In an effort to bolster the vibrancy of local commerce and support small businesses, the Cook County Board of Commissioners recently approved an injection of funds aimed at expanding lending capabilities for these commercial mainstays. According to a recent announcement, a $2.4 million grant program will buffer the coffers of several community financial institutions (CFIs), directly addressing the capital access issues entrepreneurs face, particularly in underserved areas.
Cook County Board President Toni Preckwinkle conveyed the region's commitment: "Cook County is committed to closing long-standing gaps in the access-to-capital landscape for small businesses, while strengthening regional economic growth," further solidifying the local government's role in boosting opportunities for all. Amidst an economic atmosphere where local enterprises are seeking more than mere survival, this financial boost is set to support over 1,000 businesses and is expected to leverage a sizable $27.3 million in investment.
Five CFIs have been selected to benefit from this fund, showing a spectrum of services designed to meet diverse business needs. These include Allies for Community Business, SomerCor, Pursuit, Greenwood Archer Capital, and Jewish Free Loan Chicago. Each could receive up to $500,000, aimed to enhance not only lending capacity but also operational aspects like staffing and marketing. Terrence Johnson, executive director of Greenwood Archer Capital, acknowledged the grant as an affirmation of their work, "This grant strengthens our ability to deliver capital and support small businesses in the County’s most under-resourced markets," he told Cook County.
The initiative recognizes a gap in capital dedicated to assisting small business growth in disparity to other cities across the country. A particularly acute need is observed in historically excluded communities, where conventional financing is often out of reach, leading to reliance on high-interest capital sources. Horacio Mendez, president and CEO of Woodstock Institute and a member of the grant selection panel, stated, "Strong local economies start with strong small businesses, but persistent gaps in access to safe, affordable and transparent financing make it too difficult for owners to sustain and grow their businesses," as per the Cook County report.
Furthering the economic development narrative, the Board reaffirmed its commitment to the Greater Chicagoland Economic Partnership (GCEP). This collective of counties and the City of Chicago collaborates under the management of World Business Chicago to induce investment and promote regional economic growth. With a steady Cook County contribution of $290,462, World Business Chicago evaluated that GCEP's activities led to the creation of over 18,000 jobs and accrued regional earnings of $1.57 billion over the last three years.
