Entrepreneurs in Chicago may have a reason to smile thanks to a new online lending portal.
Black Enterprise reports that Chicago City Treasurer Kurt Summers is working with lenders to assist small business owners with financing their professional ventures.
Small Business Majority, Fundera and Accion have developed SimpleGrowth, an online lending marketplace. The first of its kind online financial resource platform allows Black entrepreneurs in the city to connect will lenders with the click of a button.
The portal is created with small business owners in mind. It is meant to provide them affordable financing and business assistance without them being bombarded with lots of paperwork and applications.
Business owners can apply for as little as $500 in loans to $500,000 at various rates, according to reports. Accion, Local Initiatives Support Corporation Small Business and the Women’s Business Development Center are among the financial institutions that will provide financing in the city via the portal.
Currently, there are 230,000 small businesses in Chicago, with a large chunk owned and ran by African-Americans.
Visit, www.simplegrowth.biz for more information.