Program provides capital for 28 small metro Detroit companies

Posted on November 9, 2012

The Initiative for a Competitive Inner City selected 28 metro Detroit companies this week to participate in a program designed to inject capital into inner-city businesses.

Sponsored by Bank of America, Fortune and the U.S. Small Business Administration, the program matches businesses in capital-strapped urban areas with investors and banks.

To qualify, a company must be in the inner city and generate at least $2 million in revenue annually.

The local companies selected:

  • Alan C. Young and Associates PC.
  • All Inclusive Security & Investigation LLC.
  • Atlas Wholesale Food Co.
  • Clean Emission Fluids Inc.
  • Corridor Sausage Co. LLC.
  • Delray Mechanical Corp.
  • Detroit Chassis LLC.
  • Edibles Rex Inc.
  • Energy Alliance Group LLC.
  • FutureNet Group Inc.
  • Greening Inc.
  • Omaha Automation Inc.
  • PMA Consultants LLC.
  • Richards-Truvillion Trucking Inc.
  • Sanders Business Services Inc.
  • Savorfull, a dba of Stacy Goldberg’s What’s in Your Cart LLC.
  • St. Regis Enterprise LLC.
  • Stanek Rack Co.
  • Sweet Potato Sensations Inc.
  • Tompkins Products Inc.
  • Vetbuilt Building Group Inc.
  • Walker-Miller Energy Services LLC.
  • Weldon Enterprise Global IT Services LLC.
  • Williams Electrical and Telecommunications Co. Inc.
  • I*Logic Inc., Madison Heights.
  • eBabEx LLC, Pontiac.
  • Future Help Designs, a dba of Future Help Inc., Pontiac.
  • West Construction Services, a dba of West Investment Group LLC, Pontiac.

Most of the companies are in Detroit. I*Logic is in Madison Heights, and eBabEx LLC, Future Help Designs and West Construction Services are in Pontiac.

“There is a lack of capital availability in America’s inner cities,” Mary Kay Leonard, president and CEO of the Boston-based ICIC, said in a release. “In fact, 71 percent of inner-city businesses have, on average, only a quarter of the capital needed to compete in their industries.”

This year’s program selected 178 companies nationally. Since its inception in 2005, the ICIC has introduced 375 inner-city companies to 105 capital providers. The program has led to $703 million of capital for the companies — $171 million in equity and $532 million in debt.

Dustin Walsh, Crain’s Detroit