Spring Update 2007
CCV Launches New Website
Hands-on Training Helps Eagle Grinding Wheel Reduce Errors, Increase Efficiency
City Treasurer's Office Announces Business Plan Competition
Significant Tax Deductions for Commercial Rehabilitation Projects
Health Insurance Seminar for Small Business Owners, May 22 and May 31
Greenmaker Supply Honored by Chicago Magazine
Special Invitation to Construction Companies - Illinois Model Contractor Development Program Opening Reception and Networking - May 24
Recent Challenge Grant Recipients
CCV Welcomes New Staff
Correction: In CCV's Winter 2006 Newsletter we wrote that Application 2 Graduation had a contract with UPS. It should have read that Application 2 Graduation had a letter of intent. 
CCV Launches New Website
CCV is excited to announce a new look for our website. Launched at the beginning of May, the new site features:
- User-friendly navigation
- Updated information about CCV programs and services
- A diversified client portfolio with lots of CCV success stories
- News & events with important information for Chicago's entrepreneurs
- A resources page with links to information about legal services, franchise, government offices, and more
- An easy to use staff directory
Check out the new look at www.chiventures.org!
Hands-on Training Helps Eagle Grinding Wheel Reduce Errors, Increase Efficiency
Eagle Grinding Wheel, a manufacturing company in the Kinzie Industrial Corridor and participant in CCV's Small Business Development Initiative, approached CCV for help identifying ways to increase the company's operating efficiencies and boost profits.
"When we began working with Eagle Grinding Wheel we knew that there were errors going on in production that caused the company to have to redo orders, sometimes three or four times," says Hussain Bhanpuri, member of CCV's consulting team.
The first thing the consulting team did was visit the plant to observe the production process and interview employees to try to pinpoint where the errors were occurring. "As it turned out," says Hussain, "many of the mistakes were happening because of simple math errors, in the rush to get the project done, they forgot to check their work. We thought one of the simplest ways for Eagle Grinding to improve its efficiency was to help their workers refresh their math skills and remind them of the importance of paying attention to detail."
CCV devised a math training program for the employees of Eagle Grinding that focused on reading decimals and measurements, the two most common mistakes the workers were making. After eight weeks of classes, Eagle Grinding's employees increased their math skills by 85 percent.
"At the beginning of these classes, I didn't really see the value," says James, foreman at Eagle Grinding. "As we got further along in the training though I started seeing improvement in my team's work. They were getting their work done faster and there were fewer errors. Not to mention I saw a boost in morale as people became more confident in their abilities. Providing an opportunity for workers to improve their skills really made a difference in the day to day operation of the company."
City Treasurer's Office Announces Business Plan Competition
The 2007 City Treasurer's Office Business Plan Competition, sponsored by Harris Bank and managed by Chicago Community Ventures, was created to emphasize the importance of business plan preparation in launching and running a small business. The competition is open to start-up and existing businesses (total revenues under $2 million) throughout the city and prizes will be given to the top two businesses in each category.
Anyone interested in competing should submit their business plan via e-mail to businessplans@cityofchicago.org by 5 p.m. on June 6, 2007. Participants can also sign up for free business planning workshops when they register for the competition at www.ChicagoCityTreasurer.com.
Semi-finalists will be announced on July 13 and overall competition winners will be presented with their prizes on August 3 at the City Treasurer's Small Business Expo at McCormick Place.
For further information, visit the City Treasurer's website or contact Gail Bell at 773.822.0309.
Workshop Schedule
Business Basics - Wednesday, May 9 at 6:30 p.m.
Hull House Small Business Development Center
4520 N Beacon Street,
Chicago, IL
For those who want to start a small business, including advice for checking the feasibility of your business idea, the basics of writing a business plan, and other business start-up procedures and resources.
Update Your Business Plan - Thursday, May 17 at 6:00 p.m.
Chicago Community Ventures
700 N Sacramento Blvd, Ste 130, Chicago, IL
A refresher class for existing business owners. Get tips for updating (or re-writing) your business plan to reflect your current business status and goals.
Writing a Successful Business Plan - Thursday, May 24 at 6:00 p.m.
University of Illinois at Chicago
601 South Morgan, University Hall,
Conference Room 2350 (23rd floor), Chicago, IL
Start-up companies can learn the basics for starting their businesses and get advice for writing a successful business plan.
Back to topSignificant Tax Deductions for Commercial Rehabilitation Projects
On behalf of the City of Chicago, Office Budget and Management, CCV administers the allocation of Commercial Revitalization Deductions (CRD). These deductions enable for-profit businesses that construct or substantially rehabilitate commercial property in a Renewal Community to deduct a portion of the costs of acquisition and rehabilitation over a shorter period of time than allowed under the standard depreciation rules.
The amount of the deduction is based on 'qualifying revitalization expenditures' (QREs). Businesses can elect either a deduction of 50% of such QREs for any one project in the year the building is placed into service OR can deduct 100% of QREs pro rated over ten years.
CCV currently has $12 million set aside for projects started or completed in 2007. There is a $10 million per project limit for 'qualifying revitalization expenditures' and allocations are made based on availability of funds at the time of the request.
Interested parties should contact Doug Cannon at 773.822.0315 for more information about the Chicago CRD program.
More detailed information on CRDs can be found on pages 47-61 of the Tax Incentive Guide for Businesses in the Renewal Communities published by the U.S. Department of Housing and Urban Development.
Download the Publication
Health Insurance Seminar for Small Business Owners, May 22 and May 31
The 2007 Small Business Employee Benefit Symposium, sponsored by Blue Cross Blue Shield, GCG, Drinker Biddle Gardner and Carton, and the Chicagoland Chamber of Commerce, will be held May 22 and May 31.
The Symposium will examine Governor Blagojevich's recently announced plan to solve the problem of expensive health care benefits for small businesses. Attendees will have the opportunity to find out more about the plan and how it could affect their business.
Symposium Highlights:
- Hear Blue Cross Blue Shield explain how things look from their point of view.
- GCG will discuss the 2006 Small Business Employee Benefits Survey results. These findings will help business owners understand where they are relative to other companies their size in Chicagoland.
- Drinker, Biddle, Gardner and Carton will discuss COBRA and State Continuation of Benefits - learn about the legal challenges and pitfalls in administering these issues.
| May 22, 2007 8:30 am - 10:30 am GCG Business Center 3000 Lakeside Drive, First Floor Bannockburn, IL 60015 |
May 31, 2007 8:30 am - 10:30 am Chicagoland Chamber of Commerce 200 E Randolph Street, Suite 2200 Chicago, IL 60601 |
Space is limited at each event. Call Linda Radcliffe at 847.457.3143 to reserve a spot as soon as possible or click here to register.
Greenmaker Supply Honored by Chicago Magazine 
CCV client and past winner of INNOVATE Illinois, Greenmaker Supply, was recently honored in the April edition of Chicago Magazine with a Green Award. We congratulate them on their success!
Click here to read the article
About Greenmaker Supply: Partners Ori Sivan and Joe Silver opened the eco-friendly building supply store, in September 2005 because they believed starting a business that sold sustainability to the marketplace would be the best way to effect environmental and economic change.
The company sells everything from non-toxic paints and stains, to low-flush and dual-flush toilets, to energy-efficient light bulbs and has recently seen growth in products for kitchen remodels, such as cabinetry and countertops.
Special Invitation to Construction Companies - Illinois Model Contractor Development Program Opening Reception and Networking - May 24
The Model Contractor Development Program offers unique educational workshops tailored to the challenges of the construction industry. The accelerated nine-week program will introduce participants to new procurement opportunities and professionals that can help them get guidance and referrals. This program seeks to increase the business and financial capacity of participating companies to help them become more competitive within their industry. The program targets small, women and minority-owned construction companies with annual revenue in excess of $500,000.
Opening Reception and Networking -
No Cost to Participate
6 to 8 p.m., May 24, 2007
University of Illinois at Chicago
The Dbtac: Great Lakes ADA Center, Auditorium Room
1640 West Roosevelt Road, Chicago, IL
This Business-to-Business Opportunity and Educational Form is presented by the Minority Business Development Agency, the Surety Association of America, and the Illinois MCDP Advisory Group.
Interested companies must complete a registration application by May 24, 2007. For more information and to register please visit www.IllinoisMCDP.com. Space is limited! For more information, please contact Antonio Lugo at 312.353.3571 or Maxine Graham at 312.353.0182.
Recent Challenge Grant Recipients
Through our partnership with the Illinois Department of Commerce and Economic Opportunity and Governor 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 recently received grants because they exhibit strong growth potential.
Design Quality Indicator, USA (DQI) is a company that helps developers, architects and builders construct fundamentally better designed buildings. Already a required step for building development in many European countries, their building assessment tool (the DQI) helps evaluate design quality and aids in the development of better designed schools, libraries, hospitals, and public and private buildings. The company will use its Challenge Grant to develop strategic messaging for each of its diverse customer groups.
Cafe Penelope is a restaurant and catering company located at 230 South Ashland Avenue in Chicago. The restaurant is known for its homemade meals using all fresh food and making everything from scratch. It was the recipient of the Best Independent Restaurants Association, 2006 Best Catering Award. Cafe Penelope was awarded a Challenge Grant to help it introduce one of its signature sauces, cranberry mayonnaise, to the retail market. Additionally, the award will help the restaurant improve financial reporting systems and upgrade the website.
Back to top CCV Welcomes New Staff
Bryan Stubbs joins CCV as the Director of the Chicago West Side Entrepreneurship Center. Bryan has experience working in both the for-profit and non-profit sectors. He spent nine years as the founder and president of Symbiotic, Inc., a Chicago based business consulting, distribution, and marketing organization for companies in the media and entertainment industries. Bryan has previously served as the Director of CenterPoint at Governor's State University's Entrepreneurship Center and the Small Business Development Center Director for the Industrial Council of Nearwest Chicago.
Mwikali Munyao recently joined CCV's team as an Administrative Intern. Mwikali is currently pursuing a bachelor's degree in International Finance and hopes that her time at CCV will help prepare her for the business world. Mwikali currently volunteers with various NGOs including World Vision, Feed the Children, St. Jude Hospital, Iris Ministries for orphans in Zimbabwe and Southern Africa, and Migdal-Ohr based in Israel. Mwikali was born and raised in Nairobi, Kenya, East- Africa and is a member of United Kenyans in Chicago.
| Board of Directors | Staff | |
| President | Co-Presidents | |
| Derrick Collins Kellogg School of Management | Susan Alnaqib & Anita Hollins | |
| Vice-President | Gail Bell | |
| Steve Lawrence Attorney-at-Law | Hussain Bhanpuri | |
| Secretary & Treasurer |
Hans Bonner | |
| Torrence Moore LaSalle Bank | Manjima Bose | |
| Leon Jackson Bill's Shade & Blind Service | Doug Cannon | |
| Cynthia Johnson Johnson & Associates | Zach Johnston | |
| Joseph Kennedy Harris Bank | Wil Martin | |
| Kimberly Magazine Magazine Professional Services | Dominic Melone | |
| Clifford Perry Fifth Third Bank | Mwikali Munyao | |
| Kimberly Richardson Westside Business Improvement Assoc | Diane Rodak-Salinas | |
| Jeffery Roberts JB Roberts Insurance/Allstate | Bryan Stubbs | |
| Lisa Thompson The Monitor Group | ||
Funding Partners
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Minority Business Development Agency, U.S. Department of Commerce |  |
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CNA Foundation |
| Drinker Biddle Gardner Carton | Mayer, Brown, Rowe & Maw, LLP | McDermott Will & Emery |