MEDIA

2022 Chicago Tribune FoodLab article:  FoodLab Chicago Tribune Jan 18, 2022

Program Shortcuts:

Financial Engineering Workshop January 23rd & 24th

 

Presents:   2023 Financial Forecasting Workshop for Restaurants & Take-out Food Southside Operators

Cost: Free! 

We are bringing in consultants from California and wanted everyone to benefit from the in-person opportunity, so we are consolidating the workshop into just Monday and Tuesday, January 23rd & 24th.

This is going to be a really helpful workshop with profit impacts in your business almost immediately.  Let your restaurant friends know to join in.  Any South Side restaurant.

Session 1

                             Monday, January 23, 9:00am – 4:00pm

                             Tuesday 24th , 9:00 – 1:00pm

                             Register:       https://BIT.LY/3G9vzCE

 

Session 2 (repeat)  

 As noted above, we are bringing in menu engineering consultants from California and so wanted everyone to benefit from the in-person opportunity, so we are consolidating the workshop into just a single January 23rd & 24th session.

@Discover’s Shine Bright Community Center   (inside Discover Center, formerly Target Store) 8560 S Cottage Grove Ave, Chicago IL 60619

Do you have a plan to increase your profitability this year?  If, not come to this workshop and learn how to boost your restaurant’s profitability with simple techniques.  This free workshop will give restaurateurs the tools they need to thrive even after a recession or in preparation for one.

At the end of this 1-1/2-Day workshop, you will have the following profitability tools:

  • Understand key components of a restaurant’s profitability
  • Identify 3+ approaches to increase your restaurant’s profitability
  • Use menu engineering and menu design to increase profitability
  • Develop a regular case, a regular-plus and a regular minus business scenario models for your restaurant.

 

Restaurateurs bring your accountants/bookkeepers to learn these restaurant-centric methods to increase profitability.  Attendees should have their laptops and know basic Excel or Google spreadsheets.  Southside owner/operators that have been operating for 18+ months are welcome.  (breakfast and lunch will be provided)

 

The Workshop will be facilitated by Chicago’s own Tameika Hardy, John Handler, Nedra Sims Fears, and Tonya Trice, plus Toure Muhammad from Bean Soup Times.   Featuring  Sean Willard of Menu Engineers website, the world’s leading resource on menu engineering.

FoodLab Chicago website

 

LISC-SBA Community Navigator Program– Intake and Consent Form

GCI is a partner in the SBA’s Community Navigator, a federal program to assist small businesses at the community level. 

Help us to help you, the SBA requires certain intake request for counseling and consent forms.    gci-lisc-dbo-intake-form-sba-3615-and-addendum-072522 

Talk to your consultant, please complete and return to Raymond@GreaterChathamInitiative.org

Digital Presence in action
We talk aboutknowing your numbersto make data-driven decisions.
We talk aboutdeveloping your team”  so you can workONyour versus alwaysINyour business.
Third, you hear us speak about the need fordigital presence”  here is one example:

Way To Save This Struggling Restaurant, And It’s Proof That There Really Is A “Good Side” Of Social Media  “I think I’ve seen around a thousand customers daily, which is crazy to think about considering we used to have about 5 to 10 customers a day.”

Read in BuzzFeed: https://apple.news/A-l67V5nSTFK1AgbVatgvww

Sources for economic support

 

KIVA Micro-loan program

Kiva is a 501(c)3 U.S. nonprofit fueled by passionate people. Founded in 2005, and based in San Francisco, with offices in Bangkok, Nairobi, Portland and staff around the globe.     

4.4 million borrowers, 77 countries, 2.1 million lenders, funded $1.8 billion in loans, 96.4% repayment rate

Loans from $1,000 – $15,000        0% interest, no fees,paid back over 36 months 

Administered by our friends at the Women’s Business Development Center     matching lending from LISC  Chicago  

 

KIVA  borrowing     more details

 

 

 

 

 

 

  1. Apply to KIVA through the WBDC
  2. $1,000 – $15,000 as determined by KIVA
  3. Invite friends and family to join in your campaign with a $25 loan (will be repaid)
  4. Then your project is opened to KIVA’s 1.6 million participants and you have 30 days for them to sign up with their $25+ participations.  LISC will match $ for $ each KIVA participant/lender

0% interest, 0% fees,  paid back to all lenders/participants over 36 months.

For more information reach out to:

Raymond Fears   Raymond@GreaterChathamInitiative.org      

 

Verizon / LISC Small Business Digital Ready

Verizon / LISC Small Business Digital Ready Online Curriculum

and $10,000 grant opportunity

Now available online curriculum is designed to give small businesses tools to succeed in today’s digital world.  Learning modules can help your business thrive, with topics such as SEO, working remotely, and finance management.  Learning modules, expert coaching, peer networking, and more.

Register for a free online curriculum.   Complete two courses or one coaching event and then be eligible to apply for a Verizon Small Business Digital Ready $10,000 grant.   In order to unlock the application for this exclusive pool of funding, members must have completed two courses or live coaching events between July 1, 2022 and November 14, 2022, and completed by November 14th, 2022.  Keep an eye out for the next round.

More program details HERE

FAQs HERE

Program sign-up HERE

Need help registering?
Email digitalready@verizon.com or call +1(800)-916-4351

SBA – Economic Injury Disaster Loan Assistance (EIDL)

           EIDL application period ended December 31st.   

Just announced All COVID-19 EIDL loans will have the first payment due extended from 24-months to 30-months from the date of the Note.  

SBA Strongly Recommends Borrowers:

If you have any additional questions, please feel free to call the Disaster Customer Service team at 833-853-5638 or email disastercustomerservice@sba.gov

 

If you are eligible to increase your EIDL funds the  deadline to apply on May 6th.

For those that received an original SBA COVID-19 Economic Injury Disaster Loan (EIDL)     You may be eligible for an increase in your loan amount. If the portal “Increase” button doesn’t work, borrowers have to send an e mail to PDCRECONS@sba.gov with all the documents needs to ask for an increase

There is a new version of the IRS form 4506-T for COVID EIDL  HERE  

 

Important SCAM alert

PPP (Paycheck Protection Program) ended May 31st, 2021.    We have heard of scammers telling people PPP is opening again and to sign up.  They ask for all your personal and business information, bank accounts,  etc.  Beware!

New Reforms for SBA’s Community Advantage Loan Program

On March 30, 2022, Vice President Kamala Harris and Administrator Isabella Casillas Guzman announced impactful reforms to the agency’s Community Advantage loan program, a key SBA tool for Community Development Financial Institutions, Community Development Companies, microlenders and other critical mission-based lending partners, that prioritizes equitable access to capital for low-income borrowers and those from underserved communities.  7 (a) program 

Learn more

 

 

TIF corridors of interest, Lottery results

SBIF Program – Somercor website

The City of Chicago’s Small Business Improvement Fund (SBIF) promotes economic development by providing small businesses with reimbursable grants for permanent building improvement costs. SBIF grants use local Tax Increment Financing (TIF) revenue to reimburse you for the pre-approved repair or rehab of your business facilities or adjacent land acquisition.

SBIF grants are available for commercial and industrial businesses and property owners.  No residential. SBIF  provides grants up to $150,000 to commercial businesses for 90% of the costs of permanent building improvements such as storefront renovations, building systems, interior remodeling, roof replacement.

January 2022 SBIF Program Rules 2022 SBIF Program Rules

More info and application HERE

Sign up on the Somercor website to get notices of SBIF District openings.

AvalonPark/ South Shore,  for example will be open again in October 2023    79th Street East of the skyway.      

67th – Wentworth  Lottery results   67th Wentworth 1-12-2022 Lottery Results

87th – Cottage Grove Lottery results   87th-cottage-grove lottery results

Community Development Grants, previously Chicago Recovery Plan Grants

CDG and NOF large and small grants application period now open,  closes February 24th 

 

2022 was a good year for City grants, with $122.5 million to 166 finalists!

     May 2nd, 26  grant finalists ($33.5 million)   from Jan 31st round:   Spring CRP 26 Finalists

    July 18th, 79 grant finalists ($49 million)     from March 10th round:  Summer CRP 79 Finalist

    November 30, 61 grant finalists ($40 million)    from August 19th round:   Fall CRP 61 Finalists

 Nov 30 Mayor’s Press Release:   2022.11.30-mayors-press-release-grant-neighborhood-businesses

GCI Area Finalist  GCI Area Grant Finalist

 

2023 applications now open, application deadline February 24th.  We are expecting two rounds in 2023

Again this is a grant (not a loan) funding to support local commercial, mixed-use, and light manufacturing development.  City staff will prioritize projects in areas of Chicago where there is a history of disinvestment or limited private investment.  Project selections are based on business readiness, viability, location, design, neighborhood needs, community impact, and other factors.   The City of Chicago Department of Planning and Development (DPD) 

 

Greater Chatham Initiative Info Sessions Nov 21, Dec 5, Dec 10th:   11_14_22-chicago-recovery-plan-flyer

November 21st Replay HERE

PowerPoint:  GCI CRP/NOF Presentation 112122

Earlier GCI information sessions in July         

GCI Presentation PowerPoint:  

GCI Presentation CRP Grants July 23, 2022

GCI Presentation CRP Grants July 11, 2022

 

Tuesday, Jul 5th  REPLAY HERE

        Featuring Nedra Fears funding for Artist on the 9s project

Monday, Jul 11th   REPLAY HERE

        Featuring Lori Seay , of Soul Vegetarian City  Spring Finalist, Stony Island Commarisary project

Saturday, Jul 23rd    REPLAY HERE

           Featuring Constance Simms-Kincaid   Summer CRP Finalist,  5 Loaves Eatery expansion project

 More info:    Ray Fears   Raymond@GreaterChathamInitiative.org    (773) 644.1451

 

Eligibility

  • Grant funding can be used for pre-development, construction, or renovation costs for permanent capital improvement projects.
  • CRP will pay for the acquisition of the property costs, but only up to an amount equal to the construction costs.  For example, if the property’s purchase price is $100,000. If renovations are $25,000, CRP would provide another $25,000 toward the property’s purchase.
  • Open to community developers, business owners and entrepreneurs, and property owners. Site control is preferred, but not required.
  • Residential-only development is not eligible, but mixed-use projects are eligible. Further funding opportunities for residential projects are expected to be announced in Q1 2022.
  • Priority will be given to catalytic projects with a strong local impact, that are able to leverage local talents, capacities, and institutions to strengthen and contribute to the community.
  • Applicants from all areas of Chicago are eligible to apply. Priority will be given for projects in historically disinvested areas as well as projects that build upon existing efforts, such as Mayor Lightfoot’s INVEST South/West initiative and community safety initiatives.
  • Priority will be given to projects that demonstrate momentum and are expected to break ground in 2022.
  • The City expects awards to be capped at $5 million, though larger, catalytic projects may be considered.

Deadline

The first 2023 round will open on December 19th taking online applications unit February 24th, 2023.  Finalist decision in late spring/early summer.  We anticipate a second round open for applications in late summer, and decisions end of the year.  

If you have applied in 2022: 

The 2023 (small grant) application has changed.  You should download a PDF of your  2022 application and use it as a reference to complete your 2023 application.

 DPD Community Development Grants website

CDG or NOF?    If you are in a NOF corridor select NOF  NOF Corrridor HERE  otherwise check CDG.  More on te difference below.

 

Prepare to Apply

Applications will be segmented based on the size of the grant. Grant requests should represent no more than 75 percent of the anticipated total project cost.   For example, at 75% reimbursement, a $250,000 would support a $333,333 project cost.

SMALL GRANTS:     Grant application for less than $250,000 (Small) HERE

Have to submit your grant request online (above links), 

LARGE GRANTS:    Grants larger than $250,000  up to $5 million

NEW:  The large grant application must now be submitted online   

                Large Grant Online Application HERE

  • Site Control
  • Photos
  • Describe proposed project
  • Project purpose
  • Financial need
  • Developer Input form required and upload
  • Sources of funds
  • Design & construction documentation
  • City of Chicago  construction compliance

            Universal Financial Request Application (has to be submitted online below are samples of the online application for your review)

 

                  2022-August Word Doc of Large GRant Application Must be completed online

2022-August Large Application Word Doc of essay questions and important uploads

                     Developer input form – not macro enabled (down load ZIP file for active input form)

                             FID Developer Input form not macro enabled

 

Zip file download of old universal application and Developer Input Form    HERE

 

Helpful Grant Resources and Explanations    HERE

        Project Readiness / Financial Feasibility / Construction Planning / Catalytic Impact / Business Planning

 

Strong applications have:

Very competitive, one in ten chance of being selected 

1) Site control

              Own the property, letter of intent to purchase, lease of at least 3 years

2) Project

              Clear description, drawings, pictures

              Detailed project budget with contractor bids

              Financing for your 25%

              Project and construction timeline

 

3) Business Plan

              How you are going to make money?

              How big is the market?

              Competition?

              Your’s and the team’s resumes, that you have done this before

4) Community

              Is your project catalytic?

              Activating a disinvested area

              How many new jobs, training opportunities?

              Bring new customers into the area?

              Aligned with the community plans and development?

 

5) Design and Visual appeal

Equity & Inclusion: Achieving fair treatment, targeted support, and prosperity for all citizens

Innovation: Implementing creative approaches to design and problem solving

Sense of Place: Celebrating and strengthening the culture of our communities

Sustainability: Committing to environmental, cultural, and financial longevity

Communication: Fostering design appreciation and responding to community needs

Chicago Recovery Plan Community Development Grant Information Session

An informational webinar was held Wednesday, Jan. 6 2022. Watch a recording of the webinar here,

City’s January 6th, 2022  Powerpoint Presentation:   download the presentation 

frequently asked questions.

For advice and potential resources to help with your application, please go to the Community Development Grant Resources page.

For any additional questions, please email dpd@cityofchicago.org

 

 

Comparison NOF to CRP

Neighborhood Opportunity Fund Grants (NOF)

Small  <$250,000   Large <$2.5 million

Reimbursements 50% project, 25% wealth bonus, 25% hire local  (potentially 100%)

Acquisition 50% Small,  30% Large

Specific corridors – In Invest South/West, priority zones

Commercial properties only

 

Chicago Recovery Plan Community Development Grants (CRP)

Small  <$250,000   Large <$5 million

Reimbursements 75% project

Acquisition 75% Small,  75% Large  

Specific corridors – Chicago city limits

Commercial with some residential, light manufacturing

Vanilla box buildout without an identified tenant

Neighborhood Opportunity Fund (NOF)

 

Neighborhood Opportunity Fund (NOF)

Latest Finalist   012022-sept-nof-finalist

NOF Small & Large to open December 19th deadline is February 24th (same as Community Development Grants).   

NOF Finalist

Completed projects

Neighborhood Opportunity Fund are grants (not loans) that help strengthen commercial corridors in Chicago’s South, Southwest and West Sides.  The NOF finances commercial and cultural projects in neighborhoods that lack private investment, using revenue generated from downtown development.

Projects like:  

  • Storefront buildout
  • Facade repair, window door replacement
  • Plumbing, electrical, and HVAC work
  • New Construction
  • Property acquistion
  • Roofing repair

See if your project is in a NOF Corrridor HERE

Neighborhood Fund (NOF) Guidelines and information  HERE

August 2021 City NOF Info Session REPLAY

2021 Aug Info Session PowerPoint

NOF summary flyer Aug 2020

 

Complete details on the NOF Website INFO

NOF contact at the City HERE

Project eligibility:

NOF does not award grants for the construction or rehabilitation of residential uses, manufacturing uses, industrial uses, social services (including daycare and elder care), or places of worship that do not identify commercial as the primary use of a project. Non-profit organizations are eligible for the NOF grant, but they must be engaged in a retail or commercial activity or providing a cultural asset that is open to the public.

 

 

Grant Types  – How much funding can you get?

NOF offers two types of grants: Small Projects (assistance of $250,000 or less), and Large Projects (assistance of $250,001 – $2.5M). The NOF assistance available to your project depends on the project location and the amount of financial assistance being requested.

Small Projects (grants up to $250,000)

NOF Small Projects must be located in an Eligible Commercial Corridor, which are public streets that are generally zoned for retail or commercial uses. Projects are required in these locations so that they can be concentrated to create a larger, collective impact. Projects may also be located within a Priority Investment Corridor, which is similar to an Eligible Commercial Corridor, but has a greater amount of retail or commercial activity. Although not required, projects located within Primary Investment Corridors, will receive extra weight during the application review process.

Please refer to the Project Eligibility map below to determine if your project is eligible for the grant.

Large Projects (grants exceeding $250,000, up to $2.5M)

NOF Large Projects do not have to be located in an Eligible Commercial Corridor, but must be located within the Qualified Investment Area (QIA).  Large Projects must receive City Council approval and a Redevelopment Agreement that governs the terms of the grant.  Large Projects are subject to the City’s construction compliance requirements, which include MBE/WBE, Local Hiring and Prevailing Wage (as established by the Illinois Department of Labor). We encourage applicants to contact us with questions about NOF Large Projects in advance of submitting an application.

Projects located within an Eligible Commercial Corridor are eligible for both the Small and Large Project grants; however, projects that are located outside of an Eligible Commercial Corridor and requesting more than $250,000 are only eligible for Large Project grants.

 

Applications are prioritized based on the following four key factors:

  1. Catalytic impact. Applicants should submit projects that provide services or goods currently lacking in an area, and specify how their projects will build stronger communities or commercial corridors.
  2. Project readiness. Applicants should have site control of the project property, or be engaged in the process of obtaining site control. Selected properties should not have significant issues, such as mechanic liens, court orders or past due property taxes.
  3. Project financial feasibility. Applicants should clearly identify the uses of grant funds and the sources of, or the strategy to obtain, their portion of funding.
  4. Construction implementation. Applicants should demonstrate a clear and ready path to implementation.

The City’s Department of Planning and Development reviews all applications and submits them to an Advisory Committee, which is comprised of community leaders who represent a cross-section of neighborhoods. The committee reviews DPD’s recommendations for final selection and provides approval or feedback.

 

 

Complete details on the NOF Website INFO

NOF contact at the City HERE

Neighborhood Opportunity Fund (NOF) Large Grants ($ >250,000) are now open. Rolling application, no deadline.  NOF Large Grant Online Application HERE 

NOF website

 

Meal Delivery Platforms, Uber Eats & Postmates Settlement

 

1) Violating Emergency Fee Cap Ordinance,  2) listing restaurants without permission,   

The City of Chicago resolved its investigation of Uber for alleged misconduct related to its meal delivery platforms, Uber Eats and Postmates.  The settlement brings to closure the City’s two-year investigation into the company’s practice of listing Chicago restaurants on its platforms without their consent, violating the City’s emergency fee cap ordinance, and other advertising-related conduct. 

1)  My restaurant contracted with Uber Eats and/or Postmates while the Emergency Fee Cap Ordinance
was in effect:
In 2021, Uber charged commissions to Chicago restaurants that were greater than 15%, in violation of
the City’s Emergency Fee Cap Ordinance. If your restaurant contracted with Uber Eats and/or
Postmates and was overcharged while the ordinance was in effect, your restaurant is entitled to a
monetary payment.
No action is required to receive this payment. If your restaurant was overcharged in violation
of the fee cap, you will receive your payment from Uber before the end of 2022.
• Uber will make these payments via direct deposit based on the information it has on file for
your restaurant.
• The amount of your payment will depend on how much you were overcharged. All restaurants
will receive at least $200. Some restaurants will receive significantly more, exceeding $10,000
for the most-overcharged restaurant.
• The total amount of Uber’s payments to overcharged restaurants under the settlement
agreement is $2.25 million.

Additionally, in September 2021, Uber refunded overcharged restaurants a total of $3,331,892. The
City alerted Uber to these violations of the Emergency Fee Cap Ordinance in September 2021, and the
company refunded the overcharges to all affected restaurants immediately.

No action is required to receive this refund. All affected restaurants received their refund in
September 2021.

2)   My restaurant was listed on Uber Eats and/or Postmates without my written consent:
If your restaurant was listed without your written consent and does not currently contract with Uber
Eats or Postmates, you are entitled to claim two benefits:
1. A monetary payment, and
2. Commission-free access to Uber Eats’s marketing and delivery services for at least 44
weeks.

You are entitled to claim both benefits, you are not required to claim both. To claim one or both of
these benefits, you must take the steps noted below by January 29, 2023.

Monetary Payment
• To qualify for the monetary payment, you must submit a short attestation to the City of
Chicago. The attestation form is available and can be submitted online at
Chicago.gov/UberForm.

The deadline to submit the form is January 29, 2023. Payment will be made by March 1, 2023.
Commission-Free Uber Eats Marketing and Delivery Service
To take advantage of this benefit, you must email chicagosettlement2022@uber.com or call
773-839-2784.

• This benefit entitles your restaurant to commission-free access to Uber Eats’s marketing and
delivery services for at least 44 weeks.

 

(recommended) Complete FAQ: Uber Settlement FAQ December 2022

More information on the BACP website page HERE

 

If you have questions about the Uber settlement, or information relevant to the City’s litigation against
Grubhub and DoorDash, please email mealdelivery@cityofchicago.org.

Seaway / Self-Help FCU

 

Self-Help Federal Credit Union  Small Business Loan Programs

Chicago Food Enterprise Loans  (C-FEL) for Food Entrepreneurs of Color 

Target Food Business Segments 

1. Food Service Providers – i.e., caterers and food trucks 

2. Commercial Kitchens 

3. Grocery Stores – including Ethnic Grocery Stores, Health Food Stores, corner grocers

4. Restaurants – including Full Service and Limited Service, Juice Bars 

5. Food Innovation – including technology products for healthy food retail.

 

Loans for working capital, inventory, equipment, and leasehold improvements.

  • Loan amounts from $15K – $250K
  • No or Low equity and collateral requirements
  • Interest rates starting at 5.5% fixed
  • Most loans include 12-month interest-only period, and terms up to 11 years

Loans for real estate acquisition and renovation

  • Loan amounts from $100K to $1M+
  • Up to 90-100% loan to value (LTV)
  • competitive interest rates

How to qualify

  • Be an existing business or nonprofit with at least two years of tax returns
  • Be located in Chicago Metropolitan Area
  • Serve the Black or Latino community
  • Be a food system entrepreneur operating in a low- or moderate-income community
  • Be currently open and operating
  • Have no outstanding judgments or tax liens
  • Have no bankruptcies in the last three years

Funding subject to availability 

C-FEL Flyer   C-FEL Flyer

Chicago Food Enterprise Loans  (C-FEL) for Food Entrepreneurs of Color 

Target Food Business Segments 

1. Food Service Providers – i.e., caterers and food trucks 

2. Commercial Kitchens 

3. Grocery Stores – including Ethnic Grocery Stores, Health Food Stores, corner grocers

4. Restaurants – including Full Service and Limited Service, Juice Bars 

5. Food Innovation – including technology products for healthy food retail.

 

Loans for working capital, inventory, equipment, and leasehold improvements.

  • Loan amounts from $15K – $250K
  • No or Low equity and collateral requirements
  • Interest rates starting at 5.5% fixed
  • Most loans include 12-month interest-only period, and terms up to 11 years

Loans for real estate acquisition and renovation

  • Loan amounts from $100K to $1M+
  • Up to 90-100% loan to value (LTV)
  • competitive interest rates

How to qualify

  • Be an existing business or nonprofit with at least two years of tax returns
  • Be located in Chicago Metropolitan Area
  • Serve the Black or Latino community
  • Be a food system entrepreneur operating in a low- or moderate-income community
  • Be currently open and operating
  • Have no outstanding judgments or tax liens
  • Have no bankruptcies in the last three years

Funding subject to availability 

C-FEL Flyer   C-FEL Flyer

Chicago Food Enterprise Loans  (C-FEL) for Food Entrepreneurs of Color 

Target Food Business Segments 

1. Food Service Providers – i.e., caterers and food trucks 

2. Commercial Kitchens 

3. Grocery Stores – including Ethnic Grocery Stores, Health Food Stores, corner grocers

4. Restaurants – including Full Service and Limited Service, Juice Bars 

5. Food Innovation – including technology products for healthy food retail.

 

Loans for working capital, inventory, equipment, and leasehold improvements.

  • Loan amounts from $15K – $250K
  • No or Low equity and collateral requirements
  • Interest rates starting at 5.5% fixed
  • Most loans include 12-month interest-only period, and terms up to 11 years

Loans for real estate acquisition and renovation

  • Loan amounts from $100K to $1M+
  • Up to 90-100% loan to value (LTV)
  • competitive interest rates

How to qualify

  • Be an existing business or nonprofit with at least two years of tax returns
  • Be located in Chicago Metropolitan Area
  • Serve the Black or Latino community
  • Be a food system entrepreneur operating in a low- or moderate-income community
  • Be currently open and operating
  • Have no outstanding judgments or tax liens
  • Have no bankruptcies in the last three years

Funding subject to availability 

C-FEL Flyer   C-FEL Flyer

Pivot Loan Program

For non-food related businesses please consider the Pivot Loan program.

Pivot Loan Program

Funding subject to availability 

 

For more information and other financial products:

Chris Dorsey    ChristianD@self-help.org 

Seaway building on 87th

Commercial  Team    commericalloans@self-help.org

Self-Help CU website 

 

 

Greenwood Archer Capital (GAC)

 

Greenwood Archer Capital  Small Business Loan Programs

Greenwood Archer CapitalTM

1000 E. 111th St, 10th Floor, Chicago IL 60628

www.greenwoodarchercapital.org

 

Greenwood Archer Capital is a CDFI (Community Development Financial Institution).  Different from conventional banks and credit unions, CDFIs are part of a US Department of the Treasury program aimed at distressed communities so are able to accept more lenient credit profiles, lower down payments, collateral options, and more favorable interest rates.  In addition, Greenwood Archer is a member of the State of Illinois Advantage/FAME program where the state will join with GAC to provide borrowers very favorable interest rates.  GAC also has SBA products.

 

General Lending 

 Amount up to $100,000  (State of Illinois participation)

Rate varies per credit profile.  Flexible collateral options

 

Your Forte, Our Finance    (Matt Forte, Chicago Bears)

Commercial Real Estate Loan

Up to $200,000,  100% financed

Business must be Black-owned and owner-occupied

Empower Capital Access Program

Business capital and back office support for diverse construction entrepreneurs

Flexible capital up to $50,000  Revolving credit debit is available.

Healthy Living, Healthy Financing 

For  local food growing, purchasing, transporting and the ecosystem that supports this.

Up to $100,000  start-up and expansion financing.  Technical assistance is available.

 

Pathway to Enterprise for returning Citizens (PERC)

Entrepreneurial training and loan program for previously incarcerated individuals.

Streamlined capital up to $10,000.  Additional requirements for loans over $10,000

GAC Product Flyer 

 

Apply for a loan  HERE

 

Contact:

Aloni Harris

(773)-341-2078

aharris@greenwoodarchercapital.org

 

GAC Website: HERE 

 

 

State of Illinois DCEO

 

State of Illinois Department of Commerce

& Economic Opportunity

DCEO Website

Programs:

Advancing the Development of Minority Entrepreneurship (ADME)

ADME is a community investment program developed to strengthen Illinois’ start-up and small business community ecosystem by tapping into the potential of minority business owners and entrepreneurs. ADME supports the Department’s commitment to growing minority and women-owned businesses and increasing diversity in businesses and within the Illinois economy. Through the ADME program, we offer resources to high-potential minority entrepreneurs and provide start to finish support to help them grow their businesses. Interested business owners and aspiring entrepreneurs can receive focused business education and potential access to capital to get their business off the
ground.

 

Advantage Illinois – FAME Program
Advantage Illinois’ new FAME Program (“Fund for the Advancement of Minority Enterprises”) is a dramatic upgrading of our former Minority/Women/Disabled/Veteran Participation Loan Program. Though still structured as a Participation Loan Program, this new Fund underlines the State’s promise to focus on fostering new and expanding small business entrepreneurship among minority and women-owned businesses. The FAME Program, funded by “Recycled SSBCI Funds”, will provide 50% of the entrepreneur’s overall Project Cost of the specific Loan that DCEO is participating in, up to a maximum of $400,000 of AL Funds, with a fixed interest rate on the Advantage Illinois portion set at 2%.

DCEO Program Flyer FAME

Illinois Office of Minority Economic Empowerment
555 W. Monroe, 12th Floor  Chicago, IL 60661
Website: www.illinois.gov/dceo Email: OMEE@illinois.gov 

Chicago contact: Sacella Smith     Sacella.Smith@Illinois.gov

Employee Retention Tax Credit (ERC)

    

Employee Retention Credit

Businesses Have Until 2024 to Claim the Employee Retention Credit Retroactively

CARES ACT – 2020  /  Consolidated Appropriations Act – 2021  /  American Rescue Plan Act – 2021

ERC is a payroll tax refund born out of the same COVID relief bill as PPP, which incentivized businesses who kept employees on payroll during the pandemic. Originally, companies were limited in their ability to claim either the PPP or ERC, but not both. In early 2021, the rules changed and your business can claim ERC even if you received PPP funds.

 

Our current thoughts:

  1. This could be a considerable amount of money, so you should spend some time on this.
  2. You have until 2024 to file an amended tax return
  3. Confer with your current accountant on their knowledge and experience with the ERC
  4. Check with your payroll processor.  Most payroll processors offer ERC assistance.  They are the ones with the payroll data you need for your ERC application.  

There has been a barrage of advertisements from various parties that offer to assist with completing the forms.  Watch closely most are asking for 15% – 25% of the take.    See below there was an IRS bulletin issued last week warning of scams.

With the 2020 ERC publication, the IRS said if you received PPP reimbursement then you were not eligible for ERC.  With the 2021 publication, the IRS clarified its position that essentially you can not “double dip”  if you received PPP reimbursement for an employee’s wages, and could not also receive ERC for those same wages.  If half of the employee’s wage was reimbursed by PPP, then you could apply for ERC for the other half.  Again can’t double-dip.

The scam is a service works up that you have $100,000 in ERC wages they apply for you.  You’ll receive from the IRS your $100,000.  You turn around and write a check to the service for $25,000(25%).   Then later the IRS audits you to find the service did not consider you had received PPP reimbursement for that same $100,000.   The IRS wants their $100,000 back.  It is now a year down the road and the service is no where to be found to retrieve the $25,000 cut you had paid them.

Good reason to stick with your accountant and/or payroll service, not likely they are going to disappear on you.  If you receive ERC you’ll need to resubmit an amended 2020 & 2021 tax return.  Actually, a pretty big deal because if your P&L changes your profitability could change which affects your taxes due along with K-1s to your partners.  It is a big deal amending tax returns, which then costs accountant fees.   So the accounting community is hoping the IRS revises how the ERC is booked.  Instead of reducing your wage expense in 2021, therefore changing your profitability, why not record the ERC disbursement as additional income in the year that it is received.  And so not having to amend prior tax returns.  

Again the deadline is in 2024, so don’t feel pressured.  Getting money sooner is always a good thing. 

Oct 19th IRS Bulletin:   Employers warned to beware of third parties promoting improper Employee Retention Credit clams.  HERE

 

Illinois Restaurant Association ERC Webinar  10:00am  Thursday Oct 27th

Register HERE

 

Some of the Details, warning the weeds get thick

Credit amount

The total ERTC benefit per employee can be up to $26,000 ($5,000 in 2020 and $7,000 per quarter in 2021).

  • For 2020, an eligible employer is entitled to a refundable credit equal to 50% of qualified wages paid from March 13, 2020, through December 31, 2020, plus qualified health plan expenses (up to $10,000 in qualified wages per employee, resulting in a maximum credit of $5,000).
  • For 2021, an eligible employer is entitled to a refundable credit equal to 70% of qualified wages paid from January 1, 2021, through September 30, 2021 (up to $10,000 in qualified wages per employee per quarter, resulting in a maximum credit of $7,000 per quarter).
  • Recovery Startup Businesses could be eligible to take a credit of up to $50,000 for the third and fourth quarters of 2021 since they were eligible through the end of 2021.

What is the Employee Retention Credit?

The ERC is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees.

Businesses can no longer pay wages to claim the Employee Retention Tax Credit, but they have until 2024 to do a look back on their payroll during the pandemic and retroactively claim the credit by filing an amended tax return.

Although the Employee Retention  Credit (ERC) program has officially sunset, this does not impact the ability of a business to claim ERC retroactively. In fact, businesses have up to three years from the end of the program to conduct a lookback to determine if wages paid after March 12, 2020 through the end of the program are eligible.

For most businesses, the credit could be claimed on wages until Sept. 30, 2021, with certain businesses having until Dec. 31, 2021 to pay qualified wages.

Employer Eligibility

Your business could be eligible in one of two ways:

  • It was fully or partially suspended due to a governmental order limiting commerce, travel or group meetings related to COVID-19.
  • It experienced a significant decline in gross receipts, as defined by more than 50% in 2020 and more than 20% in 2021.

Qualified wages

The ERC uses wages and/or health plan expenses to calculate the respective benefit.

For 2020:

  • For eligible employers that had an average number of full-time employees in 2019 of 100 or fewer, all wages paid to employees during the eligible period(s) may count toward the ERC.
  • For eligible employers that had an average number of full-time employees in 2019 of greater than 100, wages paid for time not providing services due to a full or partial suspension by governmental order or the business experiencing more than a 50% decline in gross receipts for a calendar quarter when compared to the same quarter in 2019 may count toward the ERC.

For 2021:

  • For eligible employers that had an average number of full-time employees in 2019 of 500 or fewer, all wages paid to employees during the eligible period(s) may count toward the ERC.
  • For eligible employers that had an average number of full-time employees in 2019 of greater than 500, wages paid for time not providing services due to a full or partial suspension by governmental order or the business experiencing more than a 20% decline in gross receipts for a calendar quarter when compared to the same quarter in 2019 may count toward the ERC.

 

Claim the Credit Even if Your Business has Already Benefited from the Following:

CARES Act – 2020

For employers who qualify, including borrowers who took a loan under the initial PPP, the credit can be claimed against 50 percent of qualified wages paid, up to $10,000 per employee annually for wages paid between March 13 and Dec. 31, 2020.

 

Consolidated Appropriations Act – 2021

Employers who qualify, including PPP recipients, can claim a credit against 70% of qualified wages paid. Additionally, the amount of wages that qualifies for the credit is now $10,000 per employee per quarter.

American Rescue Plan Act – 2021

The credit remains at 70% of qualified wages up to a $10,000 limit per quarter so a maximum of $7,000 per employee per quarter. So, an employer could claim $7,000 per quarter per employee through the first three quarters of 2021 after the passage of the Infrastructure Investment and Jobs Act changed the end date of the program for most businesses. However, Recovery Startup Businesses were eligible through the end of 2021. They could be eligible to take a credit of up to $50,000 for the third and fourth quarters of 2021.

Additional information about ERC

Paychex payroll company:  HERE

 very good explanation and detail

 

Discover Center 87th/Cottage Grove Employee Meal Program

Due to supply chain issues, Discover Center is some two months behind in their buildout.

Discover Customer Care Center at 8560 S Cottage Grove provides their employees free meals.  Currently, they have 150 employees split into two shifts, day time and evening.  In April they will finish construction and expand to 500 employees, with plans to grow to 1,000.     Discover is in search of local catering partners to offer meal service.  Their focus is supporting local restaurants along with providing their employees a nutritious offering.  Discover has a group of restaurants servicing the current 150 employees, but with the new expansion, they need a much larger group of restaurants to service the meal program.  There are also opportunities for catering events and activities at the Center.   Discover is moving fast (schedule below) so do not delay getting on this opportunity.

Food Catering Requirements

Feb 15th Q&A webinar PowerPoint

Mindful Nutrient Criteria

Discover Center Feb Mar and April Plan

 

To be considered complete the NDA and questionnaire and return to Victoria.  Deadline noon  Friday, Feb 25th.

Discover Mutual NDA

Food Catering Questionaire 2.15.22 

If you need assistance filling out the forms, please contact Victoria Elkind at Victoriaelkind@discover.com or 224-804-4444.  If you need a hard copy mailed or dropped off, they can do so.  Additional support from Vensha White Johnson venishawhitejohnson@discover.com or at 224-619-8560

If you need more details:  John      JHandler@GreaterChathamInitiative.org

Founders First CDC

FOUNDERS FIRST CDC    CHICAGO JOBS CREATOR GRANT

a leading business accelerator program in the country for diverse-led companies.

A total of $100,000 will be awarded to 25 businesses in Chicago.  Feb 8th Deadline

Grants are a great way to receive growth capital for your small business. With a simple application, you can receive cash and a full tuition scholarship to one of our stellar accelerators. Hear first hand from grant recipients and partners.

  • Grant money can be used as growth capital to hire or rehire premium wage jobs.
  • Cash infusion can be used to purchase, fix or enhance equipment necessary to help you manage growth challenges and scale for the future.
  • Founder identify as one of the following: Latinx, Black, Asian, Women, LGBTQIA+, Military Veteran, or located in a Low to Moderate Income area.
  • TO QUALIFY: Must be located in the state of Illinois and have a current staff of 2-20 employees. Will have the ability to add 1-2+ net new premium wage jobs in the next 12 months. Your company must be a service-based business and at least one revenue stream serving other businesses. Must be a for-profit company with annual revenues between $100K and $3 million.

 

The application deadline is February 8, 2023.  Please email us at socal.jobcreators@foundersfirstcdc.org with any questions about the Job Creators Quest Grant.

Please visit the Grant FAQ page for more information.

APPLICATION HERE

 

St of IL Back to Business

Back to Business (B2B)

State of Illinois Back to Business (B2B) $250 million in grants 

Deadline to apply has passed and the application portal is now closed

See the latest list of grantees by zip code  (Awards in progress section select “list of grantees” ):     HERE

West Monroe Consulting LISC

Pro Bono Consulting Opportunity

Downtown Chicago consulting firm West Monroe is partnering with our friends at LISC to provide pro bono (free) consulting for small businesses.  Partnering deeply with a few minority entrepreneurs for 3-6 months to talk about growth strategies. Situations where you would be looking for equity investors. Past clients include Brown Sugar Bakery and Cedar Concepts. 

Program Details:  Minority Business Growth Initiative program Dec 2022

Application: HERE

 

Caroline Tipton Rendon    ctrendon@lisc.org

cbooth@westmonroe.com

Goldman Sachs Programs

 

Goldman Sachs Programs

Goldman Sachs 10,000 small business program

Through the program, you will gain practical skills across topics such as financial statements negotiation, marketing, and employee management, and gain the tools to develop a customized business plan for growth—for free.

10KSB provides 3 Cohorts per year.

  • Winter– Early January through Mid April
  • Spring/Summer– Mid May through Mid August
  • Fall– Mid September through Early December

We are accepting applications for our 33rd Cohort starting September 2022, and ending December 2022. The application deadline for this session is June 2, 2022.

Get on their mailing list   HERE

One Million Black Women: Black in Business

In partnership with Black women-led organizations and other partners, our new investment initiative, One Million Black Women will commit $10 billion in direct investment capital and $100 million in philanthropic support to address the dual disproportionate gender and racial biases that Black women have faced for generations, which have only been exacerbated by the pandemic.

More information HERE

 

Women's Business Development Center (WBDC)

 

Women’s Business Development Center Programs

WBDC Website

The Women’s Business Development Center (WBDC) is proud to present Top Shelf: High Volume Retail Growth Insights. This 8-week program is designed to help established businesses grow into the mass retail market. 

Next Cohort application deadlin e April 1st

Information HERE

Start typing and press Enter to search