Summer Newsletter 2008
CCV's Chicago Minority Business Enterprise Center Receives Award for Outstanding Technical Assistance
CCV Signs Memorandum of Understanding with Chicago Community Loan Fund to Offer Comprehensive Services
The Partnership for New Communities Funds Innovative Alliance
U.S. Bank Invests $200,000 in CCV's Neighborhood Transformation Loan Fund
CCV Funds Growth at Prompt Electric
Chicago Community Trust Awards CCV with Technical Assistance Grant
CCV Client Crop to Cup Featured in Crain's Chicago Business
CCV Awards Six Challenge Grants to Help Clients Reach Important Milestones
Governor Blagojevich Launches 2008 Innovate Illinois Competition
Learn More About Accessing Government Incentives on Friday, July 25
Companies Invited to Present at the Fall 2008 Venture Fair
CCV Welcomes New Board and Staff Members
CCV's Chicago Minority Business Enterprise Center Receives Award for Outstanding Technical Assistance
The Chicago Minority Business Enterprise Center (CMBEC), a partnership between CCV and the Chicago Minority Business Development Council, received the 2007 Regional Outstanding Performance Leader Award for the Midwest region at the National Minority Business Development Agency conference this year.
At the conference, held June 17 - 19, 2008 in Seattle, Washington, the CMBEC was not only commended for performance, but also for extending service and expertise to the other centers throughout the region. The region extends to Milwaukee, Gary, Indianapolis, St. Louis, Detroit, and Chicago.
Since 2005, the CMBEC has worked with over 250 clients, resulting in more than 2,400 jobs created or retained. CMBEC services have also helped clients secure $88.2 million in contracts and $26 million in loans packaged.
For more information on the CMBEC and its services, please call 312.755.8889.
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CCV Signs Memorandum of Understanding with Chicago Community Loan Fund to Offer Comprehensive Services
On June 3, 2008, CCV and Chicago Community Loan Fund (CCLF) signed a Memorandum of Understanding (MOU) to leverage each organizations' strengths to assist entrepreneurs, landlords and developers (and other community change agents) rehabilitate or build new commercial retail space in low-income communities. Through the efforts of the individual organizations, over $500 million has been channeled into Chicago's communities to build housing, revitalize commercial corridors and reinforce the small business infrastructure, important to healthy vital communities. CCLF and CCV pledged to bring their respective but distinct resources and expertise to bear around the redevelopment of Chicago's communities.
Both organizations recognize the central role that dynamic commercial/retail corridors play in the overall prosperity of neighborhoods and the creation of accessible jobs. Focusing on Chicago's low-income neighborhoods, CCLF will offer financing and technical assistance resources to for-profit and non-profit property owners and developers to build new or rehabilitate existing commercial/retail or mixed used commercial/retail properties. CCV will provide financing and technical assistance to the small business tenants who will be occupying the new or rehabilitated space to ensure their growth and sustainability. Both organizations recognize that in order for commercial/retail corridors to become true community assets, the property owners need strong tenants and the tenants need appropriate locations. This collaboration aims to address these needs simultaneously.
For more information on Chicago Community Loan Fund, please visit their web site.
The Partnership for New Communities Funds Innovative Alliance
The Partnership for New Communities has awarded $250,000 in support of an innovative alliance between CCV, the Quad Communities Development Corporation (QCDC) and the Carter Ware Group (CWG). Together, the three organizations will provide comprehensive services to aid business retention and attraction along the Cottage Grove Corridor and intersecting streets.
The Carter Ware Group, a local real state advisory firm focusing on brokering sales and market research and analysis, will work to attract a diverse group of businesses, ranging from restaurants, high end apparel and specialty stores to home furnishing businesses and entertainment venues. CCV will provide access to capital, ongoing technical assistance and support to the development of a Cottage Grove Business Association to ensure the sustainability of these businesses. QCDC will coordinate the activities among the partners to ensure that community priorities are being met.
Over the next two years, the program, which was launched on June 1, 2008, will work to grow over 30 new and existing businesses, create and/or retain 90 jobs and attract $3,000,000 in capital into participating businesses.
For more information on the program, contact CCV at 773.822.0320. For more information on The Partnership for New Communities, visit their web site or call 312.616.6680.
U.S. Bank Invests $200,000 in CCV's Neighborhood Transformation Loan Fund
In June, U.S. Bank announced its $200,000 investment in CCV's
Neighborhood Transformation Loan Fund. The investment will allow
CCV to continue offering innovative financing to small businesses
located
in Chicago's low and moderate income neighborhoods.
Through the Neighborhood Transformation Loan Fund, CCV provides term loans and contract financing between $25,000 and $250,000 with competitive interest rates (between Prime +1 and Prime +5) and a 2% origination fee. Term loans may be amortized for 1 to 7 years and contract financing may be amortized from 3 months to 2 years.
To be eligible for a loan through CCV's Neighborhood Transformation Loan Fund,
- Funds must be used for one of the following purposes: working capital; business or leasehold improvements; equipment/inventory; property acquisition; bridge loans; contract financing.
- Companies must have a minimum of 6 months of revenue history.
- Companies must be located in a low or moderate income area of Northern Illinois.
For more information, please visit CCV's web site or call CCV at 773 822 0320.
Back to topCCV Funds Growth at Prompt Electric
Prompt Electric, a small business located in Chicago's Irving Park neighborhood, recently received a $35,000 term loan from CCV to assist with working capital and current inventory as well as to purchase new vehicles and equipment. The updated equipment will help Prompt Electric streamline its processes, improve efficiency and increase their competitive advantage in the market place.
Prompt Electric opened its doors in 2003 and provides comprehensive service and repair for maintenance and electrical equipment to big corporations such as healthcare providers and manufacturing companies. Prompt Electric has been a client of CCV's CMBEC since 2007, receiving management and technical assistance along with procurement assistance. As a result of receiving financing from CCV, Prompt Electric expects to create five new jobs.
For more information on CCV's loan program, please visit CCV's web site or call 773.822.0320.
Back to topChicago Community Trust Awards CCV with Technical Assistance Grant
CCV recently received a grant from the Chicago Community Trust in support of our award winning technical assistance services to small businesses located in Chicago's low and moderate income neighborhoods. CCV's TA has been recognized at both the State and National levels recently and provides businesses with comprehensive services to help them grow. CCV provides the guidance to get businesses on the path to success, opens doors to access resources, and, celebrates the success of the resulting growth with the clients.
To date, CCV's technical assistance services have resulted in
- Over $41.4 million in loans packaged
- More than $100 million in contracts secured
- $600,000 in Challenge Grants awarded
- 1,400 jobs created, and
- 3,400 in jobs retained.
"My sisters and I each have over 20 years of experience in our industry, but after we went into business for ourselves, we realized there is more to running a company than just doing the job. Not only did CCV help us update our website and catalog, they helped make the transition from being employees to owners a smooth one."
- Lexington Leather Goods, has been receiving CCV's technical assistance support since 2006.
Back to topCCV Client Crop to Cup Featured in Crain's Chicago Business
CCV client, Crop to Cup, was featured in the July 14, 2008 Crain's Chicago Business as a leading example of a social entrepreneur in the article "Can you make money and do good?". Crop to Cup offers high quality and unique coffees to consumers, retailers and restaurants. The company also offers the farmers in Uganda it works with 20% premiums above market purchase price, 5% of every coffee purchase, and 10% of company profits. As stated on their web site, "one pound of Crop to Cup coffee provides a 20% increase in farmer wages and a 55% increase in overall community benefit."
Crop to Cup also offers consumers the opportunity to interact with the farmers by providing the farmers with access to email, video and digital cameras and video conference technologies. By connecting the consumer with the farmer, the company is enabling an opportunity for coffee lovers and coffee farmers to determine what is important to them both. Crop to Cup also funds literacy classes in the farmers' communities.
CCV has been working with Crop to Cup by offering technical assistance support as well as access to capital. Bryan Stubbs, Director of CCV's Chicago West Side Entrepreneurship Center says, "Jake/Crop To Cup represents the work ethic we look for in our entrepreneurs…coach-ability and a willingness to listen and ask questions. He recognizes that what you don’t know is often as important as what you do know. I have little doubt he will be a success."
Read the Crain's Chicago Business article featuring Crop to Cup or visit Crop to Cup's web site for more information.
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CCV Awards Six Challenge Grants to Help Clients Reach Important Milestones
Through our partnership with the Illinois Department of Commerce and Economic Opportunity and Governor Rod Blagojevich's Opportunity Returns Program, CCV provides small, high-growth businesses with matching grants to help them achieve their goals. The following companies have recently received grants because they exhibit strong growth potential.
Arrest Free provides online discovery and expungement services for those with minor arrest offenses on their record. By combining technology and the latest U.S. provisions on expungement policy, Arrest Free plans to clear over one million users' arrest records now eligible under new laws across the U.S.. Arrest Free will use the Challenge Grant to enhance their web site with a patent pending process that will enable the expungement services to be completed online. The company expects to hire three additional employees as a result of the growth associated with the launch of their fully automated expungement services.
It's Hip Hop, Baby is a product of Candi Carter's company Go Child Grow, which focuses on producing innovative children's videos that emphasize learning through movement. Go Child Grow's first production, It's Hip Hop, Baby, won the iParenting Award in 2007. The Challenge Grant will be used to help increase brand recognition and profits.
Ineeka Tea, a CCV client since 2004, is an environmentally and socially responsible producer of 100% organic whole leaf teas within an innovative single serve delivery system. Ineeka is committed to providing nutritionally beneficial organic products, practicing biodynamic agriculture and creating self subsistence for the 25,000 people who live on the owner's 15,000 acres of family farms in the Himalayas. Ineeka Tea plans to use the Challenge Grant to enhance their product display, add a direct sales component to their web site, expand their market to cafes and restaurants, and implement a database for better order tracking.
Terra Incognito, meaning earth in disguise, is an arts based business committed to increasing the awareness and appreciation of ceramic arts. They offer studios to artists, classes, and operate a gallery that exhibits art from across the nation. The Challenge Grant will be used to enhance their web site and to design and implement a marketing strategy.
The College of Office Technology is a private post secondary educational institution offering technical programs that prepare students for careers in Computer Operations, Computer Network Technology, Administrative Medical Assisting and Phlebotomy. The College assists students in developing their abilities to function effectively in today’s changing business environment. The Challenge Grant will be used to streamline the College's internal processes for higher levels of efficiency with the goal of improving enrollment and overall student experience.
The Sarmas Group has created an active packaging material that eliminates or controls moisture damage to take-out food packaged in currently available materials, preserving the culinary integrity and safety of take-out meals. The product is not limited to restaurant packaging and can be used for product and medical packaging also. The Sarmas Group will use the award to fund a collaborative project that will help define customer specific requirements, define the technology's specific proprieties as it relates to customer requirements, and provide insight as to the ideal avenue of servicing the restaurant packaging sector.
Back to topGovernor Blagojevich Launches 2008 Innovate Illinois Competition
Innovate Illinois is a highly selective entrepreneurial competition where local companies can compete for a total of $100,000, with the two top honorees each receiving $40,000 (early stage company and later stage company). The program is administered jointly by the Illinois Department of Commerce and Economic Opportunity (DCEO) and the Chicagoland Entrepreneurial Center, an affiliate of the Chicagoland Chamber of Commerce, which works to accelerate high-growth entrepreneurial companies.
Each entrepreneurial center (EC) throughout the state has the opportunity to submit two companies for the competition, one in each of the two tracks: early and later stage. After a company has been selected by an EC to participate in Innovate Illinois, they will travel to Chicago for a semi-finals competition. The semifinals consist of a fast pitch business presentation in front of a panel of judges. Each company will have five minutes to present their businesses and innovations before the judges. Twelve winners (six winners per track) will be announced and will advance to the competition finals in November.
The application deadline for Innovate Illinois is Friday, August 15. Applicants who move to the semifinals round will be notified in early September. For more information about the program, or to access an application, visit www.innovateillinois.org.
Click here to read the full press release.
Back to topLearn More About Accessing Government Incentives on Friday, July 25
The Government Partnership for Business Development will be holding a workshop on accessing and taking advantage of government business incentives on Friday, July 25 from 8:30 a.m. to 1 p.m. The workshop will take place at Malcolm X College at 1900 W Van Buren St, Chicago. It is specifically aimed towards businesses located on Chicago's west side and will be open to existing businesses. Future workshops focusing on Chicago's southside, south suburbs and downstate Illinois will be available to businesses located in those areas. For more information, or to register for the workshop, please contact Bernard Jennings, Industrial Program Director at the Lawndale Business and Local Development Corporation at 773.265.8500.
Accessing Government Business Incentives Workshop
Friday, July 25
8:30 a.m. Continental breakfast
9 a.m. Workshop begins
Malcolm X College
1900 W Van Buren St
Chicago, IL 60612
Back to topCompanies Invited to Present at the Fall 2008 Venture Fair
The Investors' Circle is currently accepting applications from companies interested in presenting at the 2008 Fall Venture Fair, taking place on November 11, 2008 in Boston, Massachusetts. Applications must be submitted by August 1, 2008. For more information on applying, contact Bryan Stubbs, Director of CCV's Chicago West Side Entrepreneurship Center, at 773.822.0314 or bstubbs@chiventures.org.
The 2008 Fall Venture Fair will take place during the Investors' Circle Fall Conference on November 10 - 12, 2008 in Boston. Registration for the conference will open August 4. For more information on the conference, please visit the Investors' Circle Fall Conference web site.
The Investors' Circle is a network of over 200 angel investors, professional venture capitalists, foundations, family offices and others who are using private capital to promote the transition to a sustainable economy. Since 1992, Investors' Circle has facilitated the flow of over $130 million into 200 companies and small funds addressing social and environmental issues. For more information on the Investors' Circle, please visit their web site.
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CCV Welcomes New Board & Staff Members
Board
- Vachon Harper-Young, Assistant Vice President and Commercial Sales and Support Manager at Harris Bank, has over 13 years of banking experience working with various industries including non for profits, start ups, manufacturing, wholesale distributors, retail and service companies. Vachon earned her undergraduate degree from Illinois State University majoring in Business Communications. Prior to joining Harris she managed the retail banking area of a small community bank where she also began her career in commercial banking. Vachon has worked for large corporations such as Jewel Food Stores, Southland 7-Eleven and McDonald’s Corporation. Vachon is also a member of “The Harris Club” when in 2006 she received the “Award of Excellence” for top sales in her group. She is an active member of the National Association for Women Business Owners and recently joined the board for Frazier Prep Academy.
- Nissa Kochmer, NLK Consulting, began her corporate training career helping executives improve their public speaking skills at The Executive Technique and then the Discovery Channel. Realizing executives sought help the most with writing speeches, letters, and proposals, Nissa received her Master's Degree in English to strengthen her writing skills. While teach English in Chicago's community colleges, Nissa was asked by Harold Washington College to develop a reading comprehension program to help Commonwealth Edison’s meter readers move up within the company, the start for NLK Consulting. NLK Consulting has also developed a certificate program to train overhead electrical line workers at Dawson Technical Institute and a curriculum for and implementing a state-wide, online, developmental English and Math program for healthcare workers for City Colleges.
- Kenneth A. McGhee, Deputy Commissioner at the Chicago Department of Children and Youth Services, oversees the fiscal and information systems unit of the Department. Ken has worked in public service for over 12 years, beginning his career at a local nonprofit organization, followed by subsequent positions with the City’s Office of Budget and Management, Chicago Park District, Chicago department of Human Services. Ken has a Bachelor of Science from Morehouse College and a Masters of Business Administration from the University of Iowa.
Staff
- Tom Cassell is the Director of CCV's new Illinois Small Business Development Center, advising start-ups and young companies on financing, marketing and business development. Before arriving at CCV, Tom served as SBDC Director for the Industrial Council of Nearwest Chicago where he was responsible for helping small business owners receive over $2 million in financing. An entrepreneur for the last eight years, Tom owned several businesses including Route 101 Guitars, a company that manufactured custom electric guitars and JB Music, a guitar factory in Johor Bahru, Malaysia.
- Joshua Gutstein joins CCV as the Financial Analyst for the Chicago Minority Business Enterprise Center where he identifies resources applicable to clients' needs and assists with financial and business development efforts. Joshua brings to CCV his analytical approach to building up businesses, having previously counseled entrepreneurs as an attorney, business consultant and as an entrepreneur himself.
- Ebony Mapp, CCV's Citigroup Summer Intern, is currently a second year graduate student in UIC’s Urban Planning and Policy program. A native of New York State, Ebony left Washington, D.C., where she received her undergraduate degree in business and later worked in the investigations industry, to join UIC’s program. While in D.C., Ebony realized her interest in connecting communities and small businesses and has been working toward building a career doing just that. She sees her experience at CCV as an opportunity to understand the needs of small businesses and get an insider’s view for another goal, to become an entrepreneur.
- Akshay Birla joins CCV as a University of Chicago Metcalf Fellow. He is currently pursuing an A.B. in Economics at the University of Chicago. In his spare time, he assists at the Enterprise Institute at the University of Chicago. His interests include development economics and the commodities market.
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CCV Board of Directors & Staff
| Board President |
Co-Presidents | |
| Derrick Collins Kellogg School of Management | Susan Alnaqib & Anita Hollins | |
| Board Treasurer | Staff | |
| Torrence Moore Bank of America | Gail Bell | |
| Hussain Bhanpuri | ||
| Board Secretary |
Akshay Birla | |
| Kimberly Richardson Westside Business Improvement Assoc. | Hans Bonner | |
| Manjima Bose | ||
| Board Members | Doug Cannon | |
| Vachon Harper-Young Harris Bank | Tom Cassell | |
| Leon Jackson Bill's Shade & Blind Service | Aarti Gopal | |
| Joseph Kennedy Harris Bank | Josh Gutstein | |
| Nissa Kochmer NLK Consulting | Kate Jones-Smith | |
| Kimberly Magazine Magazine Professional Services | Ebony Mapp | |
| Kenneth McGhee City of Chicago, Dept of Children & Youth Services | Joshua Punchur | |
| Jeffery Roberts JB Roberts Insurance/Allstate | Diane Rodak-Salinas | |
| Bryan Stubbs | ||
| Duane Wadlington |
Funding Partners
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Minority Business Development Agency, U.S. Department of Commerce |  |
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CDFI Fund, US Treasury Department | Jacob G. Schmidlapp Trusts, Fifth Third Bank Trustee |  |
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Drinker Biddle Gardner Carton |
| The Private Bank and Trust Company | University of Chicago, Graduate School of Business | CNA Foundation |