Butler Snow Law Firm, Butler Snow Advisory Services,LLC and the Greater Memphis Chamber Join Regions Bank in Support of Capital Ready Program in Memphis
Release date: 8/5/2014
Program offers training and support for urban entrepreneurs to grow their businesses
Memphis, Tenn.— Butler Snow Law Firm, Butler Snow Advisory Services, LLC, and the Greater Memphis Chamber join Regions Bank in its support of the Initiative for a Competitive Inner City (ICIC) for the Inner City Capital Connections (ICCC) program, which is designed to help small businesses in economically distressed areas access capital, achieve sustainable growth, and connect with debt and equity providers.
ICCC identifies inner city businesses in need of growth capital through an application process, educates them on different sources of capital, and matches them with capital providers in order to grow their businesses and create jobs.
Since the launch of ICCC in 2005, approximately 690 inner city companies across the country and 150 equity and debt providers have participated in the program. Participating companies have raised more than $1 billion in capital – 90% of which was raised within two years of participation. In addition, ICCC companies have created or helped to create more than 5,600 jobs and on average hire 40% of their workforce from within the inner city.
"When we saw what ICCC is accomplishing in cities across the country, we knew we wanted to bring this program to Memphis," said David May, West Tennessee Area President for Regions Bank. "We appreciate the Greater Memphis Chamber and Butler Snow for joining Regions in supporting this effort. I believe that, as a result of this program, more Memphis companies will be able to achieve their true potential, and that will help strengthen our local economy and our entire community."
More than 100 company representatives will participate in an executive education training session led by Harvard Business School Professor Stephen Rogers at the FedEx Institute of Technology at the University of Memphis on August 14th, 2014. The program will include sessions on topics designed to help inner-city companies grow. Topics include entrepreneurial finance; debt and equity finance; components of an investor pitch; valuation methodologies and raising capital; financial matrix; strategy; growth through acquisition; negotiation skills for contracts; marketing and sales; and talent management.
“More than 80% of our members are small businesses so we value this opportunity to join Butler Snow and Regions in their support of ICCC’s program to connect those businesses with the tools they need to grow,” said Phil Trenary, President & CEO, Greater Memphis Chamber. “This program will help the businesses that are located in areas of Memphis that need revitalization and growth the most.”
Selected companies are growth-oriented businesses with a significant presence in economically distressed urban areas. They must either be headquartered in them or meet one of the following requirements: at least 40% of their employees or 51% of the companies’ physical operations must be present in these distressed geographies. They must also be for-profit corporations, partnerships or proprietorships with revenues of $2 million or more.
“Access to capital (financial, intellectual, social) is critical for small and lower-middle market businesses to thrive and grow,” said Matt Thornton, Founder, President & Chief Executive Officer of Butler Snow Advisory Services, LLC. “As we work with companies across the region that fit the profile of those participating, we are excited and appreciative to be a part of the ICCC team in sponsoring the event on August 14th. The ability to create, sustain and grow companies and the associated jobs is key to the success of the region.”
Participants who successfully completed the program will be eligible to pitch their business to debt or equity providers at a national conference on November 19th and 20th at Fortune Magazine in New York City.
About ICIC: The Initiative for a Competitive Inner City is a nonprofit research and strategy organization and the leading authority on U.S. inner city economies and the businesses that thrive there. Founded in 1994 by Harvard Business School Professor Michael Porter, ICIC expands inner city economies by providing businesses, governments and investors with the most comprehensive and actionable information in the field about urban market opportunities. ICIC's unique knowledge and expertise about inner city success factors and thriving companies is developed from specialized urban networks and path-breaking research.
The Greater Memphis Chamber is the lead economic development agency for Memphis/Shelby County, and is a private, non-profit, membership-driven organization comprised of 2,300 business enterprises, civic organizations, educational institutions and individuals.