Supporting Entrepreneurs = Investing in Our Communities

You may have heard of ICCC, and you may also be aware that small businesses in your community have benefitted from this transformational program.

But you may not know how Regions Bank associates have pitched in and made a real difference for these entrepreneurs and their local economies.

Inner City Capital Connections (ICCC) is a tuition-free coaching and training program designed to empower business owners in economically under-resourced communities by providing insights and strategies on how to grow their companies and build long-term success.

The program is part of the nonprofit Initiative for a Competitive Inner City (ICIC), which was founded by Harvard Business School Professor Dr. Michael Porter to empower entrepreneurs in under-resourced areas through greater access to education and business training.

Regions has supported ICCC in various cities across the footprint since 2014, most recently in Houston and earlier this year in Indianapolis.

The program connects small business owners and entrepreneurs with experts in the fields of strategy, marketing, small-business finance and more. Participants attend in-person training events, but a real differentiator of ICCC is the personalized coaching and follow-up provided by Regions bankers that follows the one-day workshop.

Sarah Young, Next Step Financial Wellness team program manager at Regions, previously served in a branch role where she says she became “passionate about small business.” When she was invited by Indianapolis Market Executive Erik Miner to be an ICCC coach she jumped at the chance.

I had never worked with ICCC before, so I just assumed these small-business owners were not as experienced or perhaps struggling in some way. That’s not the case at all. Some of them just need advice to help get them to the next phase.

She was paired with another Sarah – Sarah Robinson – who is a strengths coach and owner of Fresh Concepts, Inc. Robinson is also a Gallup certified coach and provides training and guidance to company leaders who want to improve employee engagement and improve their corporate culture. Young was thrilled about the match – since she was very familiar with Gallup and the work they do with Regions.

“Sarah is very accomplished, and her business is quite successful,” said Young. “I was actually surprised about that. I had never worked with ICCC before, so I just assumed these small-business owners were not as experienced or perhaps struggling in some way. That’s not the case at all. Some of them just need advice to help get them to the next phase.”

Unlike many companies, Fresh Concepts thrived during the pandemic because coaching sessions were easily held by video conference. In fact, the business is now at a pivotal point where Robinson is considering expansion. In their coaching sessions, the Young and Robinson discussed the pros and cons of having a brick-and-mortar presence, developing a marketing strategy and the possibility of hiring another coach.

When the conversation led to financials, Young called for backup. “Regions has a one-bank approach in Indiana,” she said. “We’re always calling on our colleagues in Wealth Management, Consumer or Commercial Banking to advise us and our clients and we’re constantly collaborating.”

Bill Harris, Commercial Banking relationship manager for Government and Institutional Banking at Regions and another ICCC coach, offered up helpful resources such as competitor and industry information and helped Sarah Robinson develop revenue projections.

Harris spoke about being part of this program that helps local businesses grow and further their success, and also contributes to the greater Indianapolis economy. “Connectivity is key,” he said.

“Capital is important, but having a coach or banker that knows the industry and the local business climate who can share their knowledge – that is so valuable.”

Along with advising Young and Robinson, Harris is also providing coaching to his own mentee, a nonprofit called Latinas Welding Guild. The organization provides training for women in the historically male-dominated welding trade. Like Robinson’s Fresh Concepts, Latinas Welding Guild thrived during the COVID-19 pandemic – especially as the Great Resignation took hold.

“Many people who began looking for higher-paying jobs sought out skills training with trade organizations like this one,” Harris said. “And there are so many jobs available due to the labor shortage, they have many interested clients.”

Harris said that he enjoyed strategizing with Consuelo Lockhart, founder and executive director of the Guild. “Small business owners are so busy and so engulfed in the day-to-day, they rarely have the opportunity to slow down and take a big-picture look at their organization. ICCC allows them to do that, and it was a real pleasure to help Consuelo think through some long-term growth plans.”

Capital is important, but having a coach or banker that knows the industry and the local business climate who can share their knowledge – that is so valuable.

The biggest concern for Guild right now is real estate. They’re currently renting space, but the building is being sold. Lockhart is using this transition as an opportunity to think about the future of the business and possible expansion. Harris’ insight is helpful, but he admits he’s learning a lot, too.

“It’s not just a simple real estate decision. A nonprofit providing services to underserved populations must think about factors beyond the mortgage payment. Is it in a safe area? Does it offer easy access to public transportation? There’s a lot to consider,” he said.

To qualify for ICCC, applicants should be an independent, for-profit or nonprofit corporation, partnership or proprietorship and the company should have its headquarters or more than 51% of its physical operations in an economically distressed area or have more than 40% of its employees living in an economically distressed area.

Young says after her coaching experience she’s encouraging all her Regions colleagues to participate in ICCC when it comes to their city. “It’s been a great experience and I’m really happy I got to be a part of it,” she said. “We all need to lean into small businesses – they’re such a vital part of our local economies.”

For more information and to read success stories showing how ICCC is making an impact, visit Doing More Today.