and we captured it in a short documentary. I hope you take a moment to watch it here:  ICA Fund 2025 Founders Retreat.

ICA Fund provides small business founders with a vital support system. Running a business is never easy, and economic and political headwinds only add to the challenge. That’s why our hands-on approach through workshops like our recent AI session, personalized advising, and flexible capital solutions like our impact equity matters so much. And just as importantly, we build community. Running a business can be isolating, but at ICA Fund, no founder has to do it alone.

While there is uncertainty in the world around us, ICA Fund remains steadfast. Our approach—active partnership, personalized advising, and flexible capital—unlocks value that mainstream finance misses, proving that investing in overlooked businesses delivers both social and financial returns. We are invested in incredible companies tackling everything from AI-assisted healthcare to building a more  equitable global spice trade. We are staying the course, adapting as needed, and ensuring that underserved small businesses have the resources to weather uncertainty and grow.

How You Can Help:

• Keep supporting small businesses in your community
• Keep supporting ICA directly — your financial support and entrepreneur advising makes a big difference
• If you’d like to get more involved with ICA Fund’s work, reach out. Now is an important time to ensure the services we provide to founders and our local community stay resourced.

Together, we’re building the future of investing by supporting these missed markets in our own communities. Small businesses are too valuable for us to do anything but forge ahead, together. Thank you for being part of this journey with us.

With gratitude,
Allison Kelly
CEO, ICA Fund