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Healthy Business, Healthy Bottom Line - West Suburban Chicago Toolkit

Introduction: Build your wealth and secure your health

As a small business owner, we know you wear many hats—from running the day-to-day operations of your business, to managing employees, building a brand and much more. And for aspiring entrepreneurs, this can mean juggling a traditional job while navigating the ins and outs of starting a new venture. One thing many entrepreneurs feel unequipped to deal while starting or running a business is how to handle business finances and maintain health. 

Illinois Secure Choice Savings Program

The Illinois Secure Choice Savings Program, signed into law January 2015, will help small businesses that struggle to offer retirement benefits to their employees and provide retirement security to the 2.5 million Illinoisans who do not have access to an employment-based retirement plan. Below is an overview of what small businesses need to know about the program.

SomerCor

SomerCor is a non-profit development company certified by the Small Business Administration (SBA) to originate SBA 504 loans in the State of Illinois. Since its inception in 1992, SomerCor has grown to be one of the premier mission-driven small business lenders in the Chicagoland area and expanded its offerings beyond the SBA 504 program. SomerCor is a SBA Community Advantage lender offering loans between $50,000 - $150,000. SomerCor is also the administrator for the City of Chicago's Small Business Improvement Fund program.

Submitted by sbm-admin on Fri, 11/16/2018 - 15:50

Anacostia Economic Development Corporation

The Anacostia Economic Development Corporation (AEDC) is a Community Development Corporation that was established in 1969 to meet the overall economic needs, and to improve the quality-of-life circumstances, of the District of Columbia residents. Over the past 45 years, AEDC and its subsidiaries have been at the forefront of small/minority business development, commercial revitalization, housing development, job creation and venture development to serve residents who live East of the Anacostia River and the District of Columbia at-large. 

Submitted by sbm-admin on Fri, 11/16/2018 - 15:50

Small Business Majority supports Illinois bill SB 2388 SFA1

Small Business Majority writes in support of Illinois bill SB 2388 SFA1 which would establish a maximum enrollment period for short-term health insurance of 90 days per year. It would also apply existing consumer health insurance protections to these short-term plans and require increased transparency in marketing such plans.

Submitted by sbm-admin on Fri, 11/16/2018 - 14:14

Small Business Majority Voices Opposition Against Illinois' Regulatory Sandbox Act

Small Business Majority writes in opposition against HB 5139, Illinois' Regulatory Sandbox Act. The legislation would permit a range of financial institutions to test unlicensed financial products on consumers, including entrepreneurs. It allows financial products that would normally be subject to licensing requirements and regulations to operate freely. The bill language lacks strong disclosure requirements or provisions promoting transparency, and this lack of clarity opens the door to predatory lending.

Submitted by sbm-admin on Fri, 11/16/2018 - 14:14

Revitalizing Chicago’s South Side One Small Business at a Time

A few years ago, Rachel Bernier-Green was looking for an outlet from the stress of her intense job at a multinational accounting firm and discovered a passion for baking. It didn’t take long before friends and family were encouraging her to sell her baked goods to the masses. Rachel founded ‘Laine’s Bake Shop, LLC in 2013 using a shared kitchen space, working on the side to get her business off the ground. After a few years of baking part-time, Rachel decided to finally quit her job and start a bake shop full-time with her husband Jaryd. 

Monday, April 30, 2018

Chicago small businesses need better lending options

It’s difficult for most small businesses to obtain a loan. Just ask Margo Strotter, owner of Ain’t She Sweet Cafe, which now has two locations–one in Bronzeville and one in Beverly. 

When Margo was starting out she was her own bank, but she knew that wasn’t a long-term solution to her capital needs so she eventually sought help from traditional lenders. Unfortunately, those institutions were either unwilling or unable to help Margo.

Wednesday, December 13, 2017