In 2020, ICIC served more than 2,500 businesses from 49 states. Well over half of these companies are BIPOC- (58%) and woman-owned (57%), and the vast majority of these businesses are located in underserved communities with concentrated poverty and higher levels of unemployment. Many of these companies faced tremendous challenges this year, and we couldn’t be more proud of the grit, determination and resilience they displayed in rising up to these challenges. We look forward to following the future success of these companies as we recover from the pandemic and they continue to bring good-paying jobs and economic revitalization to their communities.
Business served across all ICIC programs in 2020.
# Cities Represented
# States Represented
# Businesses Served
Average Age of Business*
Average # of Full Time Employees
* These statistics reflect averages for IC100, ICCC and CSB programs only.
Urban Business Initiatives
We offer leading programs designed to serve inner city CEOs in the urban core. These initiatives deliver education, training, and capacity building, as well as providing critical resources, tools, visibility and content year-round through our digital platforms.
Inner City 100
Each year we recognize, celebrate and support the fastest-growing inner city companies in America whose success illuminates the competitive business advantages of locating in the inner city. Since 1999, we’ve placed more than 1,000 companies on the Inner City 100 list, which is published annually by FORTUNE. The award winners are chosen based on their growth in revenue and job creation over a four-year period.
Impact Snapshot: Inner City 100
2020 winners average 310% in revenue growth from 2015-2019.
2020 winners average $8.9 million in annual revenue.
The 2020 IC100 list employs in aggregate 7,240 people (2019), and collectively created 3,230 jobs between 2015-2019.
The average salary for employees (excluding senior management) of 2020 Inner City 100 winners is $60,663.
Goldman Sachs 10,000 Small Businesses
ICIC is the proud national outreach and selection partner of Goldman Sachs on their innovative and influential 10,000 Small Businesses initiative. To date, the program has served over 10,000 small business owners, reaching entrepreneurs across all 50 states, Washington D.C., Guam, Puerto Rico, and the U.S. Virgin Islands.
Impact Snapshot: Goldman Sachs10,000 Small Businesses
Alumni collectively account for over $14 billion in revenue and employ over 200,000 people.
of our alumni increased revenue just six months after graduation.
of alumni added new jobs in the same six-month time period.
of alumni do business with other 10,000 Small Businesses firms.
Inner City Capital Connections
Inner City Capital Connections (ICCC) is a tuition-free executive leadership training program that increases the flow of capital to urban firms and communities while helping firms achieve sustained growth. The program, currently offered in 17 US markets, is designed for busy executives of all expertise levels and helps bridge the gap for businesses that are in need of capital but cite lack of knowledge and relationships as key barriers to obtaining it.
Impact Snapshot: Inner City Capital Connections (2005-2019)
Average Revenue Growth
Total Capital Raised
Cultivate Small Business
Santander Bank’s Cultivate Small Business is designed to help early-stage entrepreneurs in low-income neighborhoods build and sustain their businesses, with a focus on woman-, minority- and immigrant-owned businesses in food-related industries. The program connects early-stage entrepreneurs with some of the key ingredients needed to succeed in the food business, including food-service-related business management skills, technical assistance, access to a local network of established food-industry experts as well as small capital grants for business owners.
Impact Snapshot: Cultivate Small Business
In 2020, 34 Cultivate Small Business program participants were awarded capital grants by Santander totaling $85,000.
Urban economic development initiatives are at the forefront of the national policy agenda: How can we create equitable urban revitalization and foster economic opportunity for inner city residents? ICIC’s research helps public, private, nonprofit, and community leaders understand and respond to the economic development challenges facing under-resourced communities. Our unique knowledge of inner city competitive advantages and inner city companies is developed from specialized urban networks and path-breaking research and practice.
Impact Snapshot: ICIC’s Research
Not the Great Equalizer: Which Neighborhoods Are Most Economically Vulnerable to the Coronavirus Crisis? and its accompanying interactive map show the vulnerability of every U.S. neighborhood to the economic impact of the COVID-19 crisis
In The New Face of Under-Resourced Communities and its accompanying policy brief, ICIC recommends a new generation of strategies to reduce concentrated poverty in those communities.