CLC assists initiative for minority-owned small businesses

 
Updated 11/24/2021 2:33 PM

GRAYSLAKE -- The Lake County Community Foundation has launched the Small Business Growth Initiative, a new program to support small businesses owned by people of color within priority communities in Lake County.

The Illinois Small Business Development and International Trade Center at the college is playing a key role in the pilot program. For the pilot, the foundation has partnered with Drip & Culture, a socially minded coffee and apparel brand located in Waukegan.

 

The initiative is part of foundation's ongoing work to address racial wealth disparity and contribute to positive social and economic change in Lake County.

The small business and trade center will provide technical assistance to businesses based on the results of a growth assessment and pairs the business owners with subject matter experts in areas identified for growth. The center also is working to create collaborative spaces for peer-to-peer support and mentorship between small business owners in Lake County.

"Failure rates for small businesses over a 10-year period is approximately 66%," said Mitch Bienvenue, SBDC/ITC manager. "Small businesses have access to a variety of resources to support their success, and your local SBDC is one of those resources."

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