Initiative for a Competitive Inner City (ICIC), a national nonprofit research and advisory organization, and SCORE, the nation’s largest network of volunteer, expert business mentors, announced today a unique partnership that will provide critical mentoring services to inner-city businesses throughout the U.S. A first-in-the-nation partnership, SCORE’s more than 10,000 volunteers in 300 chapters will be made available to participants and alumni of ICIC’s Inner City Capital Connections (ICCC) program, which helps small businesses in economically-distressed areas build capacity for sustainable growth in revenue, profitability, and employment.
The partnership was announced at ICCC’s culminating conference at Time Inc. in New York, where many of the 800 businesses owners participating in 2017 convened for educational content and opportunities to pitch to potential investors. During the announcement Steve Grossman, CEO of ICIC, said, “We are thrilled to have SCORE as a partner, providing support for inner city businesses that helps them raise capital, grow revenue, and create good-paying jobs. With SCORE on board, ICCC alumni will have continuous access to these valuable resources, even after they’ve completed our program,” he said.
“This agreement with ICIC will allow SCORE to expand our successful mentoring services to more small businesses while supporting the continued economic development of our inner city communities,” said Steve Records, vice-president of field operations at SCORE. “These business will continue to benefit from ICIC’s training and programming to create access to capital infusion; but, with the addition of SCORE’s ongoing, long-term client support, the partnership will create even stronger, more profitable businesses and will help support the creation of more jobs within these communities.”
ICCC is the country’s only program that educates inner-city small businesses about different types of capital and matches them with appropriate capital providers. Since 2005, 1,659 participants have raised nearly $1.5 billion in debt and equity capital, created 16,000 jobs, and had average revenue growth of 172%.
About Initiative for a Competitive Inner City
ICIC is a national nonprofit research and advisory organization founded in 1994 by Harvard Business School professor Michael E. Porter. ICIC’s mission is to promote economic prosperity in America’s inner cities through private sector investment that leads to jobs, income and wealth creation for local residents. The organization supports urban businesses through a wide variety of Urban Business Initiatives. More information about ICIC and its ICCC program is available at www.icic.org and www.icic.org/inner-city-capital-connections/.
Since 1964, SCORE has helped more than 10 million aspiring entrepreneurs. Each year, SCORE’s 10,000 volunteer business experts provide 350,000+ free small business mentoring sessions, workshops and educational services to clients in 300 chapters nationwide. In 2016, SCORE volunteers provided 2.2+ million hours to help create more than 55,000 small businesses and 130,000 full-time, part-time and contractor jobs.
Initiative for a Competitive Inner City