This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

West Side Entrepreneurs Get New Help Launching Businesses

CHICAGO, Dec. 10, 2012 /PRNewswire/ -- Bethel New Life and The PrivateBank are pleased to introduce a new program to help entrepreneurs on Chicago's West Side launch new businesses.

Thirty entrepreneurs from the communities served by Bethel New Life have been selected to participate in a one-year training program. Qualified graduates of the program who save at least $1,500 of their own funds will receive a grant of up to $6,000 and will be eligible for up to $10,000 in financing from The PrivateBank's Entrepreneurial Loan Program for start-up business expenses.

"We're working to build a vibrant economy on Chicago's West Side and we know small businesses are the key," said Lori Vallelunga, Ph.D., President and Chief Executive Officer of Bethel New Life. "By equipping entrepreneurs who have good ideas for new businesses, together we will create critical jobs in our community."

More than 160 people went through a rigorous application process that culminated in fifty finalists presenting their business ideas to a panel fashioned after the popular ABC show "Shark Tank."

Participants will attend 15 weekly classes to develop a business plan, work with experienced business mentors for a year, and join a community of innovators on Chicago's West Side. Students who successfully save $1,500 of their own income receive matching funds of $6,000 from Bethel.

"This program will help me hire, train and pay people a livable wage from my community," says Ricky Veal, who plans to launch a contracting business to restore abandoned homes on the West Side. "I love to see the faces of families when you hand them the keys to their own home."

The program is a public-private partnership between Bethel New Life and several corporate partners. Thrivent Financial for Lutherans will provide matching grants for each entrepreneur. The PrivateBank has created the Entrepreneurial Loan Program, providing loans of up to $10,000 to qualified participants who successfully complete the program. The PrivateBank, along with other partners including Bank of America, Wintrust, Community Bank of Oak Park River Forest, Urban Partnership Bank, and BMO Harris, sent bank executives to help select the strongest candidates. An individual donor has pledged a $50,000 matching grant to support administrative costs.

"Small businesses employ more than half of the private sector workforce in the United States," said Larry D. Richman, President and Chief Executive Officer at The PrivateBank. "These new businesses will provide jobs and economic growth in these West Side communities. The PrivateBank is committed to fueling this important economic engine in the city by providing an important source of funding to these new small business entrepreneurs."

Vallelunga added, "Our community faces challenging economic conditions, but West Siders have long known that if there aren't jobs, you create them. Our community has a strong entrepreneurial spirit and track record of small business development. We are excited to provide opportunities for new entrepreneurs to develop the skills and access the resources that they will need to build their business and to strengthen our community."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs