Office of the City Clerk - Record #: R2015-9

• Record #: R2015-9
• Type: Resolution
• Status: Adopted
• Intro date: 1/21/2015
• Final action: 1/21/2015
• Title: Gratitude extended to Accion Chicago for leadership in microlending and development of Chicago Microlending Institute and Chicago Neighborhood Initiatives, and Women's Business Corporation for partnership
• Sponsors: Emanuel, Rahm, Tunney, Thomas

Date	Journal Page Number	Action By	Action	Result
1/21/2015	101218	City Council	Adopted	Pass
1/21/2015		City Council	Rules Suspended - Immediate Consideration	Pass

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
ALDERMAN THOMAS TUNNEY resented by MAYOR RAHM EMANUEL

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

WHE...