ICA.fund

What ICA.fund does

ICA Fund is a nonprofit Community Development Financial Institution (CDFI) founded in 1996 and headquartered in Oakland, California. The organization invests in growth-ready Bay Area small businesses that have outgrown micro-loans but do not qualify for conventional bank financing, with an explicit focus on underrepresented founders (60% women and 74% entrepreneurs of color in its accelerator cohort). Across its 30-year history ICA has evolved from Inner City Advisors into a multi-product investment and advisory platform, deploying $16 million in 2025 to 190 companies and growing total assets from $6M to $27.2M over five years.

The product portfolio includes the ICA Fund Accelerator (cohort-based education and mentorship), The Lab at ICA / Seed Capital (earlier-stage product launched 2021), and the FIAT Finance pilot (a January 2026 partnership with Fiat Finance providing bookkeeping, cash flow modeling, and CFO-level support). Typical check sizes range from $100,000 to $300,000 deployed via equity, term loans, or convertible notes, targeting companies generating near $500,000 in annual revenue with a clear growth plan. Technology is light: the organization uses Circle as its private advisor and entrepreneur hub, maintains a web-based application process, and publishes educational content (including a beginner's guide to AI for small businesses) — there is no proprietary technology stack, AI/ML capability, or third-party API distribution of significance.

As a nonprofit CDFI, ICA Fund's revenue mechanics center on philanthropic grants and Program Related Investments (PRIs) from corporate and institutional funders (Wells Fargo, Quality Jobs Fund, JPMorgan Chase, Google, eBay, Sobrato Family Foundation, Surdna Foundation, California Wellness Foundation), CRA-qualified bank investments, and recycled gains from its portfolio. Recent large inflows include a $2.25M Wells Fargo grant (March 2026) and a $4M Quality Jobs Fund investment (2025). ICA claims 9x funding leverage on every dollar invested, with gains recycled back into the fund to support future entrepreneurs. Distribution is community-led via accelerator cohorts, the Circle community, and direct founder outreach across the nine-county Bay Area.

Name

ICA.fund

Legal name

ICA Fund

Website

https://ica.fund

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

251–500 employees

Short description

ICA Fund is a nonprofit Community Development Financial Institution founded in 1996 in Oakland, California, providing founder-friendly capital ($100K-$300K checks), an accelerator, and advisory services to growth-ready Bay Area small businesses, with a focus on underrepresented entrepreneurs.

Ownership category

akta.pro rank

Product category

Community Development Finance

NAICS

Credit Unions (52213), Grantmaking and Giving Services (81321)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Community Development Credit Unions (CDCUs) (FSABAEAC)

akta.pro secondary industry

Philanthropy & Foundations Advisory (Donor-Advised Funds, Endowments) (FSAAABAH)

Keywords

• Community development finance
• Founder-friendly capital
• Small business lending
• Impact investing
• Venture capital

Headquarters

HQ city

Oakland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Returns: ICA Fund invests in portfolio companies and earns returns on those investments. The gains ICA earns from their investment portfolio are recycled back into the fund to support future entrepreneurs.
2. Philanthropic Capital: ICA Fund receives grants, donor-advised fund contributions, and philanthropic capital to support their operations and deployment of capital to entrepreneurs.
3. Mission-Aligned Investment (PRI/CRA): ICA Fund receives Program Related Investments (PRI) and CRA-qualified investments from banks and corporate partners who seek to meet community lending requirements while supporting economic development.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

ICA Fund is a nonprofit Community Development Financial Institution (CDFI) that provides founder-friendly capital, including equity, term loans, and convertible notes, along with advisory and accelerator programming, to small businesses in the Bay Area. It also deploys philanthropic, PRI, and CRA-aligned capital to support underserved entrepreneurs and runs pilot programs that supply financial-operations back-office support to portfolio companies.

Product overview

ICA Fund is a Community Development Financial Institution (CDFI) providing founder-friendly capital paired with deep, hands-on support to Bay Area entrepreneurs. The organization operates as a multi-product investment and advisory platform consisting of: the ICA Fund Accelerator (a flagship cohort-based program offering education and mentorship), ICA Fund Lab/Seed Capital (for earlier-stage businesses), and FIAT Finance (a financial operations support program launched in 2026 with partner Fiat Finance). ICA provides diverse funding options including equity, term loans, and convertible notes with typical check sizes of $100,000-$300,000, alongside strategic advising, community access, and ecosystem support. Target portfolio companies are generating near $500,000 in annual revenue with clear growth plans, focusing on sustainable consumer products, health and wellness, tech-enabled services, and workforce-scaled local services.

Differentiator

Problem solved

Functional benefit

Products and services

• ICA Fund Accelerator Structured accelerator program providing founder-friendly capital combined with mentoring and advisory services to small businesses in the Bay Area.
• ICA Fund Lab (Seed Capital) Seed-stage capital offering providing equity, term loans, and convertible notes to early-stage Bay Area businesses.
• FIAT Finance Pilot program that delivers financial-operations and back-office support to portfolio companies to strengthen their financial management capabilities.

Quantifiable outcome

• 89 companies funded since 2013 with $13.5M total investments
• +4 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Partnerships

13 partnerships are on record, tiered core and minor.

• Fiat FinancecoreStrategic or Co-development Partner · 1 January 2026Fiat Finance is ICA's partner for the FIAT Pilot, a five-month financial operations support program for portfolio entrepreneurs. Fiat Finance provides expert bookkeeping, cash flow modeling, and financial operations support tailored for fast-growing businesses, working within founder-owned data systems.
• Aspen InstitutecoreStrategic or Co-development Partner · 1 January 2025ICA participated in the Aspen Institute's Shared Success demonstration, a multi-year collaboration focused on integrating job quality into small business support. Through this partnership, ICA deployed $135,000 in grant funding to nine portfolio companies to improve job quality.
• Hatcheri FoodsminorStrategic or Co-development Partner · 1 January 2022ICA introduced Just Date to Hatcheri Foods, a manufacturing partner that helped the company navigate complex manufacturing transitions and stabilize production with new partners.
• Pacific Community VenturescoreStrategic or Co-development PartnerPacific Community Ventures is a nonprofit CDFI that invests in small businesses and supports entrepreneurs through advising. ICA partners with organizations like Pacific Community Ventures as part of the broader ecosystem supporting small businesses.
• Working SolutionscoreStrategic or Co-development PartnerWorking Solutions is a nonprofit CDFI providing founder-friendly capital and support to Bay Area entrepreneurs, offering microloans and hands-on advising.
• Main Street LaunchcoreStrategic or Co-development PartnerMain Street Launch provides flexible, affordable loans alongside business advising and resources for entrepreneurs.
• Cube ProsminorImplementation/ SI/ Consulting PartnerCube Pros is an endorsed financial partner by ICA for portfolio companies seeking bookkeeping and financial services.
• Alliance Community DevelopmentminorStrategic or Co-development PartnerNonprofit providing free, one-on-one advising and navigation services to help small business owners identify funding opportunities and connect with resources.
• Centro Community PartnersminorStrategic or Co-development PartnerSupports underserved entrepreneurs through education, one-on-one advising, mentorship, and access to capital.
• Hello AliceminorStrategic or Co-development PartnerFree platform helping small business owners find funding opportunities, grants, and personalized resources to grow.
• Renaissance Entrepreneurship CenterminorStrategic or Co-development PartnerProvides bilingual training, business planning support, and incubation services to entrepreneurs from diverse backgrounds.
• Uptima Business BootcampminorStrategic or Co-development PartnerMember-owned business accelerator offering hands-on education, resources, and community for entrepreneurs.
• Project EquityminorStrategic or Co-development PartnerProject Equity helps businesses transition to employee ownership, partnering with ICA to advance employee ownership as a wealth-building strategy.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Working Solutions: Bay Area nonprofit CDFI providing microloans and one-on-one advising to underserved entrepreneurs. Directly overlaps ICA on geography, customer segment, and mission; ICA itself lists Working Solutions as an ecosystem partner.
• Main Street Launch: Bay Area CDFI offering flexible loans plus advising and resources to small businesses. Same geography, customer base (growth-stage SMBs), and capital-plus-services model as ICA; also named as a partner.
• Pacific Community Ventures: Bay Area nonprofit CDFI investing in small businesses and supporting entrepreneurs through advising. Operates in the same nine-county footprint with the same mission-aligned investment thesis; listed as an ICA ecosystem partner.
• Accion Opportunity Fund: Community development financial institution providing small business loans and advising to underserved entrepreneurs across the U.S. Closest functional comparator to ICA: capital + advising, mission-driven, similar check-size philosophy with broader geographic reach.
• Kiva: Nonprofit crowdfunding platform that provides 0% interest loans to underserved small businesses globally. Overlaps with ICA on mission, target borrower profile, and use of loans (vs. grants) to grow community-based enterprises.
• Capital Impact Partners: National CDFI providing loans, equity, and capacity-building to communities and small businesses, with a strong focus on underinvested founders and quality jobs. Closely comparable operating model: capital + advisory + impact focus, similar stakeholder base (banks, foundations).

Broad incumbents

• Grameen America: U.S. microfinance nonprofit providing small loans to entrepreneurs, predominantly women, in low-income communities nationally. Similar social-mission lending model to ICA, but larger scale, different geography, and focus on micro rather than growth-stage capital.
• Community Reinvestment Fund: National CDFI financing small businesses and community development projects through capital deployed via partner CDFIs. Comparable in mission and CRA-driven funding model, but operates at far greater scale and plays an intermediary role rather than direct lending only.

Others

• Opportunity Finance Network (CDFI industry network): National membership and advocacy network for CDFIs, including certification, training, and capital-intermediation programs. Directly relevant to ICA as a sector infrastructure player; ICA is connected to this ecosystem via CDFI Fund certification.

Emerging players

• RSF Social Finance: Nonprofit impact lender and CDFI providing loans to social enterprises, including food systems, education, and regenerative agriculture. Mission-aligned investor with overlapping capital-and-advisory model; smaller footprint but similar portfolio tilt toward values-based SMBs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/icafundgoodjobs
• LinkedInlinkedin.com/company/inner-city-advisors
• Instagraminstagram.com/ica.fund
• Xx.com/ICAfund

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICA.fund