Oakland, California
Oakland is one of the nation’s most diverse cities. Small businesses headed by entrepreneurs of color, however, make up only 29% of the Bay Area’s businesses. The largest city in the East Bay of the San Francisco Bay Area, Oakland also reflects some of the regional economy’s current disparities. While the Bay Area rebounded strongly from the pandemic and the resulting economic downturn, entrepreneurs of color have been slower to recover, in part because of their difficulty in securing capital. A 2022 study finds that BIPOC business owners are three times more likely to be denied bank loans than White entrepreneurs; those that do secure funds pay a higher interest rate on average.
Entrepreneurs of color play a formidable role in Oakland’s underserved communities, particularly in the city’s East and West neighborhoods where it is estimated that they provide over 70% of local jobs. EOCF Oakland partners work to make to needed capital and training accessible to entrepreneurs of color in the East Bay to expand in their communities.
Focused on the future.
Since 2021, the EOCF has provided 30 loans to small businesses in the Bay Area, totaling more than $4.5 million in financing for entrepreneurs of color.
Are you a small business in Oakland? Learn more about our lending partners to see which is best suited to support your needs.
Our Partners
EOCF in Oakland receives key support from JPMorgan Chase and the Rockefeller Foundation. “Small businesses are critical to the health of our economy and we want to provide underserved entrepreneurs with an opportunity to grow and make a difference in the communities where we live and work,” said Tony Tolentino, Vice President, Global Philanthropy, JPMorgan Chase. “Through Entrepreneurs of Color Fund, Oakland small businesses will gain access to another source of capital and expanded technical assistance, contributing to their overall success."
Three CDFI lending partners and one technical assistance provider are working through EOCF Oakland to support BIPOC small businesses by providing loan capital, training, and mentorship.
Our Entrepreneurs - Don Bugito
In 2010, Monica Martinez wanted to bring a sustainable staple of Pre-Columbian Mexican cuisine into the future: edible (and snackable) insects. Dubbed ‘Don Bugito’, Martinez got started with her own savings and developed a modular farming system. She soon rolled out an extensive product line of snacks such as chile-lime, dark chocolate, and coconut brittle crickets. A growing market presented Martinez with an opportunity to scale up. She enrolled in ICA’s Accelerator, a training program the organization tailored to growth-stage small businesses where Martinez worked on an expansion strategy. She secured capital through ICA as well as an equity investment. The capital made it possible for Don Bugito to hire two full-time employees and launch two new products – a non-GMO insect-based plant food and a brand of chicken feed. "That was essential for helping grow Don Bugito from opening a new farm to making critical hires,” says Martinez.
“Capital was essential for helping Don Bugito grow... I look forward to seeing what the Entrepreneurs of Color Fund can do for our incredible ecosystem of small businesses in Oakland now too.”- Monica Martinez, Owner of Don Bugito and ICA EOCF Borrower |
Our borrowers are putting money to work in a variety of ways:
Expansions |
Renovations |
Building Inventory |
“At ICA we know that entrepreneurs have the power to transform communities and drive wealth-building opportunities. Funds specifically designated for People of Color-owned businesses are essential for overcoming systemic barriers and building an economy that works for all.”- Allison Kelly, Chief Executive Officer of ICA |