In
Illinois, entrepreneurs who wish to register
as a minority or women-owned business
must meet the following criteria:
-
A
minority or women-owned business is
one that is 51% or more owned, operated
and controlled, on a daily basis by
a minority or female.
-
Minority
categories included: African-American,
Hispanic, Asian, or Native American.
Other
criteria such as corporation board composition,
origin of start-up funds and knowledge
of the business operations are also factors.
Certification is granted through the Illinois
Department of Central Management Services'
Business Enterprise Program.
Other
Resources
Women's
Business Development Center
Illinois
Capital Access Program
Loan
The
Illinois Capital Access Program (CAP)
is designed to encourage financial institutions
to make loans to small and new businesses
that do not qualify under conventional
lending policies. CAP is a form of loan
portfolio insurance which provides additional
reserve coverage to the lender on loan
defaults. By participating in CAP, lenders
have available to them a proven financing
mechanism to meet the needs of financial
institutions and Illinois small businesses.
Office
of Minority Business Development
Assistance
Provides
Illinois minority entrepreneurs preparing
to start or expand a business with liaisons
to state government programs and resources.
Advocates work with individual companies
and professional associations to find
answers to the wide range of questions
that arise from business ownership.
- For
information call 800-252-2923.
Office
of Women's Business Development
Assistance
Works
with individual companies and women's
professional associations to help women
entrepreneurs tackle problems. Provides
information, referral and procurement
assistance and serves as an information
conduit to business resources throughout
the state. Through the ISBDCN, provides
educational workshops and professional
assistance.
- For
information call 312-814-4069.
Minority, Women and Disabled Participation
Loan Program
Loan
DCEO
works with banks and other conventional
lenders to provide financial assistance
to small businesses that will employ
Illinois workers. The state will participate
in loans up to 25 percent of the total
amount of a project, but not less than
$10,000 nor more than $750,000.
Surety
Bond Guaranty Program
Assistance
The
Surety Bond Guaranty Program provides
Illinois' small, minority and women
contractors with technical assistance
and outreach services, helps them receive
experience in the industry, and assists
them, through bond guaranties, in obtaining
bid, performance and payment bonds for
government, public utility and private
contracts.
- For
information call 217/524-0165.
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