Small Business

San Francisco Entrepreneurs of Color Fund: Creating a Continuum of Capital and Consulting

December 1, 2021  • Joyce Klein & Sarah Alvarez

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Structural inequities—both historical and current—have created barriers for entrepreneurs of color to build wealth and grow their businesses. The San Francisco Entrepreneurs of Color Fund (SFEOCF) sought to address these inequities by creating a more accessible and seamless continuum of capital and services for entrepreneurs of color in San Francisco. SFEOCF, funded by JPMorgan Chase & Co., was a collaborative effort among three community development financial institutions: Working Solutions, Pacific Community Ventures, and ICA. The Aspen Institute’s Business Ownership Initiative partnered with the collaborative members to conduct an evaluation of the Fund. This report documents the experiences, lessons, and outcomes from the collaborative, and offers insights for other organizations to consider in their approach to this work.


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Report: “San Francisco Entrepreneurs of Color Fund: Creating a Continuum of Capital and Consulting.” Featuring @ws_microloans, @ICAfund, and @PCVtweets. Written by Sarah Alvarez and Joyce Klein at @Aspen_BOI.

Structural inequities create barriers for entrepreneurs of color to build wealth and grow their businesses. The San Francisco Entrepreneurs of Color Fund sought to address this by creating a more accessible and seamless continuum of capital.

The San Francisco Entrepreneurs of Color Fund, funded by @jpmorgan @chase, was a collaborative effort by @ws_microloans, @ICAfund, @PCVtweets to expand lending to local business owners of color. Learn more in this report by @Aspen_BOI.

This report by @Aspen_BOI documents the experiences, lessons, and outcomes from the San Francisco Entrepreneurs of Color Fund, and offers insights for other organizations to consider in their approach to this work.

Reaching and serving entrepreneurs of color means building trust with people who have long been excluded from capital and wealth. See how members of the San Francisco Entrepreneurs of Color Fund advanced this work.

San Francisco’s history of racial segregation and current economic inequalities impact where people of color live and work, and what they own – factors that often affect their experiences and challenges as business owners today.


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The Business Ownership Initiative works to build understanding and strengthen the role of business ownership as an economic opportunity strategy. BOI is an initiative of the Economic Opportunities Program.

The Economic Opportunities Program advances strategies, policies, and ideas to help low- and moderate-income people thrive in a changing economy. Follow us on social media and join our mailing list to stay up-to-date on publications, blog posts, events, and other announcements.