Illinois Sees Record Minority Business Starts — But Too Few Reach $1 Million. Joseph Business School’s Access to Capital Forum Targets the Scaling Crisis

Dr. Deloris Thomas with JBS faculty, stakeholders, etc.
Dr. Deloris Thomas with JBS faculty, stakeholders, etc.

Illinois Sees Record Minority Business Starts — But Too Few Reach $1 Million. Joseph Business School’s Access to Capital Forum Targets the Scaling Crisis

As Illinois leads the nation in new business formation but faces high churn and persistent racial gaps in growth, JBS advances its campaign to help 100,000 entrepreneurs of color scale to $1 million by bringing top community banks together on August 20 to tackle the state’s biggest barrier: access to capital.

FOREST PARK, IL — Illinois is experiencing one of the most active periods of business creation in the country. More than 189,000 new business applications were filed last year, and the Chicago metropolitan area was ranked the #1 U.S. region for corporate expansion for the 13th consecutive year. Yet behind this surge lies a troubling reality: as many businesses are closing or relocating as are opening, creating a high‑churn environment that makes it difficult for new ventures to survive, let alone scale.

This churn hits entrepreneurs of color hardest. African American and Hispanic residents are establishing businesses at historic rates, but too few are growing into employer firms capable of hiring workers, expanding operations, or contributing meaningfully to community wealth. Statewide survey data shows that Black-owned businesses represent roughly 11% of all Illinois firms, yet only 2% of employer businesses — a gap driven largely by limited access to capital. Without financing, entrepreneurs cannot purchase equipment, build inventory, hire staff, or withstand early cash‑flow challenges.

The Joseph Business School Alumni Association is confronting this challenge directly as part of a bold campaign to help 100,000 entrepreneurs of color scale their businesses to at least $1 million in revenue. On Thursday, August 20, the school will host the Access to Capital Forum, a free, in‑person event designed to help entrepreneurs understand what banks look for, how to prepare for financing, and how to build the long‑term banking relationships that lead to capital. The event will take place from 6:00 to 8:30 p.m. at the Joseph Business School Training Center, 7600 West Roosevelt Road, Forest Park, IL, and is open to entrepreneurs, small business owners, JBS alumni, and members of the surrounding community. Several of the region’s leading community banks will be on site to speak directly with attendees.

Dr. Deloris Thomas, President of the Joseph Business School, said the Forum is designed to change the way entrepreneurs approach financing.

“Too many entrepreneurs wait until they need financing before they begin a conversation with a bank. One of the goals of the Access to Capital Forum is to help change that,” she said. “We want current and aspiring business owners to understand what banks look for, how to prepare for future financing, and how to build strong banking relationships before capital is needed. By bringing together community banking leaders and entrepreneurs in one room, we're creating an opportunity for education, meaningful connections, and long-term partnerships that can help businesses grow and strengthen our communities.”

The evening will begin with networking and light refreshments, followed by a moderated panel discussion featuring community banking leaders who will offer practical, real‑world guidance. They will explore why early relationship‑building with a bank is essential, what characteristics and preparation lenders expect when evaluating a business, and the common mistakes entrepreneurs make when approaching financial institutions. Attendees will also learn how to prepare their businesses for future financing, how to avoid pitfalls that derail loan applications, and what banking resources exist beyond traditional loans. The session concludes with audience questions and dedicated networking time, giving entrepreneurs the chance to speak personally with bankers and begin forming the relationships that often determine whether a business can secure capital.

The Forum is intentionally hands‑on. Many attendees are in the early stages of launching or growing their businesses and are seeking guidance they can apply immediately. The Joseph Business School designed the event to meet that need by offering direct access to banking professionals, actionable advice, and opportunities for entrepreneurs to position their businesses for growth. The event’s theme — building relationships that lead to capital — reflects the school’s commitment to helping entrepreneurs move beyond startup survival and into true scalability.

Registration is required, and space is limited. The event is in‑person only; no livestream or virtual attendance is available. Interested participants can register at https://www.jbs.edu. For additional information, contact 708‑697‑6200 or info@jbs.edu.

About the Joseph Business School                                                         

The Joseph Business School (JBS), founded by Dr. Bill Winston and headquartered at Living Word Christian Center in Forest Park, IL, is a globally recognized, faith-based business school dedicated to equipping entrepreneurs to build scalable, sustainable enterprises. With locations in 55 markets across five continents, JBS integrates practical business training with biblical principles to empower entrepreneurs to create wealth, close the wealth gap, and transform communities.

The Joseph Business School continues its mission to equip entrepreneurs with the knowledge, confidence, and relationships needed to build profitable, scalable businesses that strengthen families, communities, and the regional economy. The Access to Capital Forum is a key component of the school’s campaign to help 100,000 entrepreneurs of color reach $1 million in revenue — and a critical step toward ensuring more businesses grow, hire, and thrive across Illinois.

For information about the Joseph Business School, visit the school’s website at https://www.jbs.edu. To arrange an interview with JBS officials, contact Jerry Thomas at (312) 212-8955, or jerry@jerrythomaspr.com. Pictures and videos are available.

Latest Stories

Latest Podcast

Understanding Grief with Bren and Dr.V