The Business Council of Westchester yesterday announced a new partnership with Initiative for a Competitive Inner City to provide small businesses better access to capital through ICIC”™s Inner City Capital Connections program.
Through the Capital Connections program, established in 2005, 275 inner city businesses have raised $406 million in capital, including $154 million in equity, and 2,790 jobs have been created, according to ICIC”™s website.
“This is the country”™s only program that educates investment-ready inner city companies about their equity and other sources of capital and matches them with investors to grow their business and create jobs,” said Marsha Gordon, president and CEO of the Business Council, in a statement.
Companies that are successfully nominated and chosen for the Capital Connections program will have the opportunity to meet one-on-one with venture capitalists at two upcoming events in Detroit and New York City.
In order to be eligible, companies should be headquartered or have more than 50 percent of their physical operation based in an economically distressed urban area, or more than 40 percent of their employees should reside in an economically distressed area.
Companies seeking acceptance should be for-profit entities that had revenues of more than $2 million in 2011.
