Small businesses play a vital role in our communities. There are 32 million small businesses accounting for 44% of all U.S. economic activity. Moreover, of the new jobs created between 1995 and 2020, small businesses accounted for 62%—12.7 million compared to 7.9 million by large enterprises. However, only 2% of businesses with more than one employee are Black-owned and only 6% of such businesses are Latino-owned, even though Blacks and Latinos make up 12% and 18% of the U.S. population respectively, according to reports published by the U.S. Small Business Administration (SBA), the U.S. Federal Reserve, and U.S. Census.
While these statistics convey the prevalence of small businesses in our economy, they also reflect a stark inequity related to race and ethnicity which for far too long has negatively impacted communities of color.
For 30 years, SomerCor has been a leading, non-profit SBA lender serving as a catalyst for the entrepreneurial dream. It has helped more than 3,600 businesses in over 1,600 communities secure SBA financing, creating more than 42,500 jobs throughout Illinois. SomerCor’s lending and grant support, with a focus on inclusive and equitable investment, is pivotal in continuing our economic resilience, now more than ever, as talks of a recession loom.
Join us as we celebrate the 30-year anniversary of the purpose driven work the SomerCor team does to help our economy with SomerCor’s President & CEO, Manny Flores. Manny will share how $1.59 Billion in SomerCor loans and grants has helped transform the state’s small business ecosystem and his vision on how we can strengthen minority communities through entrepreneurship and small business expansion.
The Executives’ Club of Chicago Coffee & Connect Series is an exclusive opportunity for members to speak candidly with other Chicago business leaders in an intimate and interactive format. This Coffee & Connect session will be held in person at the location provided above. We encourage members to come ready to interact with other members of Exec Club and engage with the speaker in Q&A following the discussion.
Notice: Until further notice, the Executives’ Club of Chicago will require all attending Exec Club in-person events to be fully vaccinated and show proof of vaccination (either through electronic copy, photocopy or photo).