The Initiative for a Competitive Inner City (ICIC) and Bank of America
have announced that they selected 24 Detroit-based companies to
participate in their annual Inner City Capital Connections program
(ICCC). This year the program received a record-setting 3,200 company
nominations from across the country and selected 125 companies for
participation.
Detroit Mayor Dave Bing, Detroit Economic Growth Corporation, Detroit
Regional Chamber, Quicken Loans and the DTE Energy Foundation were
partners for this year's ICCC training, which began in Detroit October
20.The Detroit-area companies selected include:
- Atlas Wholesale Food, www.atlaswholesalefood.com
- Automotive Quality & Logistics Inc., www.aql-inc.com
- AVE Office Supplies, www.aveofficesupplies.com
- Bean Steel, www.beansteel.com
- Clean Emission Fluids, www.cleanemissionfluids.com
- DMC Consultants, Inc., www.dmcgroupusa.com
- Edibles Rex, www.ediblesrex.com
- Exergetic Energy, Inc., www.exergeticenergy.com
- FutureNet Group, Inc., www.futurenetgroup.com
- IC Data Communications, LLC, www.icdatacom.com
- Ipax Cleanogel, Inc., www.ipax.com
- KC Consulting, LLC
- Kirk's Automotive, www.kirksauto.com
- Mexicantown Bakery, www.mexicantown.com
- Nextek Power Systems, www.nextekpower.com
- Omaha Automation Inc., www.omahaautomation.com
- Onyx Enterprise, Inc., www.onyx-enterprise.com
- Powerlink Facilities Management Service, www.powerlinkonline.com
- Strike Group LLC, www.strikegroup.org
- SYNC Technologies, Inc., www.synctech.com
- Tranor Industries, www.tranorindustries.com
- Walker-Miller Energy Services, LLC, www.wmenergy.com
- Weldon Global, Inc.
- Williams Electrical, www.williamsetco.com
Each of these companies was selected for the program because of its
strong growth potential and commitment to the inner city. "It is clear
from the number of companies selected and the breadth of industries
they represent that Detroit offers competitive advantages to
entrepreneurial companies," said Malinda Jensen, director of business
development at Detroit Economic Growth Corporation. "These companies
show the importance of small and mid-sized businesses in the
transformation of the city."
Karla Hall, Vice President of DTE Energy Foundation said, "The DTE
Energy Foundation?s support of the training event is just one of the
many ways that DTE Energy is investing in the future of Michigan."
Selected companies participated in a capital training workshop in
Detroit that included educational sessions about different forms of
capital, including angel investments, venture capital, bank lines of
credit, and factoring and how to effectively communicate with bankers
and investors. On November 10th, ICCC entrepreneurs will pitch their
businesses to potential investors at the Fortune Magazine headquarters
in New York.
To qualify for the free program, a business must be located in the
inner city (defined as an area of concentrated economic distress) or
have a disproportionate percent of its employees residing in such an
area. In addition, a company must have $2 million in revenue. The
companies selected for the program represent numerous industries
including technology, consumer goods, business and professional
services, healthcare and manufacturing.
Since its inception in 2005, 275 inner city companies and 150 capital
providers have participated in ICCC. Participating companies have
raised more than $406 million in capital and created more than 2,790
jobs in their communities.
"ICCC demonstrates that growing inner city companies, if given the
access to capital, can generate the jobs and wealth that are crucial to
the transformation of our urban communities," explained Edward Powers,
Managing Director of Bank of America BAML Capital Access Fund. "We are
proud to help these growing businesses connect with a vast network of
capital providers."
Facts about ICCC
- 275 inner city businesses have participated in the program
- 150 investors, representing private equity, venture capital, angel networks, mezzanine financing and debt, have participated
- $406 million in capital raised ? $154 million in equity and $252 in debt
- 49 ICCC businesses have raised multiple rounds of capital, on average 3 times per company
- 2,790 jobs generated by ICCC businesses since 2005
- 76 percent of ICCC CEOs are minorities and 38 percent are female
About ICIC
The Initiative for a Competitive Inner City is a nonprofit research and
strategy organization and the leading authority on U.S. inner city
economies and the businesses that thrive there. Founded in 1994 by
Harvard Business School Professor Michael Porter, ICIC expands inner
city economies by providing businesses, governments and investors with
the most comprehensive and actionable information in the field about
urban market opportunities. ICIC's unique knowledge and expertise about
inner city success factors and thriving companies is developed from
specialized urban networks and path-breaking research. www.icic.org
About 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. The company provides unmatched convenience in the United
States, serving approximately 58 million consumer and small business
relationships with approximately 5,700 retail banking offices and
approximately 17,750 ATMs and award-winning online banking with 30
million active users. Bank of America is among the world's leading
wealth management companies and is a global leader in corporate and
investment banking and trading across a broad range of asset classes,
serving corporations, governments, institutions and individuals around
the world. Bank of America offers industry-leading support to
approximately 4 million small business owners through a suite of
innovative, easy-to-use online products and services. The company
serves clients through operations in more than 40 countries. Bank of
America Corporation stock (NYSE: BAC) is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.
About Detroit Economic Growth Corp. (DEGC)
Detroit Economic Growth Corporation is the primary economic development
organization for Detroit. DEGC is a nonprofit organization that works
with businesses, government and other organizations throughout Detroit
to bring investments and jobs to the city. DEGC offers a broad range of
assistance to help companies identify potential development sites,
negotiate development agreements, manage construction projects, and
eliminate other obstacles to economic growth.
Media Contact
Bob Rossbach
313-402-9831
bob@rossbach.tv
## |