Winter Newsletter 2006
Co-Presidents’ Message
Innovative Training Helps Manufacturers Reach New Customers
Two Businesses Awarded Challenge Grants to Meet Their Business Milestones
CCV Expands Capacity with AmeriCorps*VISTA Volunteers
Volunteers Recognized for Contributions to CCV
CCV Names New Board President
Co-Presidents’ Message
As we enter the holiday season, a time of gift-giving, we feel it is important to reflect on the year gone by and to remember the gifts that have come our way throughout the year.
For CCV, the gifts have been many. In terms of our clients, by whose accomplishments we measure our success, we saw tremendous growth in 2006. Mary Wayman, founder of Application 2 Graduation and a long time client, was honored this year as the Best Overall Minority-Owned Business in the Innovate Illinois competition. Another client, Lexington Leather Goods, was purchased earlier this year by two employees who have successfully taken the reins at the company, keeping profits up and employees working. In business, of course, success comes one sale, one investment at a time, so perhaps the numbers speak best. Cumulatively in 2006, our clients created and retained 647 jobs, secured $19 million in new contracts, and gained access to more than $19 million of capital.
Additionally, our success comes from our friends and partners who have supported us in our mission, donating their time, expertise, and money so that we can continue building economic opportunity in Chicago's underserved communities. Last month we held our first volunteer recognition breakfast to bring together these individuals and thank them for their unwavering support over the years. They are truly visionaries for believing in the potential of our clients and the work we do. We look forward to deepening the impacts of these friendships during the months and years to come. In this issue, we focus on a very unique funding partner, the Corporation for National and Community Service, who has supported CCV through its Americorps*VISTA program. This program has given us the opportunity to recruit highly talented individuals who add skills, knowledge, and resources to our staff, and increase our capacity to serve our clients.
Looking ahead to 2007, we anticipate further growth for CCV and our clients though our optimism is tempered by the knowledge that our clients will continue to face many challenges - the challenges of balancing opportunity and capacity, of accessing the right kind of capital, and of navigating a changing local and global marketplace. We stand ready with our clients to meet those challenges and seize opportunities. Our Neighborhood Transformation Loan Fund continues to lend capital to promising businesses to spread economic opportunity throughout Chicago's low and moderate income communities. In January, we will launch a Market and Customer Development Training Program targeted to local manufacturers who employ workers largely from the communities we serve. This innovative partnership between CCV and the Alliance for Illinois Manufacturing will identify opportunities to help small manufacturers stay competitive and maintain their employment base. We look forward to implementing new programs and new alliances such as these that meet the diverse and changing needs of our clientele.
Best wishes to you and yours for a safe holiday season and a happy new year.
Susan Alnaqib and Anita Hollins
Innovative Training Helps Manufacturers Reach New Customers
A new CCV program, offered in partnership with the Alliance for Illinois Manufacturing, helps manufacturing companies identify new markets and secure new customers through group and one-on-one training. This program is specifically designed to help small-to-medium sized Illinois manufacturing company owners and top managers quickly develop a sales and marketing plan that can be immediately applied to their business.
"Our goal is to help executives and managers come away with a strategy for growing their business. In the program, companies will get down to the tactics of how a sales and marketing plan is written and executed; this program is not about creating a theoretical plan that’s going to sit on a shelf, but rather an actionable plan that will have direct and immediate impacts for the business," said Jay Campbell, Director of the Chicago West Side Entrepreneurship Center at CCV.
This concentrated program combines hands-on, interactive classroom sessions at CCV’s offices with individualized counseling sessions at each participant’s business site. The program requires just three sessions (two to three hours each) per month for four months. Session instructors will be marketing consultants and experts in their field and will bring real world experience to the program.
At the end of the program, participating companies will have a list of customers and a well-defined strategy for reaching them -- a key driver for success for any small business.
The first program begins January 17; companies can apply for matching funding to offset the program’s $5,000 cost through grants from Alliance partners NORBIC and CCV. There is room in the upcoming quarter’s program for executives from five area companies. Space is limited! Sign up now so your company doesn’t miss out on this innovative program designed to help your company identify new customers, expand into new markets and grow its revenues.
Two Businesses Awarded Challenge Grants to Meet Their Business Milestones
Through our partnership with the Illinois Department of Commerce and Economic Opportunity and Govenor Rod Blagojevich's Opportunity Returns Program, CCV provides small high-growth businesses with matching grants to help them achieve their goals. The following companies have received grants in the past quarter because they exhibit strong growth potential.
Ineeka Tea is an environmentally and socially responsible producer of 100% organic and fair trade whole leaf teas using an innovative infusion method. The Challenge Grant will allow the company to create a website, attend trade shows, and hire a sales support.
Lummos is a software development company that specializes in identifying practical uses of technology that improve organizational efficiency. The company plans to use the Challenge Grant for product licensing, patenting, marketing and website upgrades.
UPDATE: Errand Solutions, a concierge service that provides employers with "Sanity Savers" to do their employees errands, received a Challenge Grant in December 2005. Today, they report a 110% growth rate, and have relocated to accommodate their growing staff.
For more information about the Challenge Grant program, click here.
CCV Expands Capacity with AmeriCorps*VISTA Volunteers
In November, CCV was awarded a three year grant from the Corporation for National and Community Service to fund an AmeriCorps*VISTA (Volunteers in Service to America) project. "This is the second grant of its kind for CCV and we are excited to continue this program which for the past three years has given us funding to hire full-time volunteers who add skills and expertise to our staff, allowing us to better serve our clients" said Anita Hollins, Co-President of CCV.
The AmeriCorps*VISTA mission is to provide full-time members to non profits and public agencies to meet the many capacity needs of organizations with the ultimate goal of bringing low-income individuals and communities out of poverty. These volunteers come from a variety of backgrounds, but all share the vision of making a difference in their communities. As Americorps*VISTA members they agree to serve a community agency for a one year term and in return receive an educational stipend at the end of their service.
Over the past three years, CCV has seen great success with VISTA volunteers who have played an integral role in CCV’s achievements. Recently, CCV hired our tenth VISTA volunteer, Zach Johnston, who comes to us from Kuczmarski & Associates and brings a wealth of experience in business and marketing management, new product and service development, and brand positioning strategy. His extensive experience with consumer packaged goods, service and business-to-business companies is an asset to the CCV team.
For more information on the AmeriCorps*VISTA program, please visit http://www.americorps.org/about/programs/vista.asp
Volunteers Recognized for Contributions to CCV
Friends and partners gathered at CCV on November 16 to recognize our volunteers for their support of our mission over the years. These individuals have contributed to CCV in various capacities - from sitting on the Board of Directors to completing volunteer engagements for our clients. We want to thank them for their service over the past year.
As we wind down 2006, and begin to look to new challenges in 2007, we are thankful for the many friends, too numerous to name, who have helped CCV build businesses and communities.
CCV Names New Board President
Derrick Collins joined CCV's Board of Directors in May 2005, and was elected as Board President in October 2006. Derrick brings to the Board a depth of experience in venture capital and private equity, as well as a firm commitment to revitalizing Chicago's neighborhoods.
Currently, Derrick serves as Assistant Clinical Professor of Finance at Northwestern University’s J.L. Kellogg School of Management where he teaches the courses Venture Capital and Private Equity Investing, and Entrepreneurial Finance. Derrick also extends his private equity experience into business practice by serving as a General Partner of the private equity advisory firm Magna Saxum Advisors. Prior to Magna Saxum, he served as a General Partner of Polestar Capital Partners.
Derrick began his private equity career during his tenure at Shorebank Corporation where he served as President of Shorebank Capital Corporation, the venture capital subsidiary of Shorebank Corporation. While at Shorebank, Derrick also served as a Commercial Loan Officer in the banking subsidiary, South Shore Bank.
Derrick has lectured extensively on the topic of venture capital and investing in entrepreneurial companies, including presentations at the Credit Suisse International Business School, the National Minority Supplier Development Council’s Advanced Management Education Program, the Wall Street Journal’s Black Entrepreneurship in America Conference, and guest appearances on Chicago’s WGN-TV Minority Business Report.
In addition to sitting on CCV's Board, Derrick's current and past board affiliations include Adamation, Inc., BridgeStream, Inc., ViaNovus, Inc., the National Association of Investment Companies, and co-founder and board member of the accelerated entrepreneurial program, the Runners’ Club.
Derrick earned a Bachelor of Science in Electrical Engineering from Prairie View A&M University and an M.B.A. in Finance and Marketing from the University of Chicago Graduate School of Business.
| Board of Directors | Staff | |
| President Derrick Collins Kellogg School of Management |
Co-Presidents Susan Alnaqib & Anita Hollins |
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| Gail Bell Hussain Bhanpuri Hans Bonner Manjima Bose Jay Campbell Doug Cannon Zach Johnston Wil Martin Dominic Melone Diane Rodak-Salinas |
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| Vice-President Steve Lawrence Attorney-at-Law |
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| Secretary & Treasurer Torrence Moore LaSalle Bank |
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| Leon Jackson Bill's Shade & Blind Service | ||
| Cynthia Johnson Johnson & Associates | ||
| Joseph Kennedy Harris Bank | ||
| Clifford Perry Fifth Third Bank | ||
| Jeffery Roberts JB Roberts Insurance/Allstate | ||
| Lisa Thompson The Monitor Group |
Funding Partners
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Minority Business Development Agency, U.S. Department of Commerce |  |
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| MB Financial | Drinker Biddle Gardner Carton | Mayer, Brown, Rowe & Maw, LLP | McDermott Will & Emery |