City Marks Milestone For Chicago Microlending Institute
CHICAGO (CBS) -- A city-run lending program for small businesses in Chicago is celebrating a milestone: it has made 250 loans.
Laine's Bake Shop has the distinction of being the 250th recipient from the Chicago Microlending Institute.
Owner Rachel Bernier-Green says in addition to the funding, she has received support through the program. That helped her create packaging and a marketing plan that enabled her to win contracts with big companies like Starbucks and Whole Foods.
Mayor Emanuel says he wanted to bring the idea to Chicago since he learned during the Clinton administration that the federal government was facilitating loans in underserved parts of the world.
The mayor says in four years, the program has helped preserve or create one thousand jobs.
90 percent of the loans made through the CMI have been to women or minority entrepreneurs, the mayor says.
$2.6 million has been distributed through the institute's three partners, the Women's Business Development Center, Chicago Neighborhood Initiatives and Accion.
Loans are typically $500 to $25,000.
The announcement was made at the Pullman Cafe, which opened in October after receiving a $12,000 loan through the program.