In our final post 6/6 covering the AEO 2024 RECAP: Regionalism at the Federal Reserve Bank of Chicago, the convening for the Midwest region in the heart of the financial district of Chicago that took place on Wednesday 20th November 2024, concluded with a remarkable panel, including;
- Geri (Sanchez) Aglipay, former 2024 Region V Administrator, U.S. Small Business Administration
- Shelly Brown Senior Director at AON, and U.S. Army Veteran, management consultant and more recently, a Board of Trustees member at the William Woods University
- Leslie McGranahan, Senior Vice President and Director of Regional Research and Engagement at the Federal Reserve Bank of Chicago
FIRESIDE PANEL COMMENTARY OVERVIEW:
Geri (Sanchez) Aglipay, former 2024 Region V Administrator, U.S. Small Business Administration
Geri Sanchez Aglipay— former 2024 Region V Administrator of the U.S. Small Business Administration communicated that it was imperative for Artificial Intelligence to propel growth within small businesses aiming to break through the $1M revenue barrier, and that this growth could be delivered thanks to non-predatory small business SBA financing for business loans issued without fees on loans for one year.
THE ROLE OF CYBERSECURITY IN SMALL BUSINESS DEVELOPMENT
Geri Aglipay, the 2024 Region V Administrator of the U.S. Small Business Administration also indicated it was paramount that cyber security played its part in the growth of small businesses as it can be used to confront and harness technological development that in turn is destined to improve access and management of capital. Capital, Aglipay clarified should embrace three areas:
KNOWLEDGE, SOCIAL CAPITAL AND FINANCIAL CAPITAL.
Aglipay further expressed the need to celebrate the achievements of the Biden/ Harris administration that resulted in a 370% increase in loans distributed to small businesses, and a 51% acceleration in small business loans for the Latin American small business community. Additionally, the Biden Harris administration achieved improvements in business loan acceptance overall with an ameliorated uptake rate of over 35% for female heads of households, indicating that minority owned business owners create more diverse workforces.
CULTURE CHANGE IN THE ERA OF SBA GREEN FINANCING
Furthermore, Geri Sanchez Aglipay, the 2024 Region V Administrator, U.S. Small Business Administration insisted that there needed to be a focus on low-cost assistance in order to adequately re-invent the essence of small business in America. “The surge in starts ups of 20M is testament to the sheer confidence in the American economy over four years during the Biden/ Harris administration.” Aglipay encouraged stakeholders to explore genuine risk capital amongst start ups committed to developing a greener, sustainable, economy. Culture change and the impact of green financing on the economy, is an indicator to a shift in business priorities whilst the region’s support of corporate tax credits is thought to be a key enabler for small businesses with a strong desire to make a social impact.
Geri Sanchez Aglipay also praised the emerging partnership programs between the private sector, committed to using 200 plus small businesses to help them grow, together with additional partnerships with academia, HBCUs (Historically Black Colleges and Universities), and local government Mayors connected to local grassroot communities.
Non-profit organizations, and churches were also earmarked by Aglipay as areas to watch for collaborative partnerships.
FIRESIDE PANEL COMMENTARY OVERVIEW:
Shelly Brown Senior Director at AON, and U.S. Army Veteran, management consultant, Board of Trustees member at the William Woods University
Shelly Brown Senior Director at AON, and U.S. Army Veteran, management consultant and more recently, a Board of Trustees member at the William Woods University, expressed the need for state-led initiatives, strategic partnerships, grants, programs dedicated to advancing minority businesses, certifying businesses, and clarifying access requirements for Government contracts.
CHICAGO MSDC ECOSYSTEM BUILDS CONNECTIONS FOR KEY SUPPLY CHAINS
Shelly Brown explained that the Chicago MSDC ecosystem promises to increment connections for supply chains that build business resilience. With a focus on access to talent and understanding the role of risk management, MSDC (the Minority Supplier Development Council), aims to certify businesses via a capital readiness program that connects public sector stakeholders to 17,000 certified companies. So far, this initiative has delivered $360M of revenue for small business participants.
SHELLEY BROWN COMMANDS SMALL BUSINESSES TO “BE INTENTIONAL” AS “POWER IS IN COLLABORATIONS”
Brown further gave prominence to capacity building, corporate memberships, groundbreaking philanthropy programs, corporate partners, scholarships/ funds to create new initiatives, regulatory requirements, security clearance, risk adverse to debt reviews and the need to understand the principles of managing balance sheets.
The Shelley Brown message to small businesses was declared as, “Be intentional” as Brown questioned how often small business leaders actively review their Marketing Plan.
“Power is in collaborations” continued to feature as a prominent aspect of Brown’s keynote where financing programs, enablers of grant growth via CDFIs take center stage. “Keep it local,” Brown continued as he promised to unleash 23 regional affiliates, global relationships, and grant centers for discovery and development, alongside relationship-based corporations from the AEO business community.
HOW COULD SHELLEY BROWN’S STRATEGY TO “ADAPT TO SCALE” WORK IN PRACTICE?
Shelley Brown concluded that with a genuine push for “workforce solutions,” and championing the concept of “ADAPT TO SCALE,” education is the silver bullet, whilst long lasting Partnership programs generate meaningful jobs, apprenticeships, and work in rural communities, where environmental considerations and pipeline for talent can lead to small business entrepreneurship and growth.
FIRESIDE PANEL COMMENTARY OVERVIEW:
Leslie McGranahan, Senior Vice President and Director of Regional Research and Engagement, Federal Reserve Bank of Chicago
Leslie McGranahan, Senior Vice President and Director of Regional Research and Engagement at the Federal Reserve Bank of Chicago commentary is confidential, however we can share that McGranahan emphasized the pivotal shifts of the U.S. central bank’s priorities: “Regional economy equals an integrated economy,” she proclaimed.
DISCLAIMER 1. 2025 AEO PARTNERSHIP RECAP- Latestsale.com Federal Reserve Bank commentary is for informational purposes only and does not constitute any Federal Reserve Bank endorsement, advice or financial planning suggestions.
DISCLAIMER 2. 2025 AEO PARTNERSHIP RECAP- Latestsale.com commentary relating to the Federal Reserve Bank of Chicago. Thoughts and observations are our own. Federal Reserve Bank personnel’s shared views are not necessarily those of the Board of Governors of the Federal Reserve System.