Five Memphis businesses to make national funding pitch in New York
- Staff Memphis Business Journal
Five Memphis-based companies are among 125 selected from across the country to take part in a program to help provide the growing companies with new capital.
Sponsored by the Initiative for a Competitive Inner City, the Inner City Capital Connections program drew a record-setting 3,200 company nominations for this year’s November event.
The five Memphis companies are:
• Amnesty Professional Services, a commercial janitorial services and lawn care provider;
• AVPOL International LLC, a logistics support company;
• CDA Inc., a security services firm;
• Ewing Moving Service and Storage;
• and Y & W Technologies Inc., a chrome plate service company for medical and surgical instruments.
The five companies will join 120 others at the New York headquarters of Fortune Magazine Nov. 10 to make their pitches to financial backers in hopes of securing more capital or debt financing.
“ICCC demonstrates that growing inner-city companies, if given the access to capital, can generate the jobs and wealth that are crucial to the transformation of our urban communities,” Edward Powers, managing director of Bank of America BAML Capital Access Fund, said in a release.
Bank of America is helping line up funding sources, he said.
To qualify for the Inner City Capital Connections program a business must be located in the inner city (defined as an area of concentrated economic distress) or have a disproportionate percent of its employees residing in such an area.
It also must have $2 million in revenue.
The companies selected for the program represent numerous industries including technology, consumer goods, business and professional services, health care and manufacturing.
Since the program stated in 2005 it has helped raise $406 million in capital for 275 businesses.
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