City economic development programs return great value

As the City of Chicago begins to develop its budget for next year, it’s important to keep in mind that economic development programs for neighborhood businesses have never been more valuable.

Because the pandemic and recent social unrest have affected businesses in numerous ways, organizations like North Branch Works require flexibility to meet ever-changing business needs.

Every day, we provide a variety of crucial support services to businesses as a delegate city agency through two programs: the Neighborhood Business Development Center (NBDC), funded by the Chicago Department of Business and Consumer Protection, and the Local Industrial Retention Initiative (LIRI), funded by the Chicago Department of Planning and Development.

And to give you an idea of our annual impact, we consult with over 108 business through LIRI and over 72 new businesses through NBDC. Our program area includes all or parts of the following city wards: 2, 27, 32, 33, 35, 42, 43, 44, and 47.

Our NBDC services include helping new businesses navigate the city’s licensing process, transition from startups into mature and growing businesses, and access financial resources such as grants and low-interest loans.

Recently, North Branch Works promoted grants available through Chicago’s Together Now Fund and the State of Illinois’ Business Interruption Grant (BIG) program. As a result, one of our member businesses secured a $20k grant to help cover the costs of having to suspend operations during the pandemic.

Our NBDC work also allows us to build strong relationships with businesses and identify candidates for our low-interest small business loan program, which is another resource that can be leveraged for business growth.

And through LIRI, we advocate for and support larger industrial businesses. Retaining industrial jobs is crucial because they pay family-sustaining wages and require middle skills—often only two years beyond high school.

As a central part of LIRI, North Branch Works regularly convenes Infrastructure Task Force meetings to identify and push for business-friendly improvements to the built environment.

Some of our recent wins include the installation of a new stop sign on Goose Island, providing up to date information about the upcoming Division Street Bridge project as well as the update to the Halsted Triangle Plan, and participating in the Lincoln Yards Community Advisory Council.

The LIRI program also allows us to connect businesses directly to valuable city programs such as the Small Business Improvement Fund (SBIF), TIFWorks, and TIF 50/50. These programs can cover all or some of the costs of building upgrades for your business and training your workforce.

North Branch Works urges Mayor Lightfoot and City Council Members to commit to increasing funding for these essential neighborhood economic development programs in the 2021 budget.

These economic development programs support our vision of a thriving business sector along the North Branch that would bring many benefits to Chicago including family-sustaining jobs, increased revenues to the city, and a strong and healthy consumer base.

If you are a business and would like to explore how our services could benefit you, please contact Steve Simmons, Director of Business and Economic Development, 773-929-5552 x2226, steve@northbranchworks.org