By supporting the CEC, we are making a strategic investment to continue cultivating entrepreneurship, innovation and small business growth, which will offer more people better jobs across the region.
— Jack Lavin | Director, Illinois Department of Commerce and Economic Opportunity
Recent Impact
In 2007, 28 existing companies successfully secured debt financing with the assistance of the CEC Bank Academy. Since 2003, the CEC has helped clients secure $14 million in debt financing.
It has often been said that money makes the world go around. Not surprisingly, financing a business in today's highly competitive and under-resourced business landscape can be one of the most challenging tasks an entrepreneur encounters. In fact, the process can be both agonizing for many and extremely labor intensive. So what's a small business owner to do when facing the ultimate Catch 22:
"I can't grow my business without spending money but how can I spend money if I can't grow my business?"
The Chicagoland Entrepreneurial Center's (CEC) Bank Academy was founded to simplify the financing process and help local businesses secure funding and, in turn, achieve profitability. By developing relationships with Chicago-area banks, the CEC has come to understand banks' needs and requirements. These relationships allow the CEC to provide insightful and effective advisory services to existing businesses in need of guidance.
The CEC continues to nurture the high-growth entrepreneurial businesses in Chicago that will continue to foster our reputation as a world-class city.
— Michael Ferro, Jr. | Chairman & CEO, Merrick Ventures, LLC
Our clients are provided counsel regarding banking requirements, operations, and even about how bankers think, thereby giving them the confidence to obtain the financing they need.
There are four aspects to the program:
One-on-one consulting on financial modeling and projections, capitalization structure, and general financing needs
Preparation of financing packages
Personal introductions to Chicago-area banks and financing institutions
Specialized banking seminars co-hosted with Chicago-area banks
