Major Investment Will Help To Develop Resource Hub For Small Businesses And Nonprofits

William W. Towns (fifth from the left), executive director of Benefit Chicago and adjunct lecturer of Social Impact at the Kellogg School of Management at Northwestern University, recently announced that Benefit Chicago would be investing $5 million into the Self-Help Ventures Fund. Photo Credit: Benefit Chicago
William W. Towns (fifth from the left), executive director of Benefit Chicago and adjunct lecturer of Social Impact at the Kellogg School of Management at Northwestern University, recently announced that Benefit Chicago would be investing $5 million into the Self-Help Ventures Fund. Photo Credit: Benefit Chicago

Major Investment Will Help To Develop Resource Hub For Small Businesses And Nonprofits

BY KATHERINE NEWMAN

Benefit Chicago recently announced that it would be making a $5 million investment in the Self-Help Ventures Fund as a way of supporting small businesses and nonprofits on the south and west sides of Chicago. The investment will in part support Seaway Bank as it transforms its headquarters in Chatham into a resource hub for the community.

Benefit Chicago is an investment fund that was created by The Chicago Community Trust, the John D. and Catherine T. MacArthur Foundation, and Calvert Impact Capital. Benefit Chicago is currently in the process of dispersing $100 million in impact investments to various organizations and projects in Chicago to support wealth building, job creation, and enhance job readiness, according to information provided by Benefit Chicago.

“Benefit Chicago is a place-based impact investment fund,” said William T. Towns, executive director of Benefit Chicago and adjunct lecturer of Social Impact at the Kellogg School of Management at Northwestern University. “We believe that we have businesses in our communities, that lack access to capital, that could significantly improve the conditions in our communities within our region. We look to pair those businesses with the capital they need to have their businesses grow.”

The Self-Help Ventures Fund was created by Self-Help Federal Credit Union, the parent institution that owns Seaway Bank, and is a nonprofit loan fund that utilizes grants and loans from foundations, religious organizations, corporations, and government sources to help stabilize high-risk businesses that work with the bank, according to information from Self-Help Federal Credit Union.

“Self-Help is a community development financial institution that does a tremendous amount of work in helping to provide not only the capital but also some of the wraparound services and technical assistance that our small businesses need in order to increase their chances of being successful and to expand their business,” said Towns.

The investment from Benefit Chicago will help Seaway Bank transform it’s headquarters at 645 E. 87th St. into a community resource center and a hub for nonprofit organizations and small businesses on the south side. In addition to resources, the historic Seaway Bank headquarters in Chatham will also provide space for small business tenants at what they consider to be an affordable rate.

“We understand that banking institutions are more than just the financial lending and the other things that they offer. In many of our communities, and in this particular case with Seaway Bank, they really are sort of anchor institutions in the community,” said Towns. “We wanted to provide Seaway Bank the capital they needed to continue to refurbishing their space and have it be a convenient open space to the community, whether you are banking there or not.”

To learn more about Benefit Chicago visit www.benefitchicago.org.

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