Over seven years, Small Business Majority partnered with local nonprofit business service organizations through the Pathways to Entrepreneurial Growth program to strengthen financial readiness and support for Chicagoland small business owners. This report highlights key lessons learned from these partnerships, shares recommendations for building stronger small business ecosystems, and explores how collaborative investments can expand wealth-building opportunities for Main Street entrepreneurs.
Supporting the small business ecosystem: Illinois
Small Business Majority works with a number of organizations in Illinois to support the local ecosystem and ensure that women, people of color and other underserved entrepreneurs in traditionally under-resourced areas have access to responsible capital, quality business advice and the support systems they need to build a successful business.
Developing Ecosystem Partnerships for Chicagoland Small Business Financial Readiness
Inclusive Growth Toolkit for Business Service Organizations
Small Business Majority facilitates ecosystem building work by co-directing the Chicago Inclusive Growth Coalition (CIGC) alongside Allies for Community Business (formerly known as Accion in Illinois and Northwest Indiana). As part of this work, Small Business Majority facilitates impact measurement for local business assistance providers and reviews policy efforts and program investments to improve small business services in underserved neighborhoods. A key component of this effort includes the development and dissemination of the Inclusive Growth Toolkit for Business Service Organizations. This is a set of sensible measures, templates and guidance for non-profit business service organizations to help them assess the progress and impact of their services in traditionally under-resourced communities.
Investing in Chicago’s Small Businesses: Recommendations for Business Growth and Job Creation in Underserved Neighborhoods
Additionally, as part of the Chicago Inclusive Growth Coalition, Small Business Majority convened stakeholders and small business owners in different industries to address solutions for growth, job creation and economic development. Small Business Majority led workgroups in the development of a report to provide recommendations in the industries of construction, transportation and delivery, food and beverage service, manufacturing, and the creative industries in the City of Chicago.
Pocket Guide: Equity to Reduce the Racial Wealth Gap
This pocket guide is for use by policy advocates, lawmakers, and program administrators to review whether a proposed policy or program advances equity, specifically racial equity, to help reduce the racial wealth gap. Prioritizing racial equity creates inclusive economic prosperity, especially for economically and socially disadvantaged individuals, families, and small businesses in underserved areas affected by systemic oppression.
Content adopted from Pocket Guide developed by Financial Inclusion for All Illinois (FIAI) and the following organizations: FIAI Steering Committee and Racial Wealth Gap Committee: Heartland Alliance, Small Business Majority, LISC Chicago, COFI (Community Organizing and Family Issues), POWER-PAC IL, JARC Chicago (Jane Addams Resource Corporation), Legal Action Chicago, Woodstock Institute
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