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Chicago Mayor's Office announces new business initiatives
Published on 03/16/2021

The Office of Chicago Mayor Lori E. Lightfoot, seeking to support diverse businesses in Chicago, has announced three new business initiatives with the goal of further leveling the playing field for City contracting. These three initiatives are the City of Chicago Vendor Impact Fund, the Prompt Payment Working Group, and an Executive Order issued by Mayor Lightfoot which enhances data collection and reporting on City spending.

The City of Chicago Vendor Impact Fund is a $25 million fund which gives preferential access to SBA Paycheck Protection Program (PPP) and SBA 7(a) loans for Minority-Owned Business Enterprises (MBE), Women-Owned Business Enterprises (WBE), Business Enterprises Owned by People with Disabilities (BEPD) and Veteran-Owned Business Enterprises (VBE). The Fund is also supported by a program of technical assistance for firms going through it to help them understand application and loan forgiveness procedures.

The Prompt Payment Working Group includes a core group of infrastructure departments within the City which will confer on how to better ensure that contractors get paid for work done for the City in a timely manner. Potential reforms the Working Group will look at include upfront and alternative payment options, better internal tracking and monitoring for payment systems, and improved analysis of potential bottlenecks in the payment process.

The Executive Order issued by Mayor Lightfoot requires enhanced reporting on spending with local certified firms and firms certified by business diversity programs. Prime contractors will be required to submit a greater amount of data (such as projected vs. actual usage of diverse firms) not only when bidding on projects with certified business goals, but throughout the life of a project with certified business utilization goals.

"By creating a more equitable environment to do business with the City of Chicago, we are better helping our communities and delivering resources to our residents and entrepreneurs who rely on City services every day," said Mayor Lightfoot in a statement.

Read the press release from the Mayor's Office at https://www.chicago.gov/city/en/depts/dps/provdrs/events/news/2021/march/Mayor_TranformativeBizInitiatives_031021.html.

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