Chicago Community Ventures

CCV Web Site | CCV Blog | Subscribe to Newsletter | Donate | Contact CCV

Summer Newsletter 2009

News & Events
CCV Receives Funding from Bank of America, the Searle Funds at The Chicago Community Trust, Citi Foundation and The Mander Foundation
City Treasurer’s Business Plan Competition & Expo
CCV’s Illinois Small Business Development Center Helps 6 Businesses Open Their Doors
CCV Client, P & L Group, Secures $75,000 in Contracts and Creates 5 Jobs
Workforce Language Services and Whitney Wood Works Graduate from CCV’s Market and Customer Development Training
CCV Welcomes New Board & Staff Members

Highlights From Our Blog
CCV Launches Market Mondays
The Importance of Access to Capital for MBEs
SBA Expands Eligibility for Loans to Spur Growth
CCV Supports AmeriCorps Week
The Power of Strategic Alliances

News & Events
Orange Line

CCV Receives Funding from Bank of America, the Searle Funds at The Chicago Community Trust, Citi Foundation and The Mander Foundation
CCV is grateful for continued support from Bank of America, the Searle Funds at The Chicago Community Trust, Citi Foundation and The Mander Foundation for our much needed financial and consulting services. In challenging economic times, the need for CCV's services is greater, as demonstrated by a 61% increase in demand. The generous contributions of our funding partners allow CCV to meet this demand and continue to offer our services at little or no-cost. As a result, to date CCV has leveraged $243 million in financial resources for our clients and created and retained over 5,200 jobs in Chicagoland.

Bank of America, the Searle Funds at The Chicago Community Trust and the Mander Foundation awarded CCV grants in support of our technical assistance services. These contributions support CCV’s consulting services including business planning, strategic guidance and financial analysis

Citi Foundation's generous contribution supports CCV’s procurement opportunities, Market and Customer Development Training and Place-Based Initiatives. With Citi Foundation’s support, CCV will be able to expand our Place-Based Initiatives, launched in 2008, to new communities. In addition, the funding allowed CCV to hire a graduate level intern to help expand the project.

Thank you to all of our generous partners!

City Treasurer’s Business Plan Competition & Expo
City Treasurer's Small Business Expo

The City Treasurer’s annual Small Business Expo will be held on Friday, July 17 from 8 a.m. – 3:30 p.m. The Expo, which is taking place at UIC Forum (725 W Roosevelt Ave), will feature over 100 exhibitors, 29 unique and exciting workshops and the announcement of the winners of the 2009 City Treasurer’s Business Plan Competition.

This year’s Business Plan Competition, which is managed by CCV and sponsored by Harris Bank, saw a 40% increase in submissions with over 100 start-up and existing businesses competing for the first place prize of $5,000, second place prize of $3,500 and third place prize of $1,500.

Congratulations to the 10 Finalists who submitted their full business plans in June to determine our winners. Read more about the finalists on CCV’s website.

CCV’s Illinois Small Business Development Center Helps 6 Businesses Open Their Doors
Illinois Small Business Development Center

The Illinois Small Business Development Center, which is funded in part through a cooperative agreement with the Illinois Entrepreneurship Network and the U.S. Small Business Administration, provides pre-venture and start-up business comprehensive consulting and financial services.

Congratulations to the following clients who have all opened their doors since March.

BAD Couture
The ladies of Borrow A Dress Couture, which opened for business on June 6, identified a niche opportunity based upon their own experience. They are young, upwardly mobile professionals with a small budget. They have a ton of events to attend but do not want to be caught in the same dress twice. From that fear, BAD Couture was born, which leases designer dresses in sizes 0-18 and maternity for three days at a fraction of the purchase price. Featured fashions include Badgely Mischka, Herve Leger, Marchesa, London Times, Christian Lacroix, and Alexander Mc Queen.

Blissful Seed
Blissful Seed, which opened on May 19, brings organic, eco-friendly apparel to Chicago. This business uses sustainable materials and practices to make their 100% organic, cotton t-shirts. Through its company forum, Blissful Seed lets consumers provide input on shirt designs, allowing everyone to become immersed in the green movement.

Halsted Tan & Spa
Halsted Tan & Spa is a tan and spa facility that strives to offer the safest, cleanest, and most enjoyable experience for all its customers. It features a wide selection of state-of-the-art tanning beds to accommodate for each customer's particular needs and desires. It also sells a variety of skin products and teeth whitening services to complement the tanning experience.

Michelle Rahn Bridal Salon
Michelle Rahn was founded by the overwhelming desire to provide stunning and sophisticated bridal gowns to brides looking to make a statement as they walk down the aisle. Michelle Gertzman, who designs and makes the dresses, incorporates elegance, modernity, and individuality into all of her dresses. She aims to usher in a new era of bridal-wear.

Protein Bar
L.A. native Matt Matros managed to lose 60 pounds with a high protein, high fiber diet and a strict exercise regime. Now, he brings that dieting concept to Chicago with Protein Bar. Protein Bar offers blended drinks, wholesome bowls, fresh-made soups, wraps and salads made from the highest quality all-natural protein sources. All items are high in protein, high in fiber and low in sugar. He aims to help people everywhere live the healthy lifestyle they want to live.

Ukietech
Vitaliy DeFranko was a doctor in Ukraine, but brings sharp and professional web development services to Chicago. Ukietech helps businesses create meaningful and effective advertisement with high-tech and artistic methods. With specialists in web animation, 3D graphics, and branding, the company seeks to develop the best ways to sell businesses.

CCV Client, P & L Group, Secures $75,000 in Contracts and Creates 5 Jobs
P & L Group, Ltd is a leading minority-owned publishing firm based in Chicago dedicated to the production of diverse business performance publications such as Diversity MBA Magazine, Diversity IT Professional Magazine & IT Professional Online series.

A client of CCV’s Chicago Minority Business Enterprise Center since 2005, Pamela McElvane, President and CEO, struggled to obtain critical funding needed to continue her business. With the Center’s assistance, P & L Group was able to obtain $75,000 in contracts in June with leading corporations in diverse industries. P & L Group was also able to create 5 jobs as a result of these contracts.

Thanks to the Center’s support, P & L Group is able to continue to deliver insight, thought-leadership and strategy to its readers through their innovative approach to business solutions.

Workforce Language Services and Whitney Wood Works Graduate CCV’s Market and Customer Development Training
CCV’s Market and Customer Development Training is a four-month program that helps small business executives understand the basics of a marketing plan and learn how to create one for their business. During the program, participants learn strategies for expanding their customer base, tracking the performance of their marketing and sales programs, and implementing low-cost, high-return marketing techniques.

Workforce Language Services helps companies improve communication in the workplace through onsite language training, diversity and sexual harassment prevention training and translation and interpretation services. Dedicated to bridging language and culture in the workplace, Workforce Language Services enhances overall business profitability, creates opportunities for employee advancement, increases respect across cultures and strengthens our communities.

Since graduating from the Market & Customer Development Program, Jill Bishop, Founder and President, signed a lease for new office space, applied for WBE status with the Woman's Business Development Center, received a grant from the Illinois Hispanic Chamber of Commerce and was awarded a year-long translation contract with the Chicago Housing Authority. As a result of the program, Jill says she “has a better sense of focus and greater understanding of her business - and of the opportunities for growth.”

Whitney Wood Works, a founding member of the Chicago Sustainable Business Alliance, is recognized as one of the premier green cabinetmakers and woodworking companies in the entire Midwest. Based in the nationally renowned Chicago Center for Green Technology, the company specializes in non-toxic, earth-friendly cabinetry and woodworking for both residential and commercial clients. In addition to kitchen, bath and office cabinetry, Whitney Wood Works recently launched a line of earth-friendly baby and children’s furniture—a move that has drawn considerable attention from today’s environmentally conscientious parents.

Since graduating from the Market & Customer Development Program, Chris Parkinson, Founder and President has launched a new eco-friendly furniture company, Eco-Nester. A subsidiary of Whitney Wood Works, Eco-Nester is a high-end, earth-friendly furniture design/manufacturing company that caters to a modern, healthy sensibility. Pursuing direct-to-consumer marketing strategies, she has launched the Eco-Nester “Signature Series” line of modular furniture, now featured on the website. Chris credits the program with helping her focus her manufacturing skills to create and market a unique product line of eco-friendly furniture. “I can now blend my vision for a healthier planet with a strategic marketing plan,” says Chris.

Sean Newton joins CCV as a Metcalf Fellow and is assisting CCV’s Small Business Development Center's counselors this summer. Sean is entering his fourth year at the University of Chicago, where he is majoring in Economics and minoring in Statistics. Even before his internship at CCV, Sean has loved to surround himself with entrepreneurs. He has performed competitive analysis for a start-up company, contributed to several small business owners’ business plans, and consulted for non-profits in the Hyde Park area. With this internship, Sean hopes to get a clearer understanding of how to make a small business financially sound. After just a few weeks with CCV, he has already gained a deeper appreciation for the impact that small businesses have in Chicago.

Santiago Vazquez joins CCV as the Citi Foundation intern and is supporting counselors working on CCV's Place-Based Initiatives. Prior to joining CCV, Santiago worked as an associate for New Trier Partners, a private equity fund based in Chicago. He assisted in the due diligence, valuation and deal sourcing efforts as well as directly working with the principals in a wide range of projects. Santiago also has extensive entrepreneurial experience in manufacturing and real estate development, having founded companies in Mexico, Spain and the United States. In his most recent entrepreneurial venture, he co-founded PeopleStox, a web based marketplace scheduled to launch later this year. Santiago received his Bachelor of Science degree in industrial engineering from The University of Miami and is currently pursuing his MBA from The University of Chicago Booth School of Business where he heads the Golf Society and is an active member of the admissions committee.

CCV is pleased to announce we will now be dedicating space on our blog to promote our clients’ businesses. As a growing resource for our clients, partners and friends, the blog is a great tool for clients to announce any special events taking place as well as to bring increased awareness to their businesses.

Once a week we will post two to three clients who would like to promote their business. We hope that this will not only drive more business for our clients, but will also provide our readers with an idea of the breadth of clients CCV is able to help out in Chicago neighborhoods.

If you are a client interested in promoting your business please send a brief description of your business and whether you have a specific event you would like to promote to Lauren Foukes. Clients with time-sensitive events to promote will be given priority.

The Importance of Access to Capital for MBEs
Originally posted April 21, 2009

A recent article from Entrepreneur.com highlights the disparity between white and black owned businesses, discussing what drives this gap and what is being done to resolve this problem.

In general, the article sums up that the lack of access to capital is the primary reason driving the lack of minority entrepreneurs. The article cites that “the culprit…is a low level of personal wealth, which translates into limited access to startup capital, and ultimately puts a stopper on the accumulation and transfer of riches to the next generation.”

Recognizing that this disparity in business ownership exists, one of CCV’s focus areas is assisting minority-owned enterprises (MBE). In 2008 alone, 70% of the clients CCV served were minority-owned businesses. Our counselors have unlocked millions of dollars of capital to not only assist start-up businesses, but also to ensure that existing minority-owned enterprises remain open.

SBA Expands Eligibility for Loans to Spur Growth
Originally posted May 1, 2009

The SBA released an announcement that more small businesses will now be eligible for SBA backed loans due to temporary alternate size standards. More than 70,000 additional businesses are expected to now qualify for the loan as a result of the temporary changes made. Read SBA's press release below for more detail.

SBA Expands Eligibility for 7(a) Loans To Spur Recovery Opportunities for Small Businesses

WASHINGTON - More small businesses will be eligible for U.S. Small Business Administration-backed loans, meaning greater access to much-needed capital in this tough economy, as a result of a temporary alternate size standard for the agency's largest lending program.

SBA's alternate size standard for its 7(a) loan program will go into effect early next week through Sept. 30, 2010. As a result of the temporary change, more than 70,000 additional small businesses - including auto and RV dealerships, auto industry suppliers and others - could be eligible to apply for SBA 7(a) loan.

"This is just one more step we are taking to make sure small businesses have access to capital to keep their doors open and employees working during these tough economic times," SBA Administrator Karen Mills said. "We have seen signs that small businesses that are just outside the traditional 7(a) size standard are being shut out of the conventional lending market. This temporary change will help those businesses weather these tough times and help move our nation closer to economic recovery."

At CCV we spend most of our time focusing on the small business community here in Chicago, but given our non-profit status we can't help but be energized by some of the legislation that has recently come from the White House.

One piece of legislation that affects us in particular is the Edward M. Kennedy Serve America Act which expands the national service programs administered by the Corporation for National and Community Service. The Corporation engages four million Americans in result-driven service each year.

One of The Corporation's programs that CCV has been able to take advantage of for several years is the AmeriCorps VISTA program. Each year we receive highly talented individuals who commit a year to helping CCV expand its services as well as provide our clients with professional consulting and financial services. Through the VISTA program we have access to talent and resources we might not otherwise have been able to afford.

The week of May 11 - 15 was the third annual AmeriCorps Week which aimed to spread the word about the AmeriCorps service programs. As a way of showing support, we posted personal stories from current and past Chicago Community Ventures VISTAs on our blog. We're grateful for The Corporation for their continual support of CCV and look forward to future years with AmeriCorps VISTA volunteers!

We often encourage our clients to find fellow entrepreneurs to collaborate with in order to achieve a broader reach. One of our advisers on our Client Advisory Committee, Steve Weiss, has graciously offered up his expertise on the power of strategic alliances.

Strategic alliances provide companies with a valuable means of conducting business collectively without sacrificing autonomy. In a strategic alliance, two or more companies agree to work together on a project or share information or productive resources. They may involve collaboration between a supplier and a buyer or between companies that are in different industries and are not related through a vertical supply chain. Some important ways that a strategic alliance can add value to products and services a company already offers are the following:

Board of Directors		Staff
President		Co-Presidents
Torrence Moore Kiwanja Redevelopment Fund		Susan Alnaqib & Anita Hollins

Vice President		Hussain Bhanpuri
Kenneth McGhee City of Chicago, Dept of Children and Youth		Hans Bonner
Services		Manjima Bose
Treasurer		Doug Cannon
Joseph Kennedy Harris Bank		Tom Cassell
		Lauren Foukes
Secretary		Christyn Freemon
Kimberly Richardson Westside Business Improvement Assoc.		Joshua Gutstein
		Mwikali Munyao
Derrick Collins J.L. Kellogg School of Management		Sean Newton
Eric Dobyne US Dept of Commerce, Minority Business Dev Agency		Diane Rodak-Salinas
Steve Hall Charter One		Santiago Vazquez
Vachon Harper-Young Harris Bank		Duane Wadlington
Leon Jackson Bill's Shade & Blind Service
Jeffery Roberts JB Roberts Insurance/Allstate
Steven Weiss Berger, Newark & Fenchel P.C

Minority Business Development Agency U.S. Dept of Commerce	CDFI Fund, U.S. Treasury Department
Drinker Biddle Gardner Carton
		Searle Funds at The Chicago Community Trust
Mander Foundation
			CNA Foundation

Chicago Community Ventures

Help CCV transform companies and communities. Donate Now