Fall Newsletter 2006

Co-Presidents’ Message
Englewood sees the opening of new grocery store
Citigroup selects CCV as a National Partners in Progress Grant recipient
CCV offers flexible financing for small businesses
Seven businesses receive $25,000 prize packages from INNOVATE Illinois
Fourteen businesses awarded Challenge Grants to meet their business milestones

Co-Presidents’ Message

Welcome to CCV’s Fall 2006 newsletter. A new season and with it some changes at CCV. After five years of leadership, Stephen Maduli-Williams has moved on to become First Deputy Commissioner of the Department of Housing for the City of Chicago. We, Anita Hollins and Susan Alnaqib, have assumed the Co-Presidency of the organization and greet this challenge with enthusiasm and optimism. Many of you reading this know one or both of us as combined we have almost a decade of experience with CCV. We look forward to connecting with many more of you and hope that you will never hesitate to reach out to us if we can be of assistance to your business or organization.

The saying is that “the only constant is change.” Never has that been more true for our clients who face daily the challenge of the reality that no business, no matter how small, is insulated from our changing world. Our client businesses are constantly called upon to adapt, innovate, create … to the changes in their neighborhoods, this great city and in the world around them. While CCV is going through a period of organizational transition, we remain clearly focused on the needs of our businesses and the communities in which they operate to ensure that we continue to provide the services and solutions they need.

This newsletter speaks to those solutions: new funds available for lending to small businesses located in low and moderate income areas, new training available for manufacturing firms seeking to enter new markets and the dates for INNOVATE Illinois 2007. Also featured are updates, including the opening of Food4Less, a new grocery store in Englewood that created 210 livable wage jobs! Read about CCV’s role in making this happen.

We look forward to working with you.



Anita Hollins and Susan Alnaqib

Back to top

Englewood sees the opening of new grocery store

The Englewood community has not had a full service grocery store in many years. That changed Sept 20 thanks to the opening of a new Food4Less grocery store on the corner of 70th and Ashland.

The store is an important addition to the neighborhood because it not only allows residents to shop for fresh produce and other items without traveling significant distances, but it also has the potential to attract new retail into the area. Mamie Yee, Manager of Real Estate for Food4Less, chose the Englewood location for her latest project because she saw the opportunity to benefit the company’s bottom-line and deliver benefits to the community. The store, which offers livable wages and benefits even to part-time employees, has already hired 210 people, 120 just from the 17th ward. At its opening event, the company proudly presented $3,000 each to five local schools and $10,000 to a network of local food pantries.

CCV became a part of the project because construction delays on the store were causing it to incur cost overruns which were threatening the project’s profitability. CCV was able to assist Food4Less by securing a Community Revitalization Deduction though a program it manages for the City of Chicago. This tax deduction is available to businesses in low and moderate income areas which are building or substantially rehabbing a building, and its works by accelerating a building’s depreciation and lowering its taxes. In the case of Food4Less, the money they saved on taxes offset the construction overruns and allowed the project to go forward.

Back to top

Citigroup selects CCV as a National Partners in Progress grant recipient

CCV was one of twenty-one organizations nationwide awarded Citigroup Foundation’s National Partners in Progress Grant. Established in 1997, the program aims to assist community-based organizations revitalize distressed neighborhoods. Each organization receives a two-year grant and can also take advantage of other resources offered by Citibank.

CCV will use this award to develop and implement a Market and Customer Development training program to manufacturing companies throughout Chicagoland, as a member of the Illinois Manufacturing Alliance. Manufacturing in the region has seen a disproportionate job loss compared to the rest of the country in recent years. We will formalize our consulting approach into a methodology encompassing one-on-one consulting to interactive peer sessions. Our goal is to help Illinois manufacturing companies identify new markets and customers in order to sustain their businesses and retain and create jobs.

CCV’s Market and Customer Development methodology will provide manufacturing clients with a deeper understanding of their industry, their capabilities and core competencies, and an analysis of their competition. Armed with this information, we will identify new industries and opportunities for each participating company. This program will retain and create manufacturing jobs throughout Chicagoland, bringing new economic opportunities to the area’s low income families.

Back to top

CCV offers flexible financing for small businesses

CCV is excited to announce that it has new funds available for lending to Chicago’s small businesses. Our Neighborhood Transformation Loan Fund provides term loans to small businesses in low and moderate income communities throughout the city in amounts of $25,000 to $250,000.

  • Eligible uses include: property acquisition; building and leasehold improvements; equipment and inventory; working capital; and bridge loans.
  • We offer competitive interest rates of prime plus additional points according to factors such as risk, credit history and cash flow.
  • Our loans typically range from one to five years. Some loans may be amortized for longer periods for special circumstances, such as a purchase of property.

CCV considers a range of factors in making its loan decision – positive cash flow, experienced management team, collateral, credit history and the company’s ability to create jobs in low and moderate income communities. Existing businesses in low and moderate income Chicago communities that are interested in applying for a loan should complete and submit CCV’s Loan Application which can be found here. If you are not sure if your business is in a low and moderate income area or for more information please contact us at 773.822.0320 or info@chiventures.org.

We are grateful to our generous funding partners LaSalle Bank, the Federal Home Loan Bank, and Wells Fargo for their commitment to small business development.

Back to top

Seven businesses receive $25,000 prize packages from INNOVATE Illinois

Congratulations to the winners of INNOVATE Illinois 2006! This year’s competition proved to be a success with companies participating from throughout Illinois - Carbondale to Chicago and every place in between. Winners were announced June 15 at the Awards Dinner held at the University of Illinois at Chicago. The winners proved excellence in their industries and have already started making strides towards their next innovative milestones.

Agriculture - Professional Swine Management provides management on all phases of production, including breeding, gestation, farrowing, nursery, and finishing, and project development to swine producers. (Carthage)

Business and Health Services - Midwest Medical Practice Management offers billing and practice management solutions to established physicians and physicians moving into a new geographic area. (Carbondale)

Environmental - Greenmaker Supply Company provides a one-stop shop for energy intelligent and environmentally sensitive building materials and interiors. (Chicago)

Manufacturing - We Love Soy offers “Temptation” non-dairy frozen soy dessert, the only all-natural soy ice cream that is manufactured on 100% dedicated dairy-free, egg-free, peanut-free, and tree-nut free equipment. (Lombard)

Technology - Perry Dynamics develops, manufactures, and markets a state-of-the-art balance and proprioception training machine known as Proprio Systems. (Decatur)

Woman-Owned Business - Errand Solutions is an errand and convenience service that is offered by organizations to their employees, residents or guests. The company offers a wider range of services than a traditional concierge, including pet care, dry cleaning, film developing, oil changes, grocery services and referrals for household jobs and vacation destinations. (Chicago)

Minority-Owned Business - Application 2 Graduation offers professional personal assistance and retention services to prospective and current college students to ensure a successful college career. (Chicago)

Back to top

Fourteen businesses awarded Challenge Grants to meet their business milestones

Through our partnership with DCEO, CCV provides small high-growth businesses with matching grants of $5,000 to help them acheive their goals.The following companies have received grants in the past year because they exhibit strong growth potential.

3 Olive Solutions (Elmhurst) develops and markets Portfolio Intelligence, a Software as a Service project portfolio management solution. The company is using the Challenge Grant to expand its e-mail marketing and PR initatives.

Akoya (Northfield) delivers the leading cost management Software as a Service solution for highly engineered direct material parts. They are using the Challenge Grant to develop marketing materials required to sell beta engagements with CostPoint, its innovative cost-management solution.

Angel Flight Marketing Service's (Chicago) mission is to affect the bottom-line of public and private entities by providing the precision of direct marketing with the lasting impact of standout advertising. They are using the Challenge Grant to market a neighborhood coupon magazine that the company has developed to target small businesses.

Construction Service Associates (Chicago) is a licensed expediter and guides companies through the City of Chicago’s permitting process. Owner Ron Herzberg is using Challenge Grant to attend the Certificate in Business Administration Program at the University of Illinois at Chicago’s Institute for Entrepreneurial Studies.

Dynamic Wellness (Chicago) is a leading provider of interactive corporate health promotion and wellness educational programs, services and resources. The Challenge Grant has allowed the company to finance the completion of an innovative health and wellness program with the potential to penetrate a wide variety of markets.

Greenmaker Supply Company (Chicago) is a one-stop shop for energy intelligent, environmentally sensitive and healthy building materials. They are using the Challenge Grant to work to create a marketing and sustainability plan for the company.

Horigan Urban Forest Products (Glenview) processes urban wood waste into lumber and woodchips that are entirely virgin fiber, but classified as 100% pure recycled. The company is using the Challenge Grant to develop a hollow core composite board prototype that will be used to produce light-weight, eco-friendly furniture. This product will allow the company to penetrate new markets.

NogginLabs (Chicago) creates custom workplace simulations for online corporate training. They are using the Challenge Grant to finance a multi-faceted marketing strategy.

Reel E-Z Display (Lake Forest) manufactures and markets a patented, retractable sign-hanging system that allows signage that is hung from a ceiling to be accessed from the ground for easy sign changes. The company is using the Challenge Grant to attend and exhibit at a tradeshow in Dubai.

Systems Associates (Libertyville) specializes in the design, manufacture, installation, and maintenance of custom weighing systems and caters to the exacting needs of the railroad industry. They are using Challenge Grant to achieve certification as a ISO 9000 compliant manufacturer, which will enable them to compete for business where certification is required both domestically and internationally.

Victoria Court Reporting (Chicago) provides attorneys with court reporters and related services. They are using the Challenge Grant to participate in a twelve-month program with the Cycle of Success Institute to increase operational efficiency.

We Love Soy (Lombard) is the maker of "Temptation Non-Dairy Frozen Soy Dessert". They are using the Challenge Grant to develop new packaging that will reduce the cost per case by 50 percent, increasing company profits.

Whitney Wood Works (Chicago) designs and manufactures eco-friendly cabinetry and furniture. They are using the Challenge Grant to purchase a customized design solution that enables the company to be more efficient and accurate in estimating jobs and ordering materials.

zuChem (Chicago) is a leading developer of unique sugars for human health and nutrition. The company is using the Challenge Grant to assess, prioritize, and outline the opportunities in the pharmaceuticals industry.

Back to top

Funding Partners
Minority Business Development Agency,
U.S. Department of Commerce
MB Financial Drinker Biddle Gardner Carton Mayer, Brown, Rowe & Maw, LLP McDermott Will & Emery