Memphis companies chosen for business-boosting program

The Initiative for a Competitive Inner City, Bank of America Corp., Fortune magazine and the U.S. Small Business Administration have selected two Memphis-area companies for their annual Inner City Capital Connections program.

They are AVPOL International LLC and Worldwide Label & Packaging.

The ICCC program identifies inner city businesses in need of growth capital, educates them on the sources of capital, and matches them with capital providers in order to grow their businesses. This year, the program received 5,200 company nominations from across the country and chose 178 companies for participation.

The program is free to inner city businesses. To qualify, a business must be located in the inner city (defined as an area of concentrated economic distress) or have a disproportionate percentage of its employees living in such an area. In addition, a company must have $2 million in revenue.