Is Chicago inclusive for entrepreneurs?
- By Andrea Carron
- | With Adam Engle,
- Director
- from Fund for Equitable Business Growth
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Bridge Talks is a brand new platform amplifying the voices of silent heroes from the public or private world dedicated to fostering positive impact. At Bridge for Billions we work hand in hand with actors worldwide to help tackle and solve communities’ most pressing issues, improving lives of people and society. All this, through entrepreneurship support.
Today, we fly to Chicago to meet Adam Engle. He shares insights about his work at the Fund for Equitable Business Growth, a multi-funded entity housed at the Chicago Community Trust focusing on strengthening the ecosystem of support for Black and Latinx entrepreneurs in the city.
Why was the Fund established
Engle traces the Fund’s origins to a 2019 assessment conducted by the Chicago Community Trust and other funders, which revealed a fragmented small business landscape lacking coordination. Unfortunately, this is something very common that happens in several ecosystems around the world.
Also, when it comes to underserved entrepreneurs, we often realize that small businesses don’t have equitable access to funding opportunities or support services. Access is still largely determined by a business owner’s personal networks and ability to navigate a fragmented and often confusing landscape.
In response to this gaps, the Fund for Equitable Business Growth was established to foster collaboration among business service organizations (BSOs) and address the challenges faced by entrepreneurs of color.
The mission of The Fund for Equitable Business Growth (FEBG) is to help entrepreneurs of color succeed by funding organizations and institutions that support these entrepreneurs at every step of creating and growing their businesses.
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BSOs are key
The Fund distinguishes itself by supporting collaborations with Business Service Organizations rather than individual ones. This unique approach encourages efficiency, capacity building, and trust among entities that may not have previously worked together.
It’s interesting how Engle emphasizes the importance of fostering a tighter network of support among these organizations, highlighting the evolution from focusing solely on BSOs to encouraging collaborations among them. We also encourage you to listen to this story, reflecting on the positive example of collaborative approaches and learning more about the main challenges that need to be solved for a perfectly efficient support system.
Because social innovation always leads to positive change, we believe that the world deserves to learn more about organizations and programs catalyzing real change. If you are actively involved in Innovation, CSR, or entrepreneurship support, we’ll be happy to hear more about your valuable experiences and ideas to become catalyst for positive change. Create your own Bridge Talk and share your story with the community (or, if you’d like, you can meet Andy from Bridge for Billions – she’s always happy to connect!)
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- Venture for America
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