Program to boost Chicago jobs
Posted on May 9, 2016
A new program is expanding Chicago jobs.
Three new partners have joined the city’s Small Business Opportunity Centers (SBOC) program, which now features 11 centers throughout the city.
The centers help neighborhood businesses prepare to apply for a loan, identify lenders that are suited to their needs and achieve success through one-on-one financial coaching. Since its launch in 2014, the program has supported 389 neighborhood businesses and helped them secure $3.7 million in capital.
Of the nearly 80 percent of small businesses whose loan applications are rejected by large banks, few connect with the services necessary to help their business grow and thrive. More than three-quarters of businesses that apply for loans with SBOC assistance are approved. More than half of the businesses that have engaged the city’s SBOCs continue to receive services, demonstrating the commitment the city and its partners have made to ensuring business can succeed.
Building on these successes, the program has expanded since its initial launch as a pilot (Capital Access Centers) in 2014, funded in partnership with Citibank. In 2015, the program more than doubled, growing from three centers to eight and growing the number of businesses that have received loans from three to 36. In total, more than 50 businesses have secured new capital through the program.
• Bethel New Life (49 W Thomas St)
• Chatham Business Association (800 E 79th St)
• Chicagoland Business Opportunity Fund (200 E Randolph St, Suite 5100)
• Greater Englewood CDC (6957 S Halsted St)
• IIT Knapp Entrepreneurship Center (10 W 35th Street)
• Latin American Chamber (3512 W Fullerton Ave)
• Rogers Park Business Alliance (1448 W Morse St)
• SomerCor 504 Inc., Goldman Sachs (601 S LaSalle St, Suite 510)
• Sunshine Enterprises (501 E 61st St)
• The Resurrection Project (1818 S Paulina St)
• Women’s Business Development Center (8 S Michigan Ave)