After a disatrous Po River flood in Italy in 1951, Portland's Italian-American business community joined to assist Italians in recovering from that tragedy. Recognizing the benefits of a common bond, the official establishment of the IBC was begun in 1952 with the premise of providing civic service to the community, as well as preserving and promoting Italian culture and maintaining the friendships that were formed. From its inception, the IBC has taken a leading role on behalf of many worthwhile causes in the Portland area and abroad, including an ongoing Italian language scholarship at Portland State University.