by Diana Pando
The City of Chicago has selected The Resurrection Project (TRP) as one of three Capital Access Centers to help provide capital to small business owners and entrepreneurs in underserved neighborhoods.
This exciting announcement comes at a time when TRP is already working with small businesses to provide them with free workshops and counseling to help their operations grow. Small business owners and entrepreneurs help create jobs and stimulate local economies.That is why TRP and the City of Chicago have teamed up to improve access to capital in underserved communities. Accessing sufficient capital, including small business loans, is a key barrier many minority business owners and entrepreneurs face.
According to the Small Business Administration’s Office of Advocacy, “Hispanic and black entrepreneurs tend to start their companies with less money than white entrepreneurs, and are also less likely to be approved for a business loan.” Data released by the Federal Reserve also indicates minority business owners pay interest rates 32 percent higher on business loans than white counterparts pay.
As part of the new program, TRP will help entrepreneurs navigate the application process to competitive business loans.TRP will also provide capacity and access to opportunities for small business owners and entrepreneurs throughout the Chicagoland area.
“We are working with many lenders across the city and state of Illinois that all have different requirements,” says Adrian Soto, TRP’s Vice President of Economic Development.“We will refer a business to the source of capital that best fits their needs and qualifications.”
This new partnerships between TRP and the City of Chicago as a Capital Access Center will help jump-start many small businesses.
“Our goal in working with our communities on these efforts,” says Soto,“is to help them build assets and create wealth so they can contribute towards healthy communities.”