Dear Friends and Supporters,

As you know, I joined the ICA Fund Good Jobs team earlier this year. Since my first day, I’ve been impressed with what I’ve seen, and even more excited for what’s to come. I am proud to be a part of this organization and happy to share my perspective on this year’s impact report.

ICA has accomplished a lot: over two decades we’ve worked with over 600 companies. These companies have together created and retained over 5,500 jobs, and paid more than $105M in wages. Furthermore, the companies in our investment portfolio have raised over $30M in capital, while the 13 companies in the Good Jobs Accelerator raised $10 million in capital. Together, they paid out more than $17M in wages to Bay Area employees in 2018.

It has been three years since ICA officially became a CDFI (Community Development Financial Institution). We remain the only CDFI explicitly designed to work with small businesses to create good jobs for those who need them most. The community development finance field has been very impactful in our history, but we still aren’t seeing the outcomes we need in terms of equity in access to capital across racial, gender, geographic, and industry lines. With an explicit focus of directing resources and capital to these communities, ICA is testing and measuring the outcomes this kind of work creates.

People of color, and especially women of color, have long started businesses at higher rates than their white counterparts. However, their capacity for growth is constrained by under-capitalization, and lack of access to high-caliber advisor and investor networks. ICA’s businesses are members of underestimated communities seeking to raise between $50,000 and $2 million. Most have outgrown micro-lenders and don’t qualify for private sector incubators nor for bank financing or other forms of investment, finding themselves trapped in our ecosystem’s “missing middle.” ICA works with these entrepreneurs throughout the 9 county San Francisco Bay Area, partnering with them to access resources, networks and capital to realize their full growth potential.

Creating the conditions under which good jobs are provided by employers is a pivotal anchor in community stability and wealth creation for individuals and their families. ICA has been a pioneer in identifying and articulating the conditions for small businesses to create good jobs. The organization’s work has continued to evolve and adapt to the changing world around us and we continue to respond to the needs of the communities we serve. This takes iteration and innovation.

And as we build on our model, we are committed to continuing to work along three critical trajectories:

  1. Investing resources – The Good Jobs Accelerator is designed to help small businesses poised for growth prepare for capital and build strong teams. The Accelerator is the central key to this vision and it is our most intensive tailored offering for entrepreneurs. More broadly, the Accelerator offers support and resources to small businesses that is trusted & tailored specifically to their businesses’ needs.
  2. Bridging the missing middle through direct investment – Debt is an important factor in helping businesses grow, but what’s missing is a more flexible source of capital that can be customer centric, tailored to the needs of the small business customer, and accessible to entrepreneurs with backgrounds that vary from what the traditional finance field has historically defined as low risk. We’re here to ask the questions: what happens if we assess risk from a different perspective? How do we redefine the way capital is exchanged? How do we write a new framework for how it’s deployed? Can we move more money, faster? We may not have all of the answers, yet, but we’ve already proven that making bets on our mission returns value: the companies in our portfolio have more than doubled their revenues from an average revenue of $1.6M at investment to $4.1M currently. Furthermore, thanks in part to the power of our network, each dollar invested by ICA has leveraged more than $10 additional dollars from investors.
  3. Leading the way to better measure job quality – ICA has long worked to quantify the value of investing in people. More than just creating a measure of job quality, we are looking to take a holistic measure of the social capital invested in, and created by, businesses. As much of the philanthropic community focuses on the Future of Work, we believe the future involves a continued investment in people, and that future innovation and technology can be directed to generate opportunities for good job creation and wealth building for those who need them most. With the right types of expertise, partnerships, data, and a commitment to challenging systemic inequity, we can bring the communities we serve to the forefront of a changing economy.

Innovating through equity investments
In 2018 the Initiative for a Competitive Inner City reported that only 14% of its fastest-growing Inner City 100 companies have raised equity, and only 5% have raised equity from institutional investors, signaling a disconnect between the needs of many businesses and sources of equity. This reality, combined with our experience with growing small business, supports our belief that equity investments fill a significant gap in the small business funding ecosystem, and can better support the sustained growth of the businesses we serve.

ICA is committed to building a movement in creating parity in access to capital for ALL. This means our work has an explicit focus on groups that have historically been left out of the fair exchange of capital. To achieve this vision, we will be doing more to build partnerships with peers, lenders, and other organizations in the CDFI and broader small business finance ecosystems. By working together, we see an opportunity to lead the way in providing more equitable distributions of tailored capital to high-potential businesses. Together, we can make money move faster. And more fairly.

Our mission is possible because of our strong vision for change in the Bay Area economy. We believe economic growth should benefit all. This means acknowledging historical systems and present-day inequity, and working tirelessly to disrupt and demonstrate what solutions look like. Our work, and our ability to innovate, are needed now more than ever.


Allison Kelly

Making Bold Bets

One of the biggest barriers to small business growth in the Bay Area is a lack of access to capital. ICA Fund Good Jobs sources fair, flexible capital from mission-aligned funding partners like the S.H. Cowell Foundation and J.P. Morgan Chase’s Entrepreneurs of Color Fund. We invest this growth capital in the high-potential companies we work with. The impact of these mission-related investments is compounded by the network effect they create, unlocking additional capital from other providers. By partnering with banks, other lenders, and institutional investors, the effects of our initial investments are magnified. In turn, companies like Red Bay Coffee, Back To The Roots, Firebrand Artisan Breads, and Onigilly translate their business successes into positive community impact. These successful companies reinvest time, money, and resources back into their Bay Area communities, creating good jobs and building economic freedom.

23 Years of Impact

Funds Secured by ICA Fund Good Jobs Companies


Wages Paid


Revenues Managed


Value of Pro Bono Advising
Hours Donated


Jobs Created


Entrepreneurs Served


Capital Secured (Portfolio + Accelerator)


Thomas Sanford of the Back to the Roots team in the Back to the Roots test lab.


Companies Seeking Capital


Average Capital Need Secured


Companies that got all the Capital needed


Seed Fund Capital Deployed


Total Value of Investments


Additional Capital Leveraged


Total Value of Investment Portfolio Companies


Ratio of Additional Dollars Leveraged

1 to 14

The Accelerator &
Portfolio Lead Our Impact

The Good Jobs Accelerator is a tailored, holistic business advising program designed for high-potential, good-job-creating companies looking to scale their operations. Over the course of 6 months, Accelerator companies work under the leadership of Dianna Tremblay and leverage the expertise of our pro bono advisors and business support network. The Good Jobs Accelerator prepares each cohort of companies for growth, investment, and impact in the form of good job creation.

total revenues under management


Koji Kanematsu, owner of Onigilly, at Onigilly's flagship location in Palo Alto, CA.

The Accelerator and Portfolio Lead our Impact

Total Wages paid by Portfolio and Accelerator companies


Total Wages Paid by Portfolio and Accelerator Companies


Job Growth Year over Year


Average Employee Wage


Average Entry Level Wage


Revenues Under Management


Average Revenue


Revenue Growth Rate Year over Year


Wage Growth Year over Year


Jobs Growth Rate Year over Year


Companies Owned by People of Color



Companies Owned by Women



Companies Owned by People of Color and Women



Companies with Majority People of Color and Women Managment Teams



Companies that Provide Benefits



Workers with Access to Benefits



Bridging The 
Bay Area 

After 23 years, one thing that is abundantly clear is that the challenges of urban entrepreneurship do not begin and end in downtown Oakland. The entire 9-County Bay Area is a regional economic ecosystem, and accordingly we must adjust the scope of our efforts. The methods and approaches we’ve developed have been honed in our Oakland laboratory, but the bold, audacious solutions to our multi-layered regional problems require a regional approach. In this as in our other efforts, we are committed to an organizational ethos of learning, growing and collaborating with strategic partners. In 2019 and beyond, we are excited to forge relationships with changemakers throughout our region so we can create the most impact and economic opportunity for the entrepreneurs and workers who call the Bay Area home.

Dale Boyer of Firebrand Artisan Breads outside of the Firebrand storefront in Oakland.

Regional Approach & Partnerships

Companies Located in Oakland



Companies Located in San Francisco



Peninsula Companies


Remaining 9-County Bay Area


Regional Partnerships Established


Business Ecosystem Organizations Engaged


Continued Growth

Average Revenue








Average Wage








Companies with Benefits








Percentage of Employees with Benefits








Good JobsGood Business

When our companies grow, their employees prosper. Through our advisor-led, entrepreneur-centric model, we work directly with small business owners to provide dedicated, tailored advising, acceleration coaching, and fair investment, so we can build economic freedom and create new wealth for those who need it most.

Total Revenues Under Management


Ana Ramirez molds pastries at Firebrand Artisan Breads in Oakland.

Our 2018 Impact

Total Revenues Under


Total Jobs Under


Companies Served



For more than 23 years, our work has depended on a robust network of pro bono advisors. Our expert advisors meet our entrepreneurs where they are at, and provide targeted advice that gets results and generates growth. In 2018 alone, our advisors provided 509 hours of pro bono advising and support to our entrepreneurs.



Matt Kreutz, founder and owner of Firebrand Artisan Breads in Oakland.

The Power of Advising

Value of pro bono advising hours


Every dollar of advising yields


Every dollar of usable cash donations yields


of employee income

of portfolio and accelerator company revenue

thank you to the committed partners who support our work

Board of directors

Jim Harris
Jack Russi
BOARD CO-CHAIR National Managing Partner of Corporate Development, Deloitte
Alberto De Almeida
Executive Officer, The Body Time
Georgette Bhathena
Director of the Bay Area Regional Partnership, The San Francisco Foundation
Sean Daniel Murphy
Outgoing CEO, ICA Fund Good Jobs
Dennis Green
AUDIT COMMITTEE CHAIR Principal, Green & Associates
Wil Hobbs
BOARD TREASURER, FINANCE COMMITTEE CHAIR SVP/Chief Lending Officer, Community Bank of the Bay
Jim King
DEVELOPMENT COMMITTEE CHAIR President & Founder, J.P. King Advisors
Justina Lai
Director of Impact Investing, Wetherby Asset Management
Donald Reinke
Managing Partner, Reed Smith

Our Team

Allison Kelly
Chief Executive Officer
Ingrid Jacobson
Director of Regional Strategy & Partnerships
Dianna Tremblay
Director of Acceleration
Valiere Bellande
Director of Revenue & Partnerships
Yui Ueno
Finance & Investment Manager
Kot Hordyński
Director of Marketing & Impact
Rasheed Mitchell
Investment Associate
Caron Gugssa-Howard
Accelerator Manager
Breanne Martinez
Office & Impact Administrator
Roohi Singh
Development Associate