The South Shore Chamber of Commerce Launches ‘Small Business Impact Fund’,
Revitalizing South Shore’s Business Community
Seeding South Shore
Chicago, Illinois, April 30, 2021 – The small business community of Chicago’s South Shore neighborhood will be receiving a jolt of revitalization in the next coming weeks. The South Shore Chamber of Commerce, in partnership with South Shore Area #42 (SSA42), announced today the launch of the South Shore Small Business Impact Fund, designed to provide no-interest, forgivable grant funds to small businesses existing or locating to the South Shore community.
Leveraging funding from the Special Service Area 42 Fund, the program’s initial pilot project will include small businesses located within the SSA #42 footprints that have been awarded the Neighborhood Opportunity Fund grant by The City of Chicago’s Department of Planning.
Although the program will focus primarily on Neighborhood Opportunity Fund grant recipients, it may be expanded to include other small businesses within the SSA42 boundaries. This pilot project will continue as long as the SSA42 funding is available.
A lottery will be held to determine funding awards when there are more award requests than available funding. Executive Director of the South Shore Chamber of Commerce, Tonya Trice, says, “our goal is to fund a wide array of businesses that serve the community and add economic value. As such, our selection process considers whether the applicant business adds to the diversity of existing businesses along the commercial corridors. Having a variety of new businesses ensures that funding dollars have a catalytic impact and the needs of the residents have been met”. 5th Ward Alderman Leslie A. Hairston says, “We designed this program to ensure that new business owners don’t have to incur additional debt while in their beginning stages. Equity investments in programs like this, provide businesses a real opportunity for success”
To qualify, small business candidates will need to meet the criteria of being incorporated in the State of Illinois, licensed to do business in the City of Chicago, have a business located or relocating to the South Shore Community within the SSA 42 boundaries, and be an awardee of the City of Chicago’s Neighborhood Opportunity Fund.
To learn more about this program and how to apply, you may visit the South Shore Chamber of Commerce’s website at: www.shouthshorechamberinc.org.