Chicago Expands Small Business Financing Program

Lee Edwards | As of Wednesday, April 1, 2015

L-R Chicago Mayor Rahm Emanuel and Tsadakeeyah Emmanuel, owner of Majani Catering, 7167 S. Exchange Ave., pose before engaging in a roundtable discussion about Chicago’s expanding Small Business Opportunity Center Program (SBOCP).
L-R Chicago Mayor Rahm Emanuel and Tsadakeeyah Emmanuel, owner of Majani Catering, 7167 S. Exchange Ave., pose before engaging in a roundtable discussion about Chicago’s expanding Small Business Opportunity Center Program (SBOCP). Photo by Lee Edwards.

Chicago Mayor Rahm Emanuel is expanding the city's Small Business Opportunity Center Program (SBOCP), a comprehensive financial service initiative for small businesses, via new centers that will be located throughout the city. The centers will maintain a $5 million budget designated for small business loans, with authorization to loan out up to $250,000 each.

“Small businesses are the economic backbone of Chicago and when they succeed, our neighborhoods and our city succeeds,” said Emanuel. “By connecting our entrepreneurs with the resources and capital they need to thrive, they can create the jobs that our neighborhoods deserve and help to keep every community in Chicago more vibrant.”

New SBOCP partners, Somercor 504, Inc., Goldman Sachs, and the Chicago Business Opportunity Fund, are providing $5 million in funding for loans. The Chatham Business Association, Greater Englewood CDC, Resurrection Project, Latin American Chamber, Sunshine Gospel Ministries, and the Women’s Business Development Center were pre-existing SBOCP partners.

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Photo by: Lee Edwards

Rachel Bernier-Green, owner, Laine's Bake Shop, offered Chicago Mayor Rahm Emanuel a sample while discussing the benefits of Chicago’s expanding Small Business Opportunity Center Program (SBOCP).

“VEDC has been the lender of last resort for many good companies that have struggled during the economic downturn and recovery,” said Roberto Barragan, President and CEO of VEDC. "The Chicagoland Business Opportunity Fund was created to bring an innovative and affordable source of alternative financing to Chicago entrepreneurs through a variety of loan programs.”

Emanuel joined Ald. Willie Cochran (Ward 20th), City Treasurer Kurt Summer, small business owners and other financial professionals for a roundtable discussion on the expansion at Greenline Coffee LLC, 501 E. 61st last week.

"Strong communities require strategic partnerships,” said Cochran. “This program demonstrates how our City has made crucial steps towards efficiency and effectiveness. This is a historic moment for the Woodlawn neighborhood and would not have happened without the Mayor's strong leadership.”

“This expansion will meet those needs while stimulating economic growth in our neighborhoods.” said Summers. “I am committed to working with Mayor Emanuel to help in this process and ensure our small businesses are connected to the capital they need to flourish.”

The centers are scheduled to be housed in the Chatham, Englewood, Woodlawn, Pilsen and Logan Square neighborhoods.

A map of where loan center are located is available on the Chicago Data portal at www.data.cityofchicago.org/Community-Economic-Development/Chicago-Microlending-Institute-CMI-Microloans/dpkg-upyz.

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