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Mary Kay Leonard of ICIC on her mission to help inner city businesses grow and get access to capital
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In a good way and that's how small business owners can you might wanna -- speed dating -- investor and one of the things that's going on is that.
Inner city companies sometimes inner -- businesses have difficulty of raising the capital they might need to go in a different direction be disruptive themselves.
To expand joining us to discuss this from the initiative for a competitive.
Inner city is Mary Kay Leonard president and CEO.
Tell me about this what what's gonna.
Thanks Adam thanks for the chance -- Well icici is a nonprofit -- work across the country.
Helping cities understand what of the industries that -- most likely to grow in the area economies and then helping businesses especially underserved businesses.
-- out.
And you call that this program that you do is called inner city capital connection and -- so this particular program is totally focused on finding growth ready companies.
We need to get a little bit wanna -- capital -- when we say inner city are we talking about anybody say within the city of New York are we talking about businesses that are run.
By.
People who would be classified as minority.
Business owners.
Payment to companies that are located in particular part of a city so it's usually the -- -- -- usually it's.
It's census tracts of 20% -- -- unemployment to crack and their big enough and the way we -- in -- city it's a propriety definition we used.
So that you can really see them as economies in and -- themselves so this is not as.
Early I was going into asking whether this is a race based kind of issue it does doesn't -- -- -- -- -- -- for everybody.
It's yes now it's actually too because of the demographics than -- -- -- to have a larger minority Hannity 8% of the business owners and our in his city capital connections programs are minorities Barrett.
Of the businesses and when -- wasn't.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- so there's -- company called Avalon -- -- company and detract from they have come to our financing program.
Base it's a day long really intensive program.
How what's -- growth strategy what kind of financing do you need as a debtor equity in and within those categories what kind of data what kind of equity.
And then how do you talk to the investors -- the lenders about your business in the language they need to hear and what information do you need to show them to show them -- -- ready.
Then that's a class it's very intensive daylong seminar.
We have individual coaching for the businesses to go through it and then we bring them to this amazing matching day.
Here in New York City at fortune's headquarters from where we match them with an interest in investors and -- So this is private investors private lenders where all about the private sector growing jobs there that's what we do and so this is the the icici is nationwide -- and everyone comes here to New York for -- that is it -- out.
-- day so this so that we do training days across the country.
Actually there this year will be in Atlanta Chicago Detroit and Cleveland yep -- -- -- these Linda had a -- and got a lot going for it yet -- that's an amazing businesses and so will train about fifty to 75 businesses in each of those areas and then we'll bring.
-- some of the best businesses to this matching debt it's almost like.
Helping -- -- a business plan and then they get to make the pitch.
To the potential you know the Angel investors with a.
People who wanted to present -- lenders have for example and and sometimes what they learn as the business plan and and they get connections so we had somebody who was with us last year in Chicago.
She said luck.
I learned so much I just went back to my local bank -- actually was able to get new financing I got a different line of credit and saved a 100000 dollars.
And annually just because I've got.
-- financing and bank said I've got rescinded business or size with a bit -- -- with a plan that's actually just so comprehensive and got.
-- it says so when is the next match session and how did people get involved with the training so they can get him.
On the appropriate match session -- -- credit.
-- -- session is next November.
The first things that they can do they can contact us www.
Icici death led the web page we put up.
And they can learn more about the various programs and where they're going to be the first when I think will actually launch in Chicago in that affects.
And let me just a little bit about the other kind of people who will be interested in this are actually our goal we've actually served about.
300 business says.
They've gotten 700 million dollars in capital they've created 5700 jobs over the life in this program.
What were trying to do is we're gonna double the number of businesses have this year I was.
Another backer -- back on that their original backers -- the small business administration and the Bank of America over the last two years we've added twelve new backers.
As diverse as Harris bank Citigroup -- and the city of Chicago the -- and Cook County.
Wind love what actress because we ultimately want to reach 15100 businesses over the next five years with 151000.
New jobs created.
Okay so.
Really appreciate your being here at the icici and you can take part of this there's -- website.
Get more information the next match session -- -- said is coming up in November will.
