Businesses of Color Fund Info session Ppt · PRESENTATION TITLE | DATE (MM.DD.YY) 3 •Small businesses make up 58% of Chicago jobs and 70% in underinvested neighborhoods. •Self-employed

2P R ES E N TAT I O N T I T L E | DAT E ( M M . D D.Y Y )

AGENDA

• Background• Assessing Chicago’s Small Business Ecosystem

Report• Dates and Deadlines• Q&A• Networking

3P R ES E N TAT I O N T I T L E | DAT E ( M M . D D.Y Y )

• Small businesses make up 58% of Chicago jobs and 70% in underinvested neighborhoods.

• Self-employed business owners, specifically business owners of color, experience faster earnings growth than wage and salary.

• Entrepreneurs of color face more significant hurdles related to access to skilled and specialized business supports, networks, and responsive capital.

• While White adults have 13 times the wealth that Black adults do, when we compare median wealth of Black and White business owners, the median wealth gap decreases to a multiplier of three.

BACKGROUND

4P R ES E N TAT I O N T I T L E | DAT E ( M M . D D.Y Y )

• Improved business service delivery• Enhance service options and make them more accessible• Expand access to business networks and capital

ASSESSING CHICAGO’S SMALL BUSINESS ECOSYSTEM

In 2018, research was conducted on the small business landscape and the distinct needs of businesses owned by women and people of color. The challenges and needs identified were:

5P R ES E N TAT I O N T I T L E | DAT E ( M M . D D.Y Y )

A MORE HOLISTIC APPROACH IS NEEDED THROUGH THREE LEVELS OF SUPPORT

Entrepreneurial Action ( venture)

Entrepreneurial Foundation Building

Basic Survival

Context

Person

Venture

PRIORITY GUIDELINES

• Sustainable partnership and collaboration • Improved businesses readiness for and paths to capital services and

procurement• Specialized services and mentorship by industry, business life-cycle, and

professional business services • Access to new business networks and right-fit and culturally competent

mentorship• New ways to deliver aforementioned holistic services and supports • Stronger capacity of BSOs • Partnerships to advance a stronger and more connected small business field of

practice

7P R ES E N TAT I O N T I T L E | DAT E ( M M . D D.Y Y )

PARTNERSHIP ELIGIBILITY

Lead applicant must be a 501(c)(3) nonprofit or government organization.

The partnership must have the following characteristics:

• Trusted relationship with entrepreneurs of color and representation of communities of color.

• Business service and development expertise.

8P R ES E N TAT I O N T I T L E | DAT E ( M M . D D.Y Y )

Partnerships that include capital providers qualify to apply, but funding from this grant may not be used for direct lending or capital purposes.

Grant funds cannot be used for inherently religious activities or programs.

This grant opportunity is primarily intended to support programmatic service delivery partnerships. • Proposals may include efforts to impact effect policy and systems change, but proposals that are

solely focused on policy or systems change will not be considered. Funds may not be used for any lobbying activity.

9P R ES E N TAT I O N T I T L E | DAT E ( M M . D D.Y Y )

EVALUATION

The funders will recommend that funds be set aside to support each of the partner grantees in their individual organizational evaluation needs – including an evaluation coach.

We will work collaboratively with the initiative’s grantee partners to come to agreement on which questions we will take on first, in light of all partners’ needs and priorities.

10P R ES E N TAT I O N T I T L E | DAT E ( M M . D D.Y Y )

CHICAGO-AREA BUSINESSES OF COLOR PARTNERSHIPS FUND

PROCESS

• RFP release: June 10, 2019• LOI deadline: July 10, 2019 • Proposal deadline: August 16, 2019• Potential Site Visits: First two weeks of September• Funding decision: September 24, 2019

Grant amounts: $50,00-$175,000

11P R ES E N TAT I O N T I T L E | DAT E ( M M . D D.Y Y )

QUESTIONS?