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This record contains private information, which has been redacted from public viewing.
Record #: O2011-9744   
Type: Ordinance Status: Passed
Intro date: 12/14/2011 Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
Final action: 1/18/2012
Title: Grant of funds to ACCION Chicago to administer microloan program
Sponsors: Emanuel, Rahm, Munoz, Ricardo
Topic: CITY DEPARTMENTS/AGENCIES - Business Affairs & Consumer Protection
Attachments: 1. O2011-9744.pdf
I
January 18, 2012


To the President and Members of the City Council:

Your Committee on Economic, Capital and Technology Development for which a meeting was held on January 11, 2012; having under consideration an ordinance authorizing a grant to ACCION Chicago to administer micro loan program introduced by Mayor Rahm Emanuel and Alderman Ricardo Munoz on December 14, 2011, begs leave to report and recommend that Your Honorable Body Pass the proposed resolution transmitted herewith.

This recommendation was concurred in by a viva voce vote of the members of the Committee.



OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
December 14,2011










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Business Affairs and Consumer Protection, I transmit herewith, together with Alderman Munoz, an ordinance authorizing a grant to ACCION Chicago to administer a microloan program.

Your favorable consideration of this ordinance will be appreciated.

Very truly yours,

\ % i. < ¦
ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois; and

WHEREAS, the City recognizes that smaller neighborhood businesses within Chicago, including minority-owned and women-owned businesses, which collectively employ a substantial percentage of Chicago's workforce, often have difficulty accessing traditional bank loan programs for their routine business needs; and

WHEREAS, the City's Department of Business Affairs and Consumer Protection (the "BACP") now desires to create incentives for the establishment and training of new non-bank microlenders to operate within Chicago, and further to assist such new microlenders by grants to create a portion of their initial microloan capital funding for microloans to small businesses located within the City of Chicago; and

WHEREAS, ACCION Chicago, an Illinois not-for-profit...

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