About Us:
ICFA is a non‐profit organization that began in October 1989 by a group of educators at Norfolk State University. The organization was originally the International Center for Creative Thinking and Learning. Its original mission was to educate African‐Americans (youth and adults) on entrepreneurial skills. In 1996, the name was changed to the International Center for Assistance, Inc. (ICFA) when the organization applied to become a Minority Business Development Center (MBDC). ICFA also broadened its mission to include not only training, but technical assistance, counseling and access to capital for minorities, women and underserved entrepreneurs. However, ICFA did not receive the grant to become an MBDC and the organization was deactivated until 1999. It was at this time that Ms. Susan Carlson reactivated the organization and began the process of building access to capital, training, counseling and technical assistance services.
In 2003, the Small Business Administration (SBA) Richmond District Office contacted ICFA to invite our organization to become a Certified Technical Assistance Provider (TA) for the SBA’s Community Express Loan Program. ICFA was the first Certified TA in Virginia and worked diligently with SBA to educate Virginia communities on the Community Express Loan Program. ICFA expanded its territory to include Community Express Loans to the following states: NY, NJ, DE, MD, DC, VA, NC, SC, FL, WV, OH and GA. As a result of these efforts, ICFA has received numerous awards from various SBA District Offices taking Innovative Bank to TOP LENDER positions in several states. ICFA also was given the SBA Richmond District Office, District Director Award in May 2005.
Between 2004 – 2008, ICFA has funded over 720 Loans which total over $9M to minority owned, women owned and veteran owned businesses. These loans also include loans to individuals in low‐moderate income areas (HUB ZONES, Enterprise Zones, Empowerment Zones, etc).
| Year | Total Number of Loans Funded | Total Amount of Loans Funded | Ave Loan Size |
| 2004 | 91 | $737,000 | $8,098.90 |
| 2005 | 167 | $1,512,000 | $9,053.89 |
| 2006 | 223 | $3,080,000 | $13,811.66 |
| 2007 | 148 | $2,570,000 | $17,364.86 |
| 2008 | 74 | $1,350,000 | $18,243.24 |
| TOTALS | 703 | $9,249,000 |
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In addition to the SOHO Loans funded, ICFA has facilitated the funding of larger business loans of $100,000 and up.
- Additional Loans Funded: ($50,001 ~ $1MM+); 2004 ~ 2008 = USD $15MM
- Entrepreneurs Trained – 2004 ~ 2008 = 5,628
In 2008, ICFA lost the majority of its funding when the banking industry “went belly up.” Since then, ICFA has been working to establish its own fund to provide training, technical assistance, project and business development, loan funds, grant funds, and educational funds to disadvantaged business owner.
On November 4, 2009, ICFA signed an agreement with a coop of lenders (bank, non-bank lenders and private equity funds) to provide funding from $5,000 ‐$100,000,000 +. Included in these loan programs are International funds. This new partnership will provide both start‐up and existing businesses with an opportunity to gain access to capital that most individual banks/lenders are withholding in this economy. Providing International funds will allow ICFA to diversity its income and contribution streams so that the organization will not be as vulnerable to economic hardships in the United States.
The co-op offers several financing programs which will allow business owners access to capital without going through the traditional lending process. With traditional lending at a stand‐still, entrepreneurs need alternative solutions to fund business opportunities.
Be sure to visit our Financing Page in order to take advantage of our alternative funding programs!
Last updated: 10-18-2012
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