By Rieva Lesonsky
According to Pepperdine University research from John Paglia , 31.8 percent of small businesses successfully got a small business loan in April 2012, compared with 48.5 percent back in October 2011. That is not good news.
But the Inner City Capital Connections (ICCC) program wants to help get more business capital flowing. ICCC is a free national program designed to drive the growth of inner city businesses. The program shows companies how to tap into sources of capital, educates them on their financial options, and provides a forum where companies can connect with investors.
A call for submissions to the program recently went out from Bank of America, the Small Business Administration, Fortune magazine and the Initiative for a Competitive Inner City (ICIC). The deadline isthis Friday, October 19—so act now. Eligible companies will be able to submit an application to have the opportunity to pitch their businesses to debt providers and equity investors at the ICCC National Matching Day, to be held in New York City on Friday, November 9th. Companies may apply for the program online.
Eligible 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 2011 or have 40 percent of their employees located in an economically distressed urban area. More than 1,500 companies were nominated for last year’s ICCC program, with 171 accepted from various industries including technology, business services and manufacturing.
ICCC New York will provide opportunities for participants to meet with equity capital providers who are seeking investments in America’s underserved communities. At the ICCC coaching session, companies refine business plans and practice pitching their plans to equity providers. During the ICCC welcome reception and equity matchmaking session, inner city entrepreneurs meet investors, business mentors, peers, customers and suppliers.
The matchmaking investment event itself is taking place on the following day. You can get more information, and apply for the program at ICIC’s website.
Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at email@example.com, follow her on Google+ and Twitter.com/Rieva and visit her website, SmallBizDaily.com, to get the scoop on business trends and sign up for Rieva’s free TrendCast reports