The Initiative for a Competitive Inner City, a Massachusetts-based nonprofit advocacy organization, has selected Omaha-based Navarro Enterprise Inc. to participate in its 2013 Inner City Capital Connections (ICCC) program.
The 22-year-old concrete contractor is the only Nebraska-based company selected from a national pool of 2,700 nominations for inclusion in this year’s program. Along with more than 400 other participants, representatives from Navarro Enterprise will have the opportunity to improve business plans, meet with potential investors and seek capital at the ICCC National Conference on Nov. 21 in New York City.
Program participants must meet certain guidelines to qualify for the program, including revenue baselines and the requirement that they be located in an “economically distressed urban area,” defined by the organization as one with higher poverty and unemployment rates and with household median incomes lower when compared with regional rates.
Research from the ICIC has demonstrated businesses in these urban areas obtain 20 percent to 50 percent less capital than their peers in the industry.
“For many urban businesses, ICCC helps open the door to a network of financial options that they had limited or no access to previously,” said Matt Camp, ICIC president.