Lenders support $17 million Chicago preschool project

Business leaders say making an investment in early childhood education in Chicago will result in the reduced cost of future education programs.

Chicago Mayor Rahm Emanuel on Tuesday announced $17 million in funding from several corporations for a Chicago Public Schools pre-kindergarten program. The mayor's office says pre-kindergarten education will be provided to 2,620 students over the life of the project, starting with 374 students this school year.

The lenders to the program include the Goldman Sachs Social Impact Fund, Northern Trust and the J.B. and M.K. Pritzker Family Foundation.

Northern Trust CEO Frederick H. Waddell said he has long believed investing upfront in needed services can save money down the road. He says the new effort will demonstrate that.

The program will launch at six schools scattered across Chicago.