Chicago Community Ventures Blog

Chicago Community Ventures Announces Appointment of New Board Members

Chicago Community Ventures Announces Appointment of New Board Members

 

Chicago, March 25 – Chicago Community Ventures (CCV) has announced the appointment of three new members to CCV’s Board of Directors.  The new directors are: Larry Manson, Jr., Chairman and Chief Executive Officer of NexGen Capital Advisors, who will serve as Chairman and Treasurer of CCV’s Board of Directors; Mary Pembroke, Senior Managing Director of NexGen Capital Advisors; and Nancy Null, Vice President, Marketing and Communications for NexGen Capital Advisors wil serve as Board Secretary.

Manson has more than 28 years of middle-market private equity investment and corporate finance experience.  He has held numerous leadership roles with several middle-market private firms including Foundation Equity Investors, LLC, PENMAN Partners and Prudential-Bache Interfunding, an affiliate of the former Prudential-Bache Securities, Inc.  Additionally, Manson has served in a leadership role as Managing Director and Co-head of the Merchant Banking Group for Performance Trust Capital Partners, LLC, a niche broker/dealer catering to the needs of community financial institutions.  Manson received an AB degree in economics from Princeton University and an MBA degree in finance from the Columbia University Graduate School of Business.

Pembroke spent the past 28 years as a professional advocate in Washington, DC, and most recently served as Vice President, Strategic Initiatives and Chief of Staff for the Council on Foundations, the largest membership organization serving philanthropy.  Previously, she served as a state and federal government relations professional for Fortune 50 financial services corporations such as the Federal Home Loan Mortgage Corporation (Freddie Mac) and Citibank, FSB.  During her tenure on Capitol Hill, Pembroke was counsel to the Housing and Urban Affairs Subcommittee of the United States Senate Banking Committee.  Pembroke obtained a BA degree in history, political science and French and a JD degree from Marquette University.

Null has more than 16 years of marketing and communications experience in the investment community including the areas of corporate finance, financial services, and merger and acquisition advisory services.  She has in-depth experience with strategic marketing, capital markets communications, global marketing and brand management.  She most recently served as Vice President of Marketing and Communications for the GE Global Sponsor Finance and GE Antares Capital divisions of the GE Capital Corporation where she developed and led an integrated marketing and communications platform.  Ms. Null previously held the position of Vice President and Director of Marketing for the Corporate Finance group at Heller Financial, Inc.  She holds a BA degree in economics from the University of Wisconsin and an MBA degree in marketing from The Lake Forest Graduate School of Management.

Welcoming the new directors, CCV’s Executive Director Anita Hollins said, “We’re looking forward to working with Larry, Mary and Nancy as CCV moves forward to the next phase of our development.  We see wonderful opportunities to work together helping Chicago’s small business community thrive.  Together, we can make great strides to encourage new business creation, support existing business and stimulate job creation.”

 

Manson said, “The NexGen team is very excited about serving on CCV’s board. CCV’s mission dovetails perfectly with our own initiatives in socially responsible investing, because we believe in financing that gives back to the community with new businesses and new jobs.” 

 

About CCV (www.chiventures.org)

Chicago Community Ventures (CCV) is a non-profit business development organization that offers counseling and financial services to small, under-resourced companies in three target markets: women- and minority-owned enterprises and businesses operating in low and moderate income areas through the region. All of CCV's services are offered at no cost or low cost to clients.  CCV actively solicits donations and volunteers to support CCV’s activities in supporting Chicago's small businesses and communities. Chicago Community Ventures believes that businesses are the foundation of a community, and helping to build sustainable businesses will build sustainable communities.

 

About NexGen (www.nexgencp.com)

NexGen Capital Partners, LLC, is a privately held limited liability company headquartered in Chicago which focuses on providing value-added investment advice and advisory services to institutional and individual investors.  NexGen has a social responsibility commitment to direct investment capital to community development and small businesses to help stimulate job creation and retention and to stabilize communities.  NexGen has four operating subsidiaries:  NexGen Capital Advisors, NexGen Capital Consultants, NexGen Capital Investors and NexGen Capital Ventures.

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For press inquiries, contact

Christyn Freemon

cfreemon@chiventures.org

312-960-0321

CCV Client Happenings: Faie African Art Hosts New Artist, Bamidele Balogun

On Sunday, March 20, Faie African Art Gallery hosted Tea with Bamidele Balogun. The "Tea With..."series is an educational and enriching opportunity for those that appreciate art. This gave art enthusiast and neophytes the opportunity to be among the first to view the pastels, oils, charcoals and sculptures of this wonderful artist, new to Chicago.  Esteemed artist, Dayo Laoye guided the attendees on the cultural excursion. Check out the photos of the event. If you want to know when Faye will be hosting her next "Tea With..." give her a call at 773-268-2889.

From left to right: Artist Bamidele Balogun,

Faye Edwards, owner of Faie African Art, Artist Dayo Laoye

 

Abstract peices from Bamidele Balogun

Faye with her audience

 

 

 

 

 

 

CCV Client Happenings: Bikram Yoga Now in South Loop

The Hot Yogis over at Birkam Chicago have a 3rd location that just opened Monday, March 7.

 

Bikram Yoga South Loop

47 W Polk Street (Dearborn Station)

Opens Monday March 7th with three classes:  4pm, 6pm, 8pm.

 

Regular schedule for South Loop starts Tuesday, March 8:

6am  Monday - Friday

9am  everyday

11am Saturday + Sunday
4pm  everyday

6pm  Sunday - Friday

8pm  Monday - Thursday

 

 

CCV Client Happenings: Protein Bar

CCV Client, Protien Bar, was featured in Crain's Chicago Real Estate Section.

New downtown fast-food restaurant Protein Bar, which bills itself as a healthier alternative to carbohydrate-laden alternative eateries, plans to open a 1,700-square foot location at 350 N. Clark St., according to BidClerk.com. The startup is currently at 235 S. Franklin St., across from Willis Tower, says Matt Matros of PB Restaurants LLC, which operates Protein Bar. The company also plans locations at 10 S. Clinton St. in Presidential Towers, and in the 215 W. Washington St. apartment tower.

Congrats, Matt!! To read about Matt's inspiration behind the Protein Bar concept, click here

Amazon cuts off Illinois partners as Sears cheers online tax law

(Crain's) — Amazon made good on threats to counter a new Illinois law that broadens sales taxes on online purchases, while Sears joined groups applauding the measure.

The law, which went into effect with Gov. Pat Quinn's signature Thursday, requires online merchants to collect sales tax on purchases made through business partners based in Illinois.

Seattle-based Amazon is cutting ties to those Illinois-based affiliates — about 9,000 websites that refer shoppers to Amazon's site and receive a commission on the purchases, the Wall Street Journal reported Friday.

Rebecca Madigan, of Camarillo, Calif.-based trade group Performance Marketing Assn., told the Journal the Illinois affiliates generated ad revenue of $611 million in 2009 and $18 million in tax revenue. Illinois will lose up to 30% of the tax revenue, she estimates, as the firms lose business, cut jobs or move out of state.

Chicago-based CouponCabin.com helps people find bargains with a wide array of businesses, including Amazon. Now when Illinois residents buy something from Amazon through CouponCabin, they'll have to pay sales tax.

CouponCabin is threatening to leave Illinois rather than risk losing its arrangement with Amazon.

"The only result of this law is that high-growth businesses like CouponCabin will be driven out of Illinois to maintain their relationships with out-of-state merchants," Scott Kluth, president of CouponCabin, said in a statement.

Sears Holdings Corp. is among the retailers and groups praising the new law.

 

In a statement, Sears — referring to the measure as the "E-fairness law" — praised it for helping "to correct a longstanding problem of out-of-state businesses not collecting and remitting the sales tax in Illinois, a practice that has put brick-and-mortar retailers at an unfair competitive disadvantage for far too long." The retailer said the law restores "long overdue fairness to the tax system for retailers and taxpayers in Illinois."

David Vite, president and CEO of Illinois Retail Merchants Assn., said the law will keep national online companies from taking advantage of a tax loophole that isn't available to their Illinois competitors.

"They are bullying small businesses," Mr. Vite said. "They don't want to collect the tax because they like that competitive disadvantage."

The amount of money at stake in Illinois is relatively small for now.

The Illinois Department of Revenue says Internet shopping would have generated $153 million for state government last year if it had been subject to the state's 6.25% sales tax. But the new law doesn't apply to all sales, just those made through Illinois affiliates. Officials say they don't know the size of that portion of Internet sales.

The new tax law requires the Revenue Department to remind Illinois residents that they are supposed to be paying taxes on all online purchases. Failure to do so will result in penalties and interest on outstanding taxes. Taxpayers get amnesty on purchases made between July 1, 2004, and Dec. 31, 2010.

The Illinois Chamber of Commerce has mixed feelings about the new law, lobbyist Todd Maisch said. While it makes competition more equitable, he said, it also could raise prices and hurt some Illinois companies.

"There are a lot of businesses whose business model is to work with companies like Amazon essentially as marketing partners," Mr. Maisch said. "They're the ones that will be impacted by the bill."

Meanwhile, Sears says it's ready to pick up the affiliates Amazon is cutting. "We recognize and value our relationships with our over 6,500 affiliate partners and the state and local communities we serve and we look forward to adding new affiliates," the company said in the statement.

(The Associated Press contributed to this report.) Article originally appears in Crain's Chiacgo