Neighborhood Business Job Development
Chicago Neighborhood Business Job Creation Program.
Rather than provide the customary tax break incentives to Fortune 100 companies in an attempt to convince them to relocate their headquarters in Chicago, we should focus on the assistance and development of local Chicago businesses.
The City of Chicago should implement a series of Public-Private Partnerships to effectuate 1,000 Business Development Grants of $1 Million Dollars each.
Funding: We could utilize $1 Billion dollars of the City of Chicago’s remaining $7.6 Billion Dollar 2017-2022 Capital Improvement Program. This is possible because planning for Capital Improvements is an ongoing process. The Mayor and City Council may adjust priorities as the City's infrastructure ages and its needs change.
Process: Over a period of four years, the City of Chicago Department of Planning and Development should identify 1,000 reputable, small to medium sized Chicago based businesses, which are industry and geographically diverse, and pre-qualify each of them for a $1 million dollar jobs creation grant.
Oversight: There shall be strict administration of this grant program. The disbursement of funds will be periodic and tied to the attainment of standardized benchmarks. Monitors would ensure strict compliance with all established guidelines.
Benefit: Overall, this initiative would result in a total of 50,000 permanent private sector jobs.
Goal: To help these Chicago businesses grow; introduce their products, good and services into the national and global stream of commerce; increase production, and create 50 sustainable jobs per company.