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PROPOSED RESOLUTION
A RESOLUTION REGARDING THE COOK COUNTY SMALL BUSINESS SOURCE - FY2027 BUSINESS SUPPORT ORGANIZATION, REFERRAL PARTNER, AND COMMUNITY FINANCIAL INSTITUTION AUTHORIZATIONS
WHEREAS, the Cook County Bureau of Economic Development (BED) advances its mission to enhance quality of life through equitable community and economic development, including initiatives designed to strengthen and support small businesses; and
WHEREAS, to better understand the needs of local entrepreneurs, Cook County assessed the small suburban business ecosystem in 2019-2020 and found the need for a coordinated and connected network of Business Support Organizations (BSOs); and
WHEREAS, The Source - Cook County’s flagship small business support program - was established in 2021 to address gaps in the small business ecosystem, expand access to high-quality advising and resources, strengthen the small business support network particularly in suburban Cook County, and promote business resilience, growth, and economic mobility; and
WHEREAS, since 2022, The Source has served more than 36,000 small businesses through direct assistance, maintains a 42 percent repeat-client rate reflecting sustained demand and trust, delivers effective and consistent marketing and outreach that has reached more than 161,000 businesses; and
WHEREAS, The Source’s client base consistently includes 79% micro-businesses (businesses with less than 10 employees), 82% of businesses owned by People of Color, and 60% identify as women owned; and
WHEREAS, The Source continues to receive strong client feedback confirming positive business outcomes; and
WHEREAS, recently The Fund for Equitable Business Growth released its 2026 Chicagoland Small Business Ecosystem Reassessment reports that there are approximately 687,000 small businesses in Cook County, supporting over one million jobs, and that are part of the local economy generating approximately $958 billion in revenue across all businesses; an...
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