Oct. 30--The City of Chicago has teamed up with three neighborhood economic development groups to improve small-business access to early-stage funding.
The six-month pilot program, called Capital Access Centers, will assist small businesses seeking loans between $25,000 and $250,000.
The centers will be handled by three agencies: the Chatham Business Association, the Resurrection Project and the Greater Englewood Community Development Corp., which will act as one-stop shops for fledgling businesses in search of capital and mentoring.
The CACs, as they are known, will serve as intermediaries between the small businesses, community resources and banks. They will work "one-on-one," according to city officials, to identify the businesses' needs and connect them with the appropriate resources.
The City of Chicago contributed $45,000 to provide training and support staff for the pilot program. Citibank, which is named a program sponsor, contributed $75,000.
crshropshire@tribune.com
Twitter @corilyns
