SBAC Empowerment Foundation

So many neighborhoods in the greater Chicago area face serious economic challenges. These areas suffer from a lack of jobs, business resources, and growth opportunities. Helping small businesses start, grow, and flourish can be a game changer in a struggling neighborhood. Because so many small businesses do not survive (only 48.8% of new businesses survive for five years and only 33.6% survive for ten years[1]), it is vital to promote the success of small businesses in these disadvantaged neighborhoods. We believe that a mentor can make the difference between success and failure during the critical beginning years of a business.

SBAC Empower aims to assist more entrepreneurs, helping to promote not only the success of these new business owners but also the revitalization and growth of the entire community.

OUR GOALS
1. Impact 100,000 entrepreneurs and small business owners in economically-challenged communities by 12/31/2030.
2. Establish 75 ongoing mentor-mentee relationships in our targeted communities by the end of 2022.
3. Have 100 ongoing mentor-mentee relationships in our targeted communities by the end of 2023.
4. Create partnerships with 9 additional community organizations in our targeted communities to bring our total to 20 by the end of 2023.

Mentor and Speed Coaching Program to assist entrepreneurs and small business owners - specifically targeted to those in economically-challenged areas.

Partnering with local business chambers
SBAC affiliation
SBAC Empower Resource Portal

SBAC Empower MENTOR PROGRAM IMPACT:
SBAC Empower provides education, support, and resources to entrepreneurs and small business owners in economically challenged neighborhoods or those from disadvantaged circumstances including minorities, women, veterans, unemployed individuals, or those with limited financial means. Some of the 11 communities we have helped thus far include Greater Englewood, North Lawndale, South Shore, Cook County Jail, Bronzeville, Logan Square, Greater Roseland, Woodlawn and more.
-80% of the businesses we assist are in the critical initial phase of their business with a business life starting between 1-4 years.
-2/3 of those businesses have only 1-4 employees (not including themselves) while the other 1/3 are operating solo.
-Proving that our mentors really care, 53% of our Mentee/Mentor relationships continue past the 1-year commitment.

At SBAC Empower, we strive for a high range of diversity among our mentors so several different viewpoints are considered and - most importantly - welcomed.
· Our mentors are diversely Male (57%) and Female (43%), with none identifying as any other gender
· The racial makeup of our mentors is White (86%), Black/African-American (14%), and Asian American
· Some of our mentors, as of collection, identify as part of the LGBTQ+ Community

SBAC Empower WORKSHOP/EDUCATION IMPACT:
Over the span of 2022, SBAC Empower has hosted or participated in a total of 11 workshops in at least 5 different Chicago communities. This networking and outreach has allowed Empower to interact with several local (in respect to the host neighborhood) chambers, small businesses, and prospective sponsors/donors. Due to the quality of the workshops held this year (2022), several sponsors have reached out to grant or granted us funds for this year or next (2023)
Our workshops have allotted us:
· 6 additional chambers have been partnered with in 2022 for a total of 11 to date
· 11 workshops were hosted in 2022
· 118 Attendees at 2022 educational workshops and webinars
· 163 YouTube resource views on webinars alone
· $10000 of grants and/or corporate sponsors secured for 2023 due to workshops
· Produced 18 new participants in the SBAC Empower Mentoring Program