MEDILL NEWS SERVICE



BUSNCOMP



The suburbs, traditionally, are the playgrounds of large retail outfits and chain stores. 

Within the borders of Chicago, however, and despite the debate over Big Box stores, small businesses fuel the economy.

The City Treasurer's office has the numbers to prove it: 92 percent of all business licenses are handed out to small businesses. In addition, small businesses account for at least 60 percent and as much as 80 percent of the city's new jobs annually. 

City Treasurer Stephanie D. Neely said, "Small businesses add vibrancy to our communities." 

Neely should know. She hails from a family of entrepreneurs who owned and operated gas stations on Chicago's South Side. 

As part of her tenure as treasurer since being appointed in 2006, Neely has fostered several programs designed to assist small business owners, including a linked deposit program, which encourages financial institutions to offer loans to independent businesses.

While a handful of local organizations, such as the Jane Addams Hull House, offer informational workshops and mentoring programs to people interested in launching an independent business, many entrepreneurs struggle to find the necessary resources and guidance to transform their ideas into realities. 

From now until June 6, entrepreneurs can submit a business plan as part of an annual competition sponsored by the treasurer's office and Harris Bank. 

Last year's competition attracted 1,500 entrepreneurs to submit plans for start-up businesses or expansions of existing businesses. 

This year, the treasurer's office hopes to draw more than 1,700 competitors intent on contributing to Chicago's local flavor. 

The winners of the competition will split $10,000 in cash prizes, and all finalists will receive invaluable mentoring sessions with a local business expert. 

In addition to the free workshops scheduled for May 9, 17 and 24 and geared at educating people about how to write a successful business plan, the treasurer's office will also sponsor the Small Business Expo on Aug. 3. 

The event will include 175 business exhibitions, free workshops and lunch. 

"The competition and the expo are important steps in delivering relevant education to future business owners," said Mike Lewis, executive vice president of Harris Bank and president of its city region. "Financial literacy is critical to starting a business."

In the first round of the competition, entrepreneurs submit a business plan that includes an executive summary, organizational strategy, marketing plan and finance and accounting statements. 

Once the field is narrowed to a pool of semifinalists, entrepreneurs will deliver oral presentations to a panel of judges on July 30. 

Winners in two categories -- exisiting business and start-up business -- are then announced at the expo.

"Business plans are the blueprints of your business," said Anita Hollins, co-president of Chicago Community Ventures, a non-profit organization that manages the competition. 

"Just like a good recipe makes a good meal," she said, "a good business plan can make you competitive in business."    

  ------------------ RELATED LINKS ------------------ ------ Title: For more information about the competition and expo, visit the City Treasurer's website. URL: http://www.chicagocitytreasurer.com/ ------ ------------------ Sidebar(s) ------------------ ------ Headline: Who is eligible for the competition Body:

-- Any business with annual revenue of no more than $2 million qualifies as a small business for the purposes of the competition.

-- Liquor stores, tobacco production companies and gambling ventures are not eligible to compete.

-- Only teams of three people or fewer are eligible to win.

-- And, of course, the company's headquarters have to be located in Chicago. ------

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