SBA sponsors program connecting inner city entrepreneurs to investors

A Small Business Administration-backed initiative targeting inner-city entrepreneurs is looking to connect more young businesses to capital.

The SBA, Bank of America, Fortune, and the Initiative for a Competitive Inner City are co-sponsoring the Inner City Capital Connections program, which educates investment-ready urban companies about sources of capital and potential investors.

This year, the program plans to put 180 inner-city companies through a training workshop on raising funds in Detroit on Oct. 24. Afterwards, participants will be invited to pitch their business ideas to potential investors in New York on Friday, Nov. 9 as part of the ICCC’s “National Matching Day.”

The deadline for applications is this Friday, Oct. 19, 2012.

Eligible companies must be headquartered in, have 51 percent or more of their physical operations in, or have 40 percent of their employees located in an economically distressed area. They must also be a for-profit corporation, partnership or proprietorship with revenues of $2 million or more in 2011.

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