Posted April 28, 2021

Initiative For A Competitive Inner City Receives Support From People’s United Community Foundation

BOSTON – The Initiative for a Competitive Inner City, a non-profit research and advisory organization that drives inclusive economic prosperity in under-resourced communities throughout the U.S., is providing tuition-free executive leadership training to small businesses in Boston through their Inner City Capital Connections (ICCC) program. People’s United Community Foundation, the charitable arm of People’s United Bank, made a $10,000 donation to the organization to support the ongoing efforts of the program in the City. The program is offered at no cost to participants, helping the participation of small businesses in the program.

ICCC is a tuition-free executive leadership training program that helps business owners in under-resourced communities build capacity for sustainable growth in revenue, profitability, and employment. The program, currently offered in 20 U.S. 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.

Since the program began in 2005, ICCC participants have secured more than $2.23 billion in capital, $94.8 million of that raised in Massachusetts, helping to create high-quality jobs in under-served communities. As ICCC alumni companies grow, they create many of the jobs that are helping to revitalize the distressed economies in which they operate. In Massachusetts, 511 ICCC alumni have created 2,029 jobs.

Through the ICCC program, top business professors help participants create a pitch deck and prepare them to successfully solicit capital. The coaching program has resulted in more than 80% of graduates securing the capital they need within two years of completing the program.

“We know how hard some small businesses were hit by the COVID pandemic and are thrilled to be able to support an organization helping businesses and leaders persevere,” said Patrick Sullivan, Massachusetts President, EVP of People’s United Bank and Officer of the Foundation. “The ICIC programs have helped countless businesses in recent years, but particularly in 2020, and we are proud to support them in their continued efforts.”

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.

“We’re deeply grateful to the People’s United Community Foundation whose generosity enables scores of local entrepreneurs to shape their business strategy and deal with the challenges of the pandemic,” said Steve Grossman, CEO of the Initiative for a Competitive Inner City (ICIC). “Thanks as well to People’s United bankers who have volunteered their valuable time to bring these small business owners closer to the capital they’ll need to thrive in today’s uncertain business environment.”

About People's United Community Foundation

People’s United Community Foundation helps support programs and activities that enhance the quality of life for citizens in the communities that People’s United Bank serves. People's United Bank, N.A. is a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with more than $60 billion in assets. Founded in 1842, People’s United Bank is a premier, community-based, regional Northeast bank with more than 5,500 employees offering commercial and retail banking, as well as wealth management services.