News and Events

Accion Chicago Closes First $50K Loan

admin@accionchicago.org () — Tue, 01 May 2012 12:00:00 GMT

April 2012 was Accion Chicago's busiest month to date, as we lent $280,000 in closing loans with 32 small businesses. An additional high point was closing Accion Chicago's first $50,000 loan. After expanding our loan offerings up to $50,000 at the beginning of this year, we have made several loans approaching our new upper limit, but April marked our very first $50,000 loan.

Accion Senior Loan Officer Priscilla Cordero worked with new client Supreme Clientele Management Corporation to guide them through the loan process and ensure that the loan arrangement was as beneficial as possible for their long-term growth. On April 30, Accion closed the loan with Supreme Clientele Management for $50,000, designated for equipment as they expand to a new location in Chicago Heights.

Congratulations and best wishes to Supreme Clientele Management! We look forward to working with them, and we are excited to be able to help many more small businesses grow and expand with our new larger loan offerings.

For more information about our loan program, visit here.

Announcing: The NYSE Big StartUp a Nationwide Jobs Growth Initiative

admin@accionchicago.org () — Wed, 21 Mar 2012 12:00:00 GMT

The NYSE Big StartUp^SM, a Nationwide Jobs Growth Initiative, Connects Startups and Entrepreneurs with Corporate America to Accelerate New Business, Funding and Success

- Collaborative business-to-business partnership rings today’s NYSE Closing Bell -

New York, March 21, 2012 – The NYSE Big StartUp^SM, a nationwide jobs-growth initiative designed to connect young companies and entrepreneurs with corporate America, was launched today by NYSE Euronext (NYX) in collaboration with Accion, Entrepreneurs’ Organization (EO) and The Startup America Partnership. The program calls on the nation’s corporate community to lend support, experience and resources to startups and small companies to improve procurment, networking, business development, training, marketing and information sharing. Yelp (NYSE: YELP), LinkedIn (NYSE: LNKD) and Microsoft (NASDAQ: MSFT) are among the first corporations to participate in this endeavor. In addition to information and events to be provided as part of the initiative, a microfinance program called the Accion NYSE Job Growth Fund, started with a $1.5 million commitment by NYSE Euronext, will provide small businesses and startups with the capital and support they need to grow.

The NYSE Big StartUp is unique in its comprehensive approach to promoting job growth through small businesses, startups and entrepreneurs. The program helps to promote the increased demand for goods and services that these growing companies need, while also mobilizing the corporate sector to contribute knowledge, expertise and funding where it can be critical to job creation.

“America is looking for ways to create jobs and we believe part of the answer lies in nurturing the small business community,” said Duncan L. Niederauer, Chief Executive Officer, NYSE Euronext. “Business leaders cannot wait for Washington to have all the answers, so our idea, The NYSE Big StartUp, is aimed at encouraging bigger companies to help small companies. NYSE Euronext is uniquely positioned at the center of capital markets to bring our community and partners together to fuel job growth. We are calling on established companies to direct their purchasing power to small companies. In addition, we are launching new training, mentoring and education programs for entrepreneurs, as well as the Accion NYSE Job Growth Fund to help ensure that capital is available to those least able to access it from traditional sources.”

Accion NYSE Job Growth Fund

Accion is the largest microfinance lending network in the U.S. and has provided loans and support to hundreds of thousands of enterprising individuals in the U.S. The Accion NYSE Job Growth Fund officially launches today through a $1.5 million commitment from NYSE Euronext, and is now open for corporate contributors and small business applicants. The funding will be leveraged at a 4.5:1 ratio, enabling an even greater impact. Information on the Accion NYSE Job Growth Fund can be accessed and donations can be made at http://us.accion.org/.

“Small businesses are critical to job growth and to our economy’s recovery,” said Gina Harman, President and CEO of Accion, The U.S. Network. “At Accion, we have been working alongside determined, hard-working business owners for over 20 years, creating innovative ways to remove key obstacles to their success and ensure they have the access to capital and the business support programs they need. We applaud NYSE Euronext for initiating The NYSE Big StartUp and urge corporations to contribute to the fund so that we can provide access to opportunity for the millions of small businesses in the U.S. capable of generating new jobs.”

Entrepreneurs' Organization

The Entrepreneurs' Organization (EO), a global network of more than 8,000 business owners in 40 countries, serves as a catalyst that enables entrepreneurs to learn and grow from their peers’ ideas and experiences. EO’s role in the NYSE Big StartUp will include special focus on its Accelerator program, which through events and other outreach efforts fuels growth of earlier-stage entrepreneurs, provides mentors and training for EO’s broader pool of entrepreneurs, and connects the EO network with the corporate supply chains.

“Entrepreneurs generate innovation, create jobs and drive economic prosperity,” said Bob Strade, Executive Director, EO. “Both NYSE Euronext and the Entrepreneurs’ Organization recognize the critical role that business owners play in society, which is why this partnership is such a natural fit. By focusing on combining the resources of both NYSE-listed companies and entrepreneurial firms to create jobs, we will work together towards a more robust economy.”

The Startup America Partnership

The Startup America Partnership, of which NYSE Euronext is a proud sponsor, brings together an alliance of major corporations including NYSE Euronext, funders, service providers, mentors and advisors working to dramatically increase the prevalence and success of high-growth startups in the U.S. The Startup America Partnership was launched at the White House in early 2011. AOL co-founder Steve Case chairs the Partnership, Priceline.com founding CTO Scott Case is the chief executive and the Kauffman and Case Foundations are the founding sponsors.

“Providing startups with access to large companies that could be potential customers, partners or advisors will be an incredible growth driver for young companies,” said Scott Case, CEO of the Startup America Partnership. “NYSE Euronext is stepping up in a huge way to take the lead on making this idea a reality and we could not be more excited to collaborate with them on this important project.”

Corporate Connections and Engagement

The NYSE Big StartUp’s corporate connections program locally and nationally will provide “live” and “virtual” events, learning and mentoring experiences, conferences and roundtables, webcasts, and relationship-building opportunities. The Corporate Connections platform, a secure and confidential web portal that is part of the Startup America Partnership, will help drive increased demand for the goods and services of America’s startups and entrepreneurs by providing an easy forum for corporations to review and consider pre-screened small businesses and entrepreneurs for potential new business and supplier relationships. Corporations can expand their supply chain and vendor networks, and also provide startups and entrepreneurs with access to support services including accounting, finance, legal and logistics as well as valuable guidance on sales and marketing, website construction, business operations and more. The initiative will also build on NYSE Euronext’s role as an active advocate for investors and companies small and large on key policy and regulatory matters, especially those focused on enterprise growth, capital formation and job creation.

“Connecting corporate America to young growth businesses and entrepreneurs is a powerful combination,” said Scott Cutler, Executive Vice President and Co-Head of U.S. Listings and Cash
Execution at NYSE Euronext. “By collaboratively engaging in The NYSE Big Startup, everyone stands to benefit. Businesses will engage in productive conversations, new opportunities and ideas will emerge, and new growth and jobs will result. As 90% of job growth occurs after a company goes public, helping new businesses succeed is vital for our nation’s economic well-being.”

Among the initial companies pledging support and participation in The NYSE Big StartUp is Yelp Inc., a leading innovator whose website connects people with great local businesses. Yelp will leverage platform insights and marketing best practices to develop programs that help local businesses engage in an online dialog with their consumers, and provide companies with practical mentoring and networking opportunities. Yelp is a great example of what can happen when the entrepreneurial spirit meets solid execution and a commitment to quality products. With their global recognition as a successful Silicon Valley company, Yelp is positioned to share its growth experience and evolution from startup to public company status to both educate and inspire others.

"Yelp has redefined how consumers discover local businesses, which has created opportunities and challenges for business owners as they get up to speed on the new rules of online consumer engagement," said Jeremy Stoppelman, Co-founder and CEO, Yelp. "Helping businesses understand and take advantage of these opportunities to interact with existing and potential customers is an important part of our business education programs, and we're thrilled that through this partnership we will be able to increase the reach and awareness of the best social media practices to help local businesses accelerate their growth. For Yelp, growing from our launch in San Francisco seven years ago to the more than 70 markets we now serve around the world has taught us a few lessons, as well, and we look forward to sharing them with other companies engaged in a similar journey."

LinkedIn intends to create a group for The NYSE Big StartUp that will enable participants to connect with one another, engage in online conversations, encourage companies to form their own groups to connect with startups and entrepreneurs, and share insights and advice throughout the LinkedIn community.

Microsoft BizSpark is a global program that helps software startups succeed. With over 45,000 startups from 100 countries in the program and a global network of 2,300 BizSpark partners, Microsoft provides great business value to young technology companies around the world. At no cost, the program provides a wide range of Microsoft technology, technical and business expertise, and enhanced market visibility.

“Startups are incredibly vital to a vibrant economy and very fragile. Through the Microsoft BizSpark program we work with thousands of startups to help them grow their businesses by providing access to technology, market visibility, mentoring and inclusion in the growing BizSpark entrepreneurial community,” said Dan’l Lewin, corporate vice president, Strategic and Emerging Business Development, Microsoft. “We are looking forward to adding our energy and assets to this exciting collaborative effort between NYSE Euronext, Accion, Entrepreneur’s Organization and The Startup America Partnership where we are a leading sponsor.”

Become the Startup or Entrepreneur to Ring the NYSE Bell

Small business owners and startups have an exciting opportunity to win a chance to ring the bell at the New York Stock Exchange on May 15, 2012. Through April 15, current or new members of The Startup America Partnership and EO are eligible to submit entries that will be judged by the organizations with two winners announced on May 10. To get started and for more information visit the NYSE Euronext Facebook page.

Interested in The NYSE Big StartUp?

For more information on the NYSE Big StartUp and how to engage with the partnership or to access a list of programs and events, please visit: www.nysebigstartup.com.

Check out the NYSE Big StartUp partnership video: http://youtu.be/XukU_PPMJwc

Media Contacts:

· NYSE Euronext

o Rich Adamonis – 212 656 2140, Radamonis@nyx.com

o Keara Everdell – 212 656 2159, Keverdell@nyx.com

· Accion, U.S. Network

o Shaolee Sen – 347 709 5872, ssen@accion.org

o Lesley Bogdanow/Chris Kittredge (Sard Verbinnen & Co) – 212 687 8080

o To apply for a small business loan: 866 245 0783

· Entrepreneurs' Organization (EO)

o Tim Young – 703 837 6092, tyoung@eonetwork.org

· The Startup America Partnership

o Chris Roche – 202 419 3153, chris@s.co

About Accion

As the largest and only nationwide microlending network in the United States, Accion connects small business owners with financing and the support it takes to create or grow healthy businesses. We stand behind every small business owner as they achieve success, so that businesses – and entire communities – see real and lasting impact.

With over 20 years of experience, Accion has made over 44,000 loans totaling over $320 million since we opened our doors in the United States. Additionally, hundreds of thousands of business owners across the nation count on Accion for the access to financial services they need to keep their businesses working and growing. For more information about Accion, visit http://us.accion.org/.

About the Entrepreneurs’ Organization

The Entrepreneurs’ Organization (EO) is a dynamic global network of more than 8,000 business owners in 40 countries. Founded in 1987 by a group of young entrepreneurs, the year 2012 marks EO’s 25th anniversary. With its transformative experiences and unparalleled peer network, EO transforms the lives of the entrepreneurs who transform the world. EO is the catalyst that enables entrepreneurs to learn and grow from each other, leading to greater business success and an enriched personal life. Membership in one of EO’s 120 chapters is by invitation only; the average member is 41 years old with annual revenues of US$17.3 million. For more information on EO, visit www.eonetwork.org or call +1.703.519.6700.

About The Startup America Partnership

The Startup America Partnership was launched at the White House in response to President Obama’s call to celebrate, inspire, and accelerate high-growth entrepreneurship throughout the nation. The Partnership is bringing together an alliance of major corporations, funders, service providers, mentors and advisors working to dramatically increase the prevalence and success of high-growth enterprises in the U.S. AOL co-founder Steve Case chairs the Partnership and the Kauffman and Case Foundations are founding partners. American Airlines, American Express OPEN, Dell Inc., Intuit Inc., Microsoft and NYSE Euronext are sponsors. The Partnership will identify, measure and report on the effectiveness of cross-sector collaboration in support of entrepreneurial ventures and its effect on job creation and growth. For more information on the Partnership, visit www.s.co and follow us at www.twitter.com/startupamerica and www.facebook.com/startupamerica.

About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets – the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca – represent one-third of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the Fortune 500. For more information, please visit: http://www.nyx.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext's plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext's results to differ materially from current expectations include, but are not limited to: NYSE Euronext's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext's 2011 Annual report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.

Accion Rings NYSE Closing Bell

admin@accionchicago.org () — Wed, 21 Mar 2012 12:00:00 GMT

On Wednesday, March 21, Accion representatives Gina Harmon and Paul Quintero rang the NYSE closing bell in honor of the the launch of the NYSE Big StartUp partnership, which includes Accion, Entrepreneurs' Organization, and StartUp America.

Click here for the link to the closing bell ceremony on YouTube.

(Look for Gina Harman and Shaolee Sen from the Accion U.S. Network office, along with Paul Quintero and Alejandra Boggiano from Accion USA. You can also see Accion clients Michael Spadaro from Help with a Smile (right of Alejandra) and Kelly Jones from KJ Styles Barbershop in Bedstuy, Brooklyn, NY (far left).)

Also view the NYSE Big StartUp partnership video for more information: http://youtu.be/XukU_PPMJwc

Accion Unites Globally Around New Shared Identity

admin@accionchicago.org () — Tue, 20 Mar 2012 12:00:00 GMT

For Immediate Release

Accion Unites Globally Around New Shared Identity

Brand Refresh to Help Microfinance Pioneer Advance

Its Vision of a Financially Inclusive World

Boston, MA, March 20, 2012 — Accion®, a pioneer and leader in global microfinance, today announced the launch of its new global identity, which positions the nonprofit to advance its goal of a ‘financially inclusive world with economic opportunity for all’ in a more unified way. Going forward, all Accion entities will go to market under the single brand and logo, “Accion.” In the past, Accion had used such brands as ACCION International and ACCION USA, among several others.

The new image, tone, and style reflect the organization’s refocused strategy and serve as a platform for strengthening partnerships, connecting with donors, and better communicating to clients about the range of quality financial services available to them through Accion and its partner programs.

The new visuals have been designed to acknowledge the organization’s rich 50-year history as it moves to a bolder, warmer, and more contemporary look, while its new vision, mission statements, and tagline all reflect the organization’s sharpened focus.

Today, more than 10,000 microfinance institutions (MFIs) reach more than 200 million of the world's poor. However, only a fraction of those MFIs have reached meaningful scale and sustainability, and there are a further 2.7 billion people who remain excluded from the financial system altogether. Accion’s goal is to address these challenges by building the next generation of top-tier MFIs; by going beyond MFIs to accelerate new business models, technologies, and channels; and by helping to create a stronger industry through higher standards.

“In showing the world a unified brand, we are better positioned to draw on our collective hard work and build a stronger, more recognizable organization,” said Michael Schlein, President and CEO of Accion. “A unified brand – and a strategy that strengthens it – helps open doors, creates opportunities, and allows us to better accomplish our goals.”

The new brand elements can be seen at www.accion.org.

About Accion

Accion is a global nonprofit dedicated to building a financially inclusive world with access to economic opportunity for all, by giving people the financial tools they need to improve their lives. A world pioneer in microfinance, we have helped build 62 microfinance institutions in 31 countries on four continents over the last 50 years. Those institutions are currently reaching millions of clients. The Accion U.S. Network is the largest microfinance network in the country and, since inception, has served hundreds of thousands of clients with loans and support. For further information, visit www.accion.org.

* * *

®Accion is a registered trademark of Accion International.

Accion contact:

Hannah Henderson
Principal Director, Communications
Tel. +1 617-616-1516
hhenderson@accion.org

www.accion.org

ACCION and Oxfam celebrate International Women's Day and the GROW Food Justice Campaign on March 16

admin@accionchicago.org () — Fri, 16 Mar 2012 12:00:00 GMT

Oxfam and ACCION celebrate International Women's Day and the GROW Food Justice Campaign with keynote speaker Danielle Hrzic, President & Co-Founder of Gourmet Gorilla

When: Friday, March 16th, 6:30 p.m.
Where: Heartland Cafe, 7000 North Glenwood Avenue, Chicago, IL 60626 (next to the Howard CTA station)
What: Food, film, and speakers Danielle Hrzic, Gourmet Gorilla; Clara Herraro, Oxfam America; and Elizabeth Dwyer, ACCION Chicago
Cost: Free!
Start-ups, social enterprises, women entrepreneurs, and those in the food industry face unique challenges that ACCION Chicago works to solve through microfinance. Oxfam has launched the GROW campaign to build a better food system: one that sustainably feeds a growing population and empowers poor people to earn a living, feed their families, and thrive. How we can support environmentally-sound food markets right here in our own community? Come hear Gourmet Gorilla co-founder Danielle Hrzic discuss how her company got its start through microfinance and is working to strengthen the local organic food market, our environment, and children's health.

About the speakers:

Danielle Hrzic, President & Co-founder of Gourmet Gorilla
Gourmet Gorilla™ provides 90 Chicago schools with 4,500 healthy, local, organic meals and snacks daily. Founded in 2009, it expanded from one school to dozens thanks in part to support from the microfinance organization ACCION Chicago. Today Gourmet Gorilla obtains 100% of its produce from local, sustainable, and certified organic purveyors. Their kitchen is also working towards becoming a zero waste kitchen, with a composting program, recycling program, and delivery via environmentally responsible vehicles. Schools that switch to Gourmet Gorilla not only obtain better nutrition and safer food, but also help the local economy, promote food security, and encourage environmental responsibility. Co-founders Danielle Hrzic and Jason Weedon also created the educational curriculum that supports their lunches, teaching children how to eat healthier and how food choices affect the local environment and economy.

Elizabeth Dwyer, ACCION Chicago
As a national leader in microfinance, ACCION Chicago empowers aspiring entrepreneurs and small business owners with access to capital and financial education. Since inception in 1994, ACCION Chicago has made more than 2,500 small business loans totaling over $19 million. More than 40% of ACCION entrepreneurs are women, and each loan creates or maintains an average 2.5 jobs. As Programs & Policy Associate, Elizabeth manages expanded programmatic initiatives and government relations. Prior to joining ACCION, Elizabeth worked in Sri Lanka, Brazil, Peru, and Kenya designing and implementing USAID-funded capacity building programs and microsavings initiatives with Catholic Relief Services and local community development organizations. She is also a long-term volunteer financial counselor and tax preparer with the Center for Economic Progress, helping Chicago's low-income families move toward financial security.

Clara Herraro, Oxfam America
Clara is a Community Engagement Specialist at Oxfam America, an international relief and development organization that creates lasting solutions to poverty, hunger, and injustice. Clara also supports the nationwide Oxfam Action Corps, volunteers who work locally to inform, inspire, and mobilize public support for policies to end hunger, poverty, and social injustice through grassroots action. In her spare time Clara enjoys learning new recipes for all the produce she gets from her local community sustainable agriculture share. Currently, she is collecting recipe suggestions on what you can do with kohlrabi.

ACCION Chicago Doubles Max Loan Size to $50,000

admin@accionchicago.org () — Wed, 11 Jan 2012 12:00:00 GMT

DURBIN MEETS WITH CHICAGO’S LARGEST MICROLENDER TO DISCUSS GROWING SMALL BUSINESSES

[CHICAGO, IL] – Support for microfinance organizations that give small businesses and entrepreneurs access to credit will help spur our economic recovery and create jobs, U.S. Senator Dick Durbin (D-IL) said today at a meeting with officials from ACCION, Chicago’s largest microlender, and the owners of Gourmet Gorilla, an organic school lunch catering company that is one of ACCION’s fastest growing borrowers. ACCION provides credit and other business services to small business owners who do not have access to traditional sources of financing.

“Increased federal funding for microlending programs allows organizations like ACCION to extend credit to small businesses that are ready to expand if we can provide them with the seed money to start growing and hire more workers. Small businesses are the engine of this economy and the key to recovery,” Durbin said.

Durbin, who is the Chairman of the Financial Services and General Government (FSGG) Appropriations Subcommittee, secured $25 million for microlending and $20 million for technical assistance grants to support microborrowers through the Small Business Administration (SBA) in the Fiscal Year 2012 omnibus appropriatons bill enacted last month.

The Community Development Financial Institutions (CDFI) Fund – which is also administered through FSGG – received $221 million in the FY12 omnibus. The CDFI Fund supports microlending to individuals and small businesses in addition to project-based financing in underserved areas. Many CDFIs participate in the SBA’s microloan program, including ACCION.

As a result of increased funding, ACCION will double its maximum loan amount in 2012 from $25,000 to $50,000 to help fill the growing gap between high quality small business borrowers and conventional lenders who no longer will provide loans to them.

ACCION Chicago is a part of the ACCION U.S. Network, the largest microfinance network in the United States. Since its founding in 1991, members have collectively lent $305 million to small business owners nationwide. ACCION Chicago has disbursed more than $19 million to over 2,500 clients since 1994. Last year, ACCION originated 301 loans in the Chicagoland area worth more than $2 million. From 2010 through the first three quarters of 2011, loans originated by ACCION have created or retained more than 1,000 jobs in Chicago.

For more information about ACCION Chicago’s small business loan products, visit www.accionchicago.org or call (312) 275-3000.

NBC.com: ACCION Chicago Doubles Max Loan Size to $50,000

ACCION Office Closed Dec. 23-Jan. 2

admin@accionchicago.org () — Mon, 19 Dec 2011 12:00:00 GMT

Our office will be closed from Deceber 23 to January 2. We apologize for any inconvenience this may cause.

Happy Holidays from ACCION Chicago!

Mayor Emanuel Announces Chicago Microlending Institute, $1M in City Funding

admin@accionchicago.org () — Tue, 06 Dec 2011 12:00:00 GMT

December 6, 2011

MAYOR EMANUEL ANNOUNCES FORMATION OF NON-PROFIT MICROLENDING INSTITUTE TO INVEST $1 MILLION IN THE CITY’S SMALL BUSINESSES
First in the nation institute will train new microlenders and spur more than $20 million in annual business revenue, create nearly 1000 small business jobs over next four years

Mayor Rahm Emanuel today announced the formation of the Chicago Microlending Institute (CMI), a first-in-the-nation institute that will train new lenders to make targeted loans to the City’s smallest businesses. The CMI will administer the Small Business Loan Fund, a $1 million pool of loan capital that is aimed at supporting the smallest businesses in Chicago with targeted microlending.

“Small businesses are the backbone of Chicago’s economy,” said Mayor Emanuel. “We must do everything we can to make sure our small businesses have the resources and opportunity they need to compete and grow. This program will build on ACCION’s proven model and bring two more top-tier microlenders into the market next year. By using the $1 million loan pool being made available by the City, the new lenders will provide capital to more than 250 small businesses so they can expand and fuel our economy.”

Once approved by the City Council, ACCION Chicago will be tapped to run the institute, which will administer a training program that will train up to two additional lenders each year. The training program, which will cost $245,000 to administer, will be funded by third-party grants. Once graduated, the new microlenders will receive funds from the loan pool as seed capital to lend to small businesses. In its first year, ACCION Chicago and two new graduated microlenders will begin lending – making loans to approximately 100 small businesses in its first year.

“Microlenders are key drivers of job creation across the city, especially in low- to moderate-income areas, Microlenders can facilitate job creation at extremely low rates of subsidy, ” said ACCION Executive Director Jonathan Brereton. “We are committed to creating a sustainable, efficient loan environment that meets the needs of qualified small businesses.”

“Ensuring the quality of financial services provided is of the upmost importance in any financial inclusion program,” said Bob Annibale, Global Head of Citi Microfinance and Citi Community Development, which is underwriting $100,000 of the cost to set up the institute. “Citi is proud to support the training component of CMI, which through ACCION Chicago will provide microlenders with the knowledge and tools to catalyze the sustainable growth of small businesses in Chicago.”

In Chicago, more than 20 percent of the City’s residents work for firms with five employees or less, and many of these businesses are located in low- to moderate-income neighborhoods. These businesses have real difficulty accessing capital from traditional lenders. The City’s estimates indicate that there’s an annual demand for nearly $28 million in microloans that is unfulfilled.

Mayor Emanuel has made the support and growth of the city’s small businesses a key priority of his administration. The CMI is another step in an ongoing series of efforts that the Mayor has initiated to support small business in Chicago.

Earlier this year, the Mayor announced two initiatives that focus on small and minority- and women-owned businesses: The Small Business Initiative, which levels the playing field so that small businesses can compete alongside large firms for City contracts, and the Diversity Business Initiative, which is designed to increase the use of minority and women-owned businesses in the private sector by providing participation credits toward City contracts. Additionally, Mayor Emanuel worked with Goldman Sachs to bring the 10,000 Small Businesses program to Chicago, which will infuse the city with $25 million in crucial resources and training for the city’s small businesses. The Mayor has also successfully rolled back half of the $4 “head tax” in his 2012 budget, and has pledged to eliminate the entire tax by the end of his term.

CONTACT:

Mayor’s Press Office

312.744.3334

press@cityofchicago.org

#####

ABOUT CHICAGO MICROLENDING INSTITUTE (CMI)

Chicago needs a citywide network of non-profit business lenders to jump-start economic revitalization and job growth. Small businesses with less than 5 employees employ over 20% of Chicago residents and many are concentrated in low-to-moderate income neighborhoods. These businesses have the potential to create thousands of jobs in the neighborhoods they serve but lack the financial resources to expand and create more jobs. Without a capital infusion, many of these small businesses will either fail or never grow to create jobs and reach their full potential. ACCION’s existing micro lending activities are exceedingly efficient at creating jobs but are unable to reach all those needing their resources.

In an effort to create a city-wide network of community based non-profit business lenders with the technical expertise and start up capital required to build lasting infrastructure, ACCION Chicago will join in partnership with the City of Chicago, Citibank, and others to create the first entity of its kind – the Chicago Microlending Institute, or “CMI.” CMI will be a partnership of public, private, and not-for-profit organizations that will leverage ACCION Chicago’s microlending expertise. CMI will provide hands on training and start up capital to non-profit organizations that will begin microlending in CMI’s first year of operations. CMI will also provide best practice consulting to other non-profit organizations to ready them to begin microlending, and/or improve their existing operations.

Depending on an assessment of the quality of CMI’s impact in its first year of operations, CMI may continue its operations thereafter, training and providing start up capital to launch more microlenders in the ensuing years. At a minimum, through the first 12 months CMI expects to launch two new microlenders, and provide a total of $1 Million in microloans to at least 100 different businesses.

Utilizing this $1M investment from the City, and the training support of Citibank, the lenders will make a combined 280 business loans totaling $2.8 Million over the next 4 years. The 280 loans will support 280 different businesses, creating or maintaining an estimated 850 jobs and providing $14 Million in payroll to those employees.

ABOUT ACCION CHICAGO

ACCION Chicago is the region’s largest and most experienced microlender representing more than 90% of the microloan volume in the region. ACCION is a nonprofit alternative lending organization dedicated to providing credit and other business services to small business owners who do not have access to traditional sources of financing. By encouraging the economic self-reliance of microentrepreneurs throughout the Chicagoland area, ACCION Chicago strives to help businesses and communities grow. Since 1994 ACCION Chicago has disbursed more than $17 million to over 2,300 clients. In 2010 alone, ACCION loans created or maintained nearly 700 jobs. ACCION Chicago business loans range from $500-$25,000. For more information about ACCION Chicago’s small business loan products, visit www.accionchicago.org. ACCION Chicago is part of the ACCION U.S. Network, the largest microfinance network in the U.S., whose members have collectively lent $305 million to small business owners since inception in 1991.

ABOUT CITI COMMUNITY DEVELOPMENT

Citi Community Development (CCD) is leading Citi's commitment to achieve economic empowerment and growth for underserved individuals, families and communities by expanding access to financial products and services, and building sustainable business solutions and innovative partnerships. Our focus areas include: commercial and philanthropic funding; innovative financial products and services; and collaborations with institutions that expand access to financial products and services for low-income and underserved communities. For more information, please visit www.citicommunitydevelopment.com

Did You Attend the 2011 Taste of ACCION?

admin@accionchicago.org () — Mon, 28 Nov 2011 12:00:00 GMT

We'd love to hear your thoughts about the event!

Give us your feedback on our short event survey. Just 2 minutes of your time, we promise!

Thank you for your support of our annual event and of ACCION Chicago.

Take the Survey

Lupito's Juice Bar Grand Opening!

admin@accionchicago.org () — Wed, 23 Nov 2011 12:00:00 GMT

Press Release

Grand Opening: Lupito’s Juice Bar

Contact information: Jose Torres 773-414-4769

Juan Salgado, President of the Instituto del Progreso Latino, Idaima Robles from Accion Chicago, and Jose Torres will inaugurate Lupitos Juice Bar. Lupitos is a small restaurant offering delicious and healthy snacks to CTA riders. Jose Torres says that this is a thanksgiving celebration. Jose took business workshops (business plan, financing, management, and social media) at Instituto del Progreso Latino. He also obtained a small business loan from Accion Chicago, a not for profit organization serving small businesses.

“I would like to thank my family and friends who have supported me along the way”

“I would like to thank Instituto for the business tips I received during the workshops”

“Special thanks to Accion and Idaima Robles. Their financial support made possible to buy the panini grill and parts of my equipment”

Who:

Lupito’s offers Panini sandwiches, coffee and bagels, salads, and fruit cocktails. Leticia Chavez, Emmanuel Torres, and Jose Torres put their monies and ideas together and opened a restaurant co-op creating 5 new jobs in the Pilsen community.

Where: 2010 S Damen Avenue right inside the Damen Station in the Pink Line (Corner of Cullerton and Damen Avenue)

When: Wednesday, November 23, 2011 at 11:59 a.m.