OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
Januaiy 21, 2015
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
I transmit herewith, together with Alderman Tunney, a resolution recognizing the City of Chicago's small business initiatives.
Your favorable consideration of this resolution will be appreciated.
Mayor
Very truly yours,
adopted by Tlie Qity QoUHCil
o/the Qity of Qhicago, Illinois
JANUARY 21, 2015
on
ALDERMAN THOMAS TUNNEY resented by MAYOR RAHM EMANUEL
Whereas
In response to the need of small businesses fo have access to affordable capital, in December 2011, Mayor Emanuel launched a groundbreaking microiending program, which has become a national model, by creating new microiending companies and investing an initial $1 million dollars to make targeted loans to small businesses: and
WHEREAS, The City of Chicago partnered with Accion Chicago to develop the Chicago Microiending Institute (CMI) fo expand microiending in the City, and to train two new microlenders, Chicago Neighborhood Initiatives and Women's Business Development Corporation; and
WHEREAS, As of January 15, 2015, these microiending companies have provided more than $1,6 million in ioans to 179 small Chicago businesses, and combined, they have helped create and preserve over 700 jobs in the City's neighborhoods; and
WHEREAS, With a total investment of $2 million and the creation of a revolving loan fund, the City's microiending partners now are able to fund 100 new small business loans annually; and
WHEREAS, In addition, CMI laid the foundation for Chicago Neighborhood Initiatives to become a Small Business Administration microlender, earning it an additional $750,000 in capital in 2015, and
WHEREAS, With the support of the City, CMI has improved access to affordable capital to small businesses, particularly in underserved and low-income communities, with 80% of the loan recipients being minority-owned businesses and 56% being women-owned businesses; and
WHEREAS, The microiending program is succeeding as a way for small businesses fo make strategic moves, maintain or create new jobs, and explore new avenues of growth. An example of this success is a loan to Chef Tsadakeeyah Emmanuel of Majani, Inc. to expand his vegetarian catering business by moving into his own space in the South Shore neighborhood, and to preserve two jobs and create one new one; and
WHEREAS, in other noteworthy examples, a series of CMS loans helped Tigisf Reda open and expand Demera Ethiopian Restaurant in Uptown, creating nine jobs and retaining seven jobs, and another microloan helped Sarah Gullette Johnson of SGJ Property Management, Inc. modernize and expand her business, doubling her workforce from seven to fourteen; and
WHEREAS, Small businesses are the backbone of the City's economy and the success of the City's microiending program will ensure that these small businesses remain the engines of growth in our neighborhoods; now, therefore,
BE IT RESOLVED, That we, the Mayor and Members of the City Council of the City of Chicago, assembled this twenty-first day of January, 2015, do hereby recognize and extend our gratitude to Accion Chicago for its leadership in microiending and for developing the CMI, and extend our gratitude to the Chicago Neighborhood Initiatives and the Women's Business Development Corporation for their partnership with the City of Chicago in making access to affordable capital a reality for hundreds of businesses; and
BE IT FURTHER RESOLVED, That copies of this resolution be presented to Accion Chicago, Chicago Neighborhood Initiatives, and Women's Business Development Corporation as a token of our gratitude and esteem.