The U.S. Small Business Administration (SBA) announced today that Milwaukee will be one of 11 cities selected to participate in the Emerging 200 initiative, a jobs and growth stimulation effort targeting promising inner-city small businesses.
The other cities are Boston, Philadelphia, Baltimore, Memphis, Atlanta, Chicago, Albuquerque, New Orleans, Des Moines and Oakland.
An SBA spokesman said Milwaukee was chosen because of its need for inner city business growth.
The SBA initiative will focus on small, poised-for-growth inner-city companies with potential for job creation.
Research shows that small firms with fewer than 20 employees created 80 percent of the net new jobs in the economy from 1990 to 2003, and also that small businesses in inner cities added nearly three times the number of new jobs than larger companies between 1995 and 2002.
"This innovative initiative is designed to accelerate the growth of companies that are poised for sustained expansion," said SBA Administrator Steve Preston. "With the selection of these 11 cities, the Emerging 200 initiative will begin to prepare 200 high potential companies for their next phase of growth. It will attract and tap the power of these local entrepreneurs to transform their communities, grow wealth and increase the tax base in a real and lasting way."
The Emerging 200 initiative will have its official unveiling in each of the pilot cities at a series of local launch events to be scheduled in late March and early April.
The SBA Emerging 200 initiative will enable entrepreneurs from the 200 companies to participate in an intensive and comprehensive curriculum focused on developing winning, local strategies and attracting capital to fuel growth. Participants also will have the opportunity to work with experienced mentors, attend workshops and develop connections with banks and the private equity community.
Milwaukee will be pilot site for SBA inner city business program
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