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News and Information Article
Match-Making Event Introduces Top-Performing, Miami-Based Inner City
Companies to Private Equity Investors and Demystifies the Capital-Raising
Process for Entrepreneurs
MIAMI, Dec. 6 // -- Banc of America Capital Access Funds, a
division of Bank of Americas private equity group and the Initiative for a
Competitive Inner City (ICIC), a national, nonprofit economic development
organization, today hosted Inner City Capital Connections (ICCC) Miami
2006, the third in a series of events designed to stimulate private equity
investment in inner city emerging markets by matching owners of inner city
businesses with selected private equity investors. The previous ICCC events
were held in Los Angeles (2005) and New York (Spring 2006).
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )
"Investors are always seeking the highest ROI by scouring for
opportunities that capitalize on market inefficiencies and yield above
average returns. ICCC has shown that for smart ahead-of-the-curve investors
the road less traveled leads directly to Americas inner cities," said
Manjari Raman, Senior Vice President of ICIC and director of the Inner City
Economic Forum (ICEF). "In a very short time, ICCC has shown that inner
city companies are not only ready for growth capital -- they are hungry for
it and willing to do all that it takes to build strong sustainable
businesses. A majority of the companies participating in ICCC call the
experience transformational and within months show a burst in size. For
the first time, we are actually able to see the direct connection between
access to capital and its energizing impact on entrepreneurship in the
inner city. For private equity investors in the US, this opens up a whole
new asset class for investments."
Over 30 investment-ready inner city companies were carefully selected
to attend a day-long session of networking and educational seminars with
over 20 private equity investors. The day includes presentations by top
inner city companies; case studies on private equity/inner city company
partnerships; a presentation and discussion on the impact of the ICCC
events and interactive feedback from various private equity providers and a
"speed dating" session designed to help make connections between the
participating companies and private equity firms.
"The selected companies are well-managed, innovative businesses that
compare favorably not only with their inner-city peers but with the best
companies in the country and are very often overlooked," said Edward
Powers, managing director, Banc of America Capital Access Funds. "By
hosting the ICCC series of events, we hope to help bridge the gap between
those companies and financial sponsors."
In 2005, more than $42MM was raised by inner city entrepreneurs who
participated in previous ICCC events. In a survey of the participants,
eighty- eight percent of the respondents now feel they know how to raise
additional investment dollars and are able to reassess their business plans
to restructure for growth. Among the businesses represented for ICCC Miami
are a travel company specializing in cultural tourism; a communications
provider for schools and school districts; a VoIP telecommunications
carrier focusing on the Latin America and US Hispanic market; an importer
and distributor of ethnic food products; a broadcasting company operating
in the Florida region; a specialty provider of medical access and
healthcare services (to inner city communities); a fashion clothing
designer and manufacturer; a full service staffing firm; a producer,
importer and distributor of tropical hardwoods; and a provider of child
care and workforce development services to inner city communities.
"The companies participating in todays event offer attractive
investment opportunities to financial sponsors, while making a significant
impact on the communities they serve," said Rick Larson of SJF Ventures.
"ICCC provides a valuable opportunity to nurture thriving businesses in an
often overlooked, yet very important segment of the U.S. population."
About Banc of America Capital Access Funds
Banc of America Capital Access Funds, a division of Bank of America, is
the countrys leading private equity investor in underserved markets. Banc
of America Capital Access Funds currently manages two fund-of-fund vehicles
focused on underserved markets for the California Public Employees
Retirement System and the California State Teachers Retirement System.
With professionals located in Chicago, Los Angeles, St. Louis and
Washington, D.C., Banc of America Capital Access Funds seeks to invest in a
diverse set of private equity opportunities that can capitalize on rapidly
growing or consolidating markets or that take advantage of leadership
positions in more mature segments of underserved markets. For more
information, visit http://www.bacapitalaccessfunds.com.
About Bank of America
Bank of America is one of the worlds largest financial institutions,
serving individual consumers, small and middle market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk-management products and services. The company
provides unmatched convenience in the United States, serving more than 55
million consumer and small business relationships with more than 5,700
retail banking offices, nearly 17,000 ATMs and award-winning online banking
with more than 20 million active users. Bank of America is the No. 1
overall Small Business Administration (SBA) lender in the United States and
the No. 1 SBA lender to minority-owned small businesses. The company serves
clients in 175 countries and has relationships with 98 percent of the U.S.
Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York Stock
Exchange.
About the Initiative for a Competitive Inner City
The Initiative for a Competitive Inner City (ICIC) is a national
not-for- profit organization founded in 1994 by Harvard Business School
professor Michael E. Porter. ICICs mission is to promote economic
prosperity in Americas inner cities through private sector engagement that
leads to jobs, income and wealth creation for local residents. ICIC brings
together business and civic leaders to drive innovation and action,
transform thinking and accelerate inner city business growth and
investment. For additional information, visit http://www.icic.org/
About the ICICs Inner City Economic Forum
Inner City Economic Forum was founded by the Initiative for a
Competitive Inner City (ICIC) as an ambitious and innovative effort to
develop ideas and action plans that reduce economic inequality in Americas
inner cities. ICIC is a national not-for-profit organization founded in
1994 by Harvard Business School professor Michael E. Porter. ICICs mission
is to promote economic prosperity in Americas inner cities through private
sector engagement that leads to jobs, income and wealth creation for local
residents. ICIC brings together business and civic leaders to drive
innovation and action, transform thinking and accelerate inner city
business growth and investment. For additional information, visit
http://www.innercityeconomicforum.com
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