Northern Illinois Community Ventures Supports Women and Minority Entrepreneurs

April 19, 2023

Just as small business owners were getting used to a new normal in the aftermath of the pandemic, they were hit with a triple whammy of inflation, high interest rates and uncertainty in the banking sector. Borrowing money has become more expensive and restrictive, making access to capital even harder. The businesses most adversely affected by this are led by women and people of color who experience conscious and unconscious bias in the lending community. 

This is unfortunate because the importance of businesses owned by these two groups cannot be overstated. Supporting women and minority entrepreneurs helps build stronger communities. They can be role models and thought leaders and fight against income inequality, create a culture of belonging among their staff, and provide flexible work schedules that allow women to participate more fully in the workforce.

No one likes to see a “permanently closed” sign outside their favorite restaurants and retailers. It’s sadder still to think about the job losses that have reverberated across communities, stifling the regional economy and siphoning generational wealth. Thousands of jobs lost to COVID are still missing statewide, with policy researchers declaring
Illinois the second least recovered labor market in the Midwest.

The state’s economic vitality cannot be fully restored while so many of the enterprises that generate nearly half its jobs are struggling or failing to launch.

Northern Illinois Community Initiatives (NICI) is a foundation created by natural gas distributor Nicor Gas in 2021 to spearhead economic development in service communities that consistently lack resources and outside investment. We awarded impact grants in our first year to local organizations that support small business, workforce and
professional development, and community revitalization. Now, we’ve introduced Northern Illinois Community Ventures (NICV) to help disadvantaged small businesses and startups access the capital and
technical support they need to grow and thrive.

We partnered with Allies for Community Business (A4CB), a Community Development Financial Institution based in Chicago, to disburse $1 million in loans — $250,000 over the next four years — to small businesses overlooked by traditional funders in Joliet, Rockford and south suburban Cook County. A4CB has nearly three decades of experience and the relationships to conduct thorough outreach and invite eligible businesses to apply for loans that have more flexibility.

And, in alignment with Nicor Gas’ commitment to work with diverse suppliers, NICI is placing those funds in First Women’s Bank, the first and only women-led and women-focused bank in the country, headquartered in Chicago’s West Town community. NICI emerged during one of the most challenging economic periods in our history, and it isn’t over — not if you’re a small business owner wondering when the recovery is ever going to reach you.

Entrepreneurs in target communities who are trying to start, sustain or expand your business, visit nici-il.org to learn more or visit A4CB.org to apply for a loan or request a meeting with a business coach. NICI has a vested interest in your success.

Tovah McCord
Executive Director
Northern Illinois Community Initiatives