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Detroit Regional Chamber Partnering with ICIC to Help Urban Businesses Seeking Access to Growth Capital

DETROIT, September 11, 2012 – Today, the Detroit Regional Chamber along with partner the Initiative for a Competitive Inner City (ICIC) announced the open call for applications for the Inner City Capital Connections (ICCC) program, which educates investment-ready urban companies about sources of growth capital and matches them with potential investors. The eighth annual ICCC capital training workshop will be held in Detroit on Wednesday, October 24th and will include educational sessions about different forms of capital, including angel investments, venture capital, bank, lines of credit and factoring.

Entrepreneurs will receive mentoring from both debt and equity providers on how to effectively communicate with capital providers. Michigan Governor Rick Snyder, the Detroit Economic Growth Corporation, the Michigan Economic Development Corporation, the U.S. Small Business Administration (SBA), Bank of America, FORTUNE, Ally, Fifth Third Bank, Quicken and John Hancock are also supporters and partners for this year’s ICCC training seminar. ICCC is free for companies that qualify for the program.

The deadline for applications is October 5, 2012. Eligible companies must be: headquartered in or have 51% 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% 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. This year, ICCC hopes to select 180 investment-ready companies for participation.

Since the launch of the ICCC program in 2005, approximately 370 inner city companies and 150 equity providers have been selected to participate. Participating companies have raised more than $406 million in capital – 90% of which was raised within two years of participation. In addition, ICCC companies have created or helped to create 2,790 jobs and on average hire 38% of their workforce from within the inner city. Companies may apply for the program online.

About the Detroit Regional Chamber
With over 20,000 members and affiliates, that employ over three quarters of a million workers, the Detroit Regional Chamber is one of the largest chambers of commerce in the country. The Chamber’s mission is carried out through business attraction efforts, advocacy, strategic partnerships and providing valuable benefits to members. For more information, please visit detroitchamber.com.

About the 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

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