Lisa Marsh became an “accidental entrepreneur” 10 years ago, starting Ms. P’s Gluten Free snacks after discovering her gluten allergy. As a Black woman and first-time entrepreneur, Lisa applied for loans and grants to keep her business growing — resources that are becoming increasingly harder to secure.
Entrepreneurs like Lisa often build in communities with insufficient resources. Their success sparks ripple effects: jobs, culturally relevant goods, safer neighborhoods and stronger local economies. But access to capital remains a stubborn barrier. In this unpredictable economy, we must ask: How do we “recession-proof” our local business owners?
At the YWCA of Metropolitan Chicago, our Breedlove Entrepreneurship Center and Accelerator program helps people like Lisa unleash their potential. A recent YWCA poll found entrepreneurs are facing rising import costs, supply chain disruptions and fears of losing new customers — a lifeline for growth.
These pressures weigh heaviest on the South and West sides, where financial networks and safety nets are thinner. In 2020, white-owned businesses were two to three times more likely to receive full financing than Black- and Hispanic-owned businesses, who were often denied altogether.
As federal funding shifts, Chicagoans can help support small entrepreneurs by shopping local. Chatham Business Associations’ Chatham Bucks encourages pouring residents’ dollars back into the neighborhood. Similiarly, Bronzeville Summer Nights shines a light on neighborhood businesses through the theme of “community, culture and commerce.” Programs like these should be expanded throughout the city.
Still, individuals can’t close capital gaps alone. Chicago’s community development financial institutions fund projects big banks overlook, and they deserve deeper investment from philanthropy and corporations. The YWCA is also testing a partnership with the Field Foundation-powered Half Step, which helps entrepreneurs collateralize loans, unlock faster approvals and secure better rates. Early results show promise for South and West side businesses often shut out of credit.
Corporations have a role beyond philanthropy. William Blair, for instance, created a Capital Collective Fund powered by employee contributions. That support helped launch the Breedlove Entrepreneurship Fund, providing microcapital to accelerator participants and alumni.
Government programs like the Neighborhood Opportunity Fund and Community Development Grants are powerful — but structured in ways that often exclude early stage entrepreneurs, since reimbursement models require up-front capital. A grant structure with early disbursements could change that.
Let’s make it easier for the next Lisa Marsh to launch her dream. If we want a more thriving economy for small businesses, it starts right here, with us.
Nicole Robinson, CEO, YWCA of Metropolitan Chicago
Get ball rolling for more soccer coverage
The fan base for Major League Soccer is growing dramatically nationwide, and I am wondering why the Chicago Fire is not really included or featured as much as our other Chicago teams? I would love to read about their games and stats in the newspaper.
Nubia Uriostegui, Westchester
More heartwarming stories, please
Please publish more letters like the one reader Ed Cohen sent from California about looking for Roy White, who saved Cohen in a fire when they were boys living in Stone Park. We all need warmer hearts in these sad times.
Maybe every Sunday you could brighten our day with a small gift of compassionate humanity. We could all use it.
Sandra Minor, McHenry