Chicago Community Ventures Blog

CCV presents: Financial Empowerment Training Program

How do I increase sales?

Am I pricing too low or too high?

Where can I find money to buy equipment?

Why was I denied for that bank loan?

 ABOUT THE PROGRAM
The Financial Empowerment Training Program (FETP) is designed to help small business owners address these questions. The program:

• gives small business owners a better understanding of their finances and financial position
• helps apply this understanding to their businesses through workshops and counseling

PROGRAM CONTENT
Workshops (Financials 101 and Preparing for Investment)
Counseling to help you apply what you learned to your business
FETP Graduation Exam

Graduation Exam
We encourage all participants to take the graduation exam at the end to assess and reinforce what they have learned in the workshops. All who pass will be invited to a graduation ceremony, and selected graduates will have the opportunity to pitch their business concept to a group of angel investors at the Asian American Business Expo on August 13.

DATES & REGISTRATION
Space is limited, pre-registration is required, so RSVP today! Click on the events below to register. All events are free of charge, thanks to the generous support of Citi Foundation.

LOOP
Thursday, May 19            Business Capital/Preparing for Investment workshop
9 AM to 12 PM                 (hosted with JVS)
                                         Venue: Citicorp                      

Tuesday, May 24             Financials 101 workshop
6 to 8 PM                         Venue: CCV in the Loop

 

BRONZEVILLE
Tuesday, June 7              Financials 101 workshop
6 to 8 PM                         Venue: Bronzeville Coffee & Tea

Thursday, June 9             Preparing for Investment workshop
6 to 8 PM                         Venue: Bronzeville Coffee & Tea                        

 

GARFIELD PARK
Tuesday, June 21            Financials 101, Preparing for Investment workshops
10 AM to 2 PM                Venue: Garfield Park Conservatory       

 

If you have questions about FETP, contact us at cfreemon@chiventures.org or at (312)960-0320.

This program is made possible through the generous support of Citi Foundation.

 

Resources for Small Businesses - How to Write A Business Plan Workshop

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CCV Talks to NRA About Financing

Representatives from the U.S. Small Business Administration (SBA) and other business financing experts told restaurant operators at the 2011 NRA Show in Chicago that startups and established businesses alike should be thorough in their hunt for financing—and to be aware of the many opportunities provided to them by the SBA.

Robert Esquivel, lender relations chief at the SBA, said during an education session at the show that in fiscal year 2010, the SBA delivered more than $17 billion in financing and guaranteed 60,771 loans to small-business operators.

The amount of lending grew with the help of the Small Business Jobs Act of 2010 signed by President Obama in September, which allowed for higher loan limits from the SBA. This act, along with many programs available to small-business operators from the SBA, such as those for minorities and women, is expanding the tools and resources available to operators needing financing.

Esquivel says more banks are partnering with the SBA as the economy continues its slow recovery—not necessarily making capital access a sure-fire guarantee, but at least providing operators with more potential lending suitors.

 “There’s going to be a lot more knocking on doors to look for lending, but there are more lenders out there,” he says.

While discussing SBA opportunities with partner banks can help small-business operators secure capital, there is a certain amount of due diligence they have to do first to make their operation more attractive, the experts say.

Doug Cannon, business analyst for the Chicago Community Ventures organization that supports small-business operators in the Windy City, says business operators should meet with counselors and other experts to revise their concept before the hunt for capital.

Cannon says operators must also be willing to change ideas about their concept that they may be particularly attached to. Staying flexible and tweaking the concept to offer the most business potential is necessary to secure financing.

“The last thing I want to tell a business is that this is your baby, but your baby is ugly,” he says. “I want to tell a business, ‘This is your dream, so what’s the easiest way to achieve your dream?’”

Cannon suggests that established business operators listen to what consumers want from the business in order to fine-tune the operation for lending approval.

“It’s amazing how many problems your customers can solve for you,” he says.

Joshua Gutstein, senior financial analyst for Chicago Community Ventures, says small-business operators should avoid looking for lending from big banks, unless they plan to export their product overseas.

He says “second-tier” banks also aren’t necessarily the right banks to talk to about financing; instead, “third-tier,” or smaller, banks are often the best option to discuss financing with.

Perhaps the most important thing for small-business operators to remember in the hunt for financing, the experts say, is to seek far and wide for different lending partners.

John Nevell, regional manager of international trade programs for the SBA, says there are many different “pockets” of money in different places—including through the SBA—that operators can collect to support their business.

“Don’t be satisfied with the first answer you get from the first person you talk to,” he says.

By Sam Oches. Article orginally appears in QSR Magazine

FAQs: City Treasurer's Small Business Plan Competition

FAQs

DATES
What are the important dates that I need to know? 

ELIGIBILITY
My business is not located in Chicago, can I still enter the competition? 
Can I submit a business plan if I am currently in business?  
Can I submit a business plan if I am not in business yet?  

EXECUTIVE SUMMARY
Should I submit an entire business plan in the first round?
I don't like Arial 10 pt font, can I just use another font?
My executive summary is longer than 3 pages, is that ok? 
Will someone contact me about the status of my submission? 
Will someone provide feedback on my submission? 

BUSINESS PLAN WORKSHOPS
What if I don't know how to write a business plan?
How do I register for a "How to Write a Business Plan" workshop?  
Is there a fee for the business plan writing workshops?  
When will people be notified if they need to submit a business plan?  

PRIZES
What are the prizes? 
Where does my check come from if I win the competition? 
If I win the competition, will I be paid the day of the Small Business Expo? 
Aside from the money, are their additional perks to being a winner? 

CONTACT
Can I call to get additional information? 

Scroll down to read the answers to these Frequently Asked Questions. 

Citi launches celebration of National Small Business Week, May 16-20

(BUSINESS WIRE) -- As part of its commitment to serve the needs of small businesses, Citibank today launched a nationwide campaign to celebrate National Small Business Week through the entire month of May. For the next month, Citibank branches across the United States will engage in a variety of activities and events to clearly demonstrate to local businesses how important they are to the fabric of our communities and to the overall economy -- and that Citibank is here to meet their needs.

Among the many events that Citibank will host:

-- May 3 -- Risk seminar with Jonathan Clements, Director of Financial Education, Citi Personal Wealth Management, in San Francisco

-- May 13 -- Business assistance workshop with the Business Development Board of Palm Beach County

-- May 19 -- Hospitality workshop in New York City with restaurateur Danny Meyer

-- May 19 -- Financial empowerment workshop with Duman Microenterprise Center and Chicago Community Ventures in Chicago

-- May 24 -- Washington Business Journal breakfast panel discussion in Washington, D.C.

-- May 26 -- Business seminar in Philadelphia featuring small business expert, New York Times columnist and business owner Gene Marks

(Original article appears in Business Wire.)

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As a part of National Small Business Week, CCV will be co-hosting the Citi-sponsored financial empowerment workshop, also named Business Capital: Preparing for Investment. This workshop will cover entrepreneurial financing from a number of angles, teaching you what your business needs in order to obtain financing and outlining the process of preparing for different types of investment (equity, debt and angel). See below for details and registration.

Business Capital Workshop
Event Details 
9 a.m.-12 p.m., Thursday, May 19
Citicorp Center, 500 W. Madison, Chicago 
3rd floor check-in (starts at 8:30 a.m.) 
Sponsored by CitiBank, this event is free for attendees but pre-registration is required. Please click here to register.

Come to dinner with us.

In partnership with Across the Table, CCV would like to invite you to dinner on Tuesday, May 31st.

Across the Table seeks to break down race and socio-economic barriers by bringing people together for meals and conversation. The dinners take place in groups of ten, all over the city of Chicago in restaurants, community organizations, art galleries, businesses.

We will be dining at Nana, a family-owned restaurant featuring local, organic, and seasonal ingredients in their menu. Our topic of conversation for the night?--‘What needs to exist for a community to thrive?’

We want to hear your thoughts over a delicious meal at Nana. Click here to sign up.

Our Communities at Nana
Tuesday, May 31st from 6:30 to 9:00 PM
Location: Nana at 3267 South Halsted