National program connects growing inner city companies to $703 million in capital

  National program connects growing inner city companies to $703 million in

PR Newswire

BOSTON, Nov. 9, 2012

BOSTON, Nov. 9, 2012 /PRNewswire-USNewswire/ --The Initiative for a
Competitive Inner City and Bank of America announced today the results of an
impact analysis of Inner City Capital Connections (ICCC), a national program
that identifies inner city businesses in need of growth capital and matches
them with private equity and debt providers.The report reveals that
participating companies have raised $703 million in growth capital -- $171
million in equity financing and $532 million in debt. This is a stunning
success story, considering that 71 percent of inner city businesses have on
average only a quarter of the capital needed to compete in their industries.
In addition, ICCC companies have experienced revenue growth at an average CAGR
of 46% and created more than 5,600 jobs in their communities.

"There is a significant lack of capital availability in America's inner
cities," stated Mary Kay Leonard, ICIC President and CEO. "For many urban
entrepreneurs facing capital gaps for their businesses, ICCC helps open the
door to a network of financial options that they had limited or no access to

ICCC, supported by national partners Bank of America, the U.S. Small Business
Administration and FORTUNE, educates inner city entrepreneurs on how to access
capital and matches them with capital providers. To do this, the program
offers selected companies web-based training workshops, coaches to help
perfect company pitches, a day-long information session on equity and other
forms of growth financing, and an innovative one-day event that directly
connects them with investors to make pitches and discuss potential

This year's ICCC training programs were hosted in Detroit on October 24 and in
Chicago on October 29. The Detroit training day was supported by John Hancock
Financial, Quicken Loans, Ally Bank, Detroit Economic Growth Corporation,
Detroit Regional Chambers, DTE Energy Foundation, Fifth Third Bank, and the
Michigan Economic Development Corporation. Supporters for the Chicago day
session included: the University of Chicago Booth School of Business, Cook
County, BMO Harris Bank, Citi and Cambium LLC.

The program is free to inner city businesses, and 178 companies from across
the country have been selected to participate in this year's program. To
qualify, a business must be located in the inner city (defined as an area of
concentrated economic distress) or have a disproportionate percentage 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, food and beverage, consumer goods, business
and professional services, and manufacturing.

"ICCC demonstrates that growing inner 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."

The 2012 ICCC Match Day with potential investors is being held on November 9,
2012 at the headquarters of FORTUNE.

Facts about ICCC:

  o375 inner city businesses have participated in the program
  o150 investors, representing private equity, venture capital, angel
    networks, mezzanine financing and debt, have participated
  o$703 million in capital raised – $171 million in equity and $532 million
    in debt
  o46 percent annual growth rate in revenue reported by ICCC companies
  o5,694 jobs generated by ICCC businesses since 2005 (an average of 15 jobs
    per firm)
  o78 percent of ICCC firms are minority-owned and 33 percent are woman-owned

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.

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 55 million consumer and small business relationships
with approximately 5,500 banking centers and approximately 16,300 ATMs and
award-winning online banking with 30 million active online banking 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 more than 3 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. For more Bank of America news, visit the Bank of
America newsroom.

FORTUNE is a global leader in business journalism with a
domestic print and tablet circulation of over 845,000 and a global readership
of nearly 5 million. The brand is known for major editorial franchises such as
the FORTUNE 500 and the FORTUNE 100 Best Companies to Work For. FORTUNE Live
Media extends the brand's mission into live events, hosting a wide range of
annual conferences, including FORTUNE's Most Powerful Women and the FORTUNE
Global Forum. FORTUNE publishes English-language editions in Europe and Asia,
and local-language editions in United Arab Emirates, Kuwait, China, Turkey,
South Korea, Indonesia and India., which draws more than 14.6
million readers a month, is the online home of

SOURCE Initiative for a Competitive Inner City

Contact: Mary Duggan, +1-857-284-1303,
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