The economy is clearly in the early stages of recovery. GDP for last quarter has now been unexpectedly upgraded to 4%. The manufacturing sector has led the way to recovery and is stronger than it has been in some time. Employment, one of the last leading economic indicators, is improving.
Many of my clients, not surprisingly, are seeing incredible opportunities in the market place. But to address these opportunities, they must find capital to finance the acquisition of raw materials (sometimes on a prepaid basis), packaging, labor and marketing. Then a substantial amount of samples must be provided to prospective distributors and/or end users to obtain market awareness and penetration. Traditional borrowing will rarely provide the needed capital for these projects. Most businesses’ balance sheets have been significantly weakened over the recessionary period over the last three years, meaning that internal capital is likely unavailable. What’s the answer? Read on.
Located in Oakland, California, Inner City Advisors (“ICA”) is a nationally recognized nonprofit organization leading the charge to create good jobs by providing high-impact entrepreneurs and small business owners with expert advice, knowledge & investment to grow their business. ICA seeks growing, socially responsible businesses dedicated to creating quality jobs in their community. It offers pro bono services that include entrepreneurship education, management consulting, professional services and access to smart capital investments from an unparalleled network of business experts and partners.
In 2010, ICA delivered more impact than any previous year, growing 66 innovative businesses, creating and retaining 1,945 jobs and yielding $77 million dollars of inner city wealth. This increased performance is made possible by their unparalleled network of funders, partners and advisors, under the leadership of CEO Jose Corona and COO Sean Murphy.
In the face of an improving US economy, organizations like ICA will help expedite the economic recovery in the Bay Area.