CHICAGO (WBBM NEWSRADIO) -- The City of Chicago is awarding $10 million to more than two dozen entrepreneurs on the South and West sides, as part of the latest round of Neighborhood Opportunity funding. A Greater Grand Crossing shared kitchen, a Calumet Heights dance studio, and a Humboldt Park juice bar are among the finalists.
"When we are purposeful about investing in the lives of our residents, our entire city thrives," said Mayor Lightfoot, in a statement. "Through this newest cohort of NOF finalists, we will not only be able to help more of our creatives and entrepreneurs from underrepresented backgrounds gain the resources they need to make their dreams a reality, but also bring new socioeconomic catalysts to some of our most underserved communities. I want to congratulate each and every one of our 27 finalists and am beyond excited to see ground being broken and ribbons being cut to each of their projects in the coming months."
There was a celebration outside the DuSable Museum, fueled by music from the Chicago Soul Review and welcomed by 20th Ward Alderwoman Jeanette Taylor.
"I need for us to realize that small businesses are what make our community happen," she said. "So the Neighborhood Opportunity Fund is something great."
Maurice Cox, Chicago’s Commissioner of Planning and Development, said the grants—ranging from as little as $49,000 to more than $1.5 million, are for 27 businesses chosen by an evaluation committee. The money comes from fees paid by downtown developers.
"These grants are an unapologetic effort of the city to level the playing field by redistributing wealth generated at the center of our city to the South, the Southwest, and the West sides," He said.
Cox said most of the recipients are in the commercial corridors, also participating in Mayor Lightfoot’s Invest South/West initiative. The majority are people of color. Eighteen are food-related, four are retail-oriented, four provide services, and one is a cultural entity; and Cox celebrated all of them.
"We are here to celebrate your business...your creativity and the knowledge that our 27 determined entrepreneurs can bring to neighborhoods that need them the most," he said.
And the businesses hope to bring more life to the neighborhoods.
Trey Pugh, the owner of the Sip and Savor Coffee shops, was an earlier NOF grant recipient. He said he’s willing to help the new entrepreneurs.
"You are on a journey now. Hopefully you will hire within the community. You will set up a barrier where people can come and get a great product and a great service from what you provide," Pugh said.
But he asked them not to fret about making money. Make a difference, he said. Then the money will come.
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