Category: Business Published on Monday, 12 November 2012 00:49 Written by Crains Business
The Initiative for a Competitive Inner City selected 28 metro Detroit companies this week to participate in a program designed to inject capital into inner-city businesses.
Sponsored by Bank of America, Fortune and the U.S. Small Business Administration, the program matches businesses in capital-strapped urban areas with investors and banks.
To qualify, a company must be in the inner city and generate at least $2 million in revenue annually.
The local companies selected:
Alan C. Young and Associates PC.
All Inclusive Security & Investigation LLC.
Atlas Wholesale Food Co.
Clean Emission Fluids Inc.
Corridor Sausage Co. LLC.
Delray Mechanical Corp.
Detroit Chassis LLC.
Edibles Rex Inc.
Energy Alliance Group LLC.
FutureNet Group Inc.
Omaha Automation Inc.
PMA Consultants LLC.
Richards-Truvillion Trucking Inc.
Sanders Business Services Inc.
Savorfull, a dba of Stacy Goldberg's What's in Your Cart LLC.
St. Regis Enterprise LLC.
Stanek Rack Co.
Sweet Potato Sensations Inc.
Tompkins Products Inc.
Vetbuilt Building Group Inc.
Walker-Miller Energy Services LLC.
Weldon Enterprise Global IT Services LLC.
Williams Electrical and Telecommunications Co. Inc.
I*Logic Inc., Madison Heights.
eBabEx LLC, Pontiac.
Future Help Designs, a dba of Future Help Inc., Pontiac.
West Construction Services, a dba of West Investment Group LLC, Pontiac.
Most of the companies are in Detroit. I*Logic is in Madison Heights, and eBabEx LLC, Future Help Designs and West Construction Services are in Pontiac.
"There is a lack of capital availability in America's inner cities," Mary Kay Leonard, president and CEO of the Boston-based ICIC, said in a release. "In fact, 71 percent of inner-city businesses have, on average, only a quarter of the capital needed to compete in their industries."
This year's program selected 178 companies nationally. Since its inception in 2005, the ICIC has introduced 375 inner-city companies to 105 capital providers. The program has led to $703 million of capital for the companies — $171 million in equity and $532 million in debt.
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