A recent study by Loyola University and the Chicagoland Chamber of Commerce found that 77% of small businesses in Illinois plan to expand in the next year. However, close to half (48%) of these owners cite business planning and two-thirds cite access to capital as their primary needs in order to expand. 

Local multifamily property owners and managers are an integral part of any neighborhood's small business community, and their ability to increase the quality and capacity of their services not only benefits their businesses but their tenants and the larger community.

Enter CIC's Community Business Academy (CBA), a collaborative initiative with Sunshine Enterprises. Through the CBA, established and aspiring real estate managers and investors are able to g row and strengthen their businesses. The CBA goes beyond the curriculum offered at CIC's longstanding Property Management Training. It focuses on organizational capacity building and financial planning, reducing barriers to business expansion for local owner-operators.

Launched in 2017, the CIC CBA includes twelve weeks of intensive education that covers topics such as personal finance and credit, competitive analyses and target markets, intellectual property, and marketing. Upon successful course completion, CBA graduates can receive one-on-one coaching with Sunshine Enterprises, and gain access to special incentives for CIC loans to help finance their next affordable rental projects.

Jack Markowski (left), CIC President, joins graduates of the Community Business Academy real estate cohort at a graduation and celebration on January 20, 2018 at the AKArama Foundation and Community Services Center.

In January, CIC and Sunshine Enterprises celebrated the most recent CBA graduates, a cohort of 28 real estate owners and investors. Among the graduates were Chandra and Davon Chomicki, owners of Dream Makers real estate development company. The Chomicki's own a number of two and three-flats in Chicago. They participated in CBA to develop a business growth plan and expand their professional network. 

CIC's Community Business Academy is made possible through the support of Wells Fargo's Diverse Community Capital Program.  Information on how to apply for the next real estate cohort will be available later this spring.

 

A nearly $800,000 rehab loan was approved to finance the complete renovation of a vacant and deteriorated 18-unit apartment building in Roseland. The total loan amount includes $88,000 in energy retrofit financing, and the building is intended to be used for veterans' supportive housing.

 

An emerging owner-developer was approved for $600,000 to renovate a three story, seven unit brick building. The developer will preserve and thoughtfully restore historical features in this Woodlawn apartment building.

 

A longtime resident and property owner in the Austin community was approved for $450,000 to purchase a well maintained and fully occupied 10 unit rental building. The buyer brings equity to the project from a cash out refinance of another CIC-financed loan on a property located just a few blocks away, enabling the borrower to expand his portfolio and further stabilize this area of southwest Austin.