BALTIMORE, MD (Tuesday, September 12, 2023) – Today, Mayor Brandon M. Scott joined the Mayor’s Office of Small and Minority Business Advocacy & Development (SMBA&D) and the Initiative for a Competitive Inner City (ICIC) to welcome them during the opening seminar of the Inner City Capital Connections (ICCC) Baltimore cohort. This program is designed to provide small business owners with resources like free training, education, and mentorship opportunities.
The cohort is a free, 40-hour mini-MBA program open to small and women-owned businesses in communities across the City of Baltimore that have been historically disinvested in. Through the program, small business owners develop strategies to build their capacity for sustainable growth and present opportunities to connect with capital sources to create local jobs.
“Under my administration, we’ve committed to strengthening Baltimore’s small business community to ensure our small minority- and women-owned businesses can flourish,” said Mayor Brandon M. Scott. “For years now, ICIC and the ICCC program has been a critical partner in supporting our small businesses and giving Baltimore entrepreneurs the tools they need to succeed. With the first meeting back in person since 2019, this cohort will address the unique challenges faced by small business owners and ensure Baltimore’s small business community continues to be a big part of Baltimore’s economic engine.”
For nearly 20 years, ICCC has helped more than 5,000 small businesses nationwide gain access to $2.4 billion in capital, achieve 141% revenue growth, and create more than 26,000 jobs in their communities. In 2022, the cohort assisted more than 800 small businesses, comprising an impressive 85% of small businesses led by Black, Indigenous, and People of Color (BIPOC) and 60% of small businesses led by women.
The City of Baltimore’s ICCC has held five cohorts, and trained 332 small businesses. 55% were women-owned and 84% were BIPOC-owned businesses. Each of the businesses have raised $11M in capital and have averaged 69% revenue growth after participating in ICCC’s Baltimore cohorts.
“We’re proud to offer this transformative program which has helped so many small business owners grow revenue more quickly, create well-paying jobs, and access critical capital, including a $2,000 grant for every participant who completes the entire program,” said ICIC CEO Steve Grossman.
“We believe in the power of small businesses to drive positive change and economic growth, and I am thrilled to continue our partnership with ICIC to offer the exceptional opportunities provided by the ICCC program,” said SMBA&D Director R. Christopher Lundy, Esq. “Our commitment to supporting small and women-owned businesses require intentional support to thrive in the marketplace and the ICCC is providing premier instruction and mentorship to ensure that their businesses grow and obtain the knowledge to be resilient in the marketplace.”
For six years, the Mayor’s Office of Small and Minority Business Advocacy & Development has been a partner for the ICIC, ICCC, Building for Growth, and 10,000 Small Businesses.
About Initiative for a Competitive Inner City (ICIC)
ICIC was founded by renowned Harvard Business School Professor Michael Porter in 1994 as a research and strategy organization that today is widely recognized as the preeminent authority on the economies of underserved communities. ICIC drives inclusive economic prosperity in under-resourced communities through innovative research and programs to create jobs, income, and wealth for local residents.
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