Program Creates Inner City Business Growth
WASHINGTON – The U.S. Small Business Administration, the Initiative for a
Competitive Inner City, and Bank of America have announced they will work
together to advance inner city small business growth by supporting the Inner
City Capital Connections program.
ICIC, which educates investment-ready inner city companies about equity and
other sources of growth capital and matches them with potential investors,
will hold its sixth annual ICCC investment capital matchmaking program in Los
Angeles Nov. 15-16. The event will feature a full-day matchmaking session
with potential investors, along with workshops and assessments of investment
potentials. Preparation sessions for inner city businesses from around the
country that plan to take part in the event will take place Oct. 11 in New York
and Oct. 27 in Los Angeles.
To be eligible for the program, companies must be: headquartered in or have
51 percent or more of a physical operations presence in an economically
distressed urban area; and be a for-profit corporation, partnership or
proprietorship with revenues of more than $2 million in 2009. More than 75
companies, in various industries ranging from technology, business services
and manufacturing, participated in the program last year.
"Access to capital is critical to small business growth and job creation in
America’s inner cities,” said SBA Administrator Karen Mills. “Supporting these
entrepreneurs is at the core of SBA’s mission and an essential component of
keeping our economy moving in the right direction. SBA is proud to play a role
in facilitating connections between investors and emerging inner city
entrepreneurs and to accelerate opportunities for small businesses in these
Established in 2005 by the Initiative for a Competitive Inner City and Bank of
America, ICCC is a free program designed to stimulate capital flow to inner city
“We are pleased to once again have the expertise of the SBA behind this
important program that can help our nation’s small business community obtain
investor capital to grow and generate jobs,”explained Ed Powers, BAML Capital
Access Funds managing director. “ICCC has helped hundreds of growing small
businesses get even stronger by connecting them to millions of dollars in
investor capital. We look forward to continuing this momentum this fall in Los
“ICCC opens the door to a network of financial options that these firms had
limited or no access to previously,” stated Mary Kay Leonard, ICIC president
and CEO. “For many inner city entrepreneurs, the executive education around
the options that exist for growth capital is as important as the investments
their companies may ultimately receive.”
Initiative for A Competitive Inner City
Since ICIC’s launch of the ICCC program, participating companies have raised
more than $335 million in capital and experienced a compound growth rate of
23 percent. To learn more about ICCC, go to: www.icic.org.
The Initiative for a Competitive Inner City (ICIC) is a nonprofit strategy and
research organization based in Boston, MA, and the leading authority on U.S.
inner city economies and business development. For more information go to:
Bank of America
Bank of America is one of the world's largest financial institutions, serving
individual consumers, small- and middle-market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk management products and services. For more
information go to www.bankofamerica.com.
U.S. Small Business Administration
The U.S. Small Business Administration (SBA) was created in 1953 as an
independent agency of the federal government to aid, counsel, assist and
protect the interests of small business concerns, to preserve free competitive
enterprise and to maintain and strengthen the overall economy of our nation.
For more information go to www.sba.gov.