The launch of the first AEO (Association for Enterprise Opportunity) Regional Councils convening for the Midwest region at the Federal Reserve Bank of Chicago on 20th November 2024 surged on with a stellar panel. Highlights included but were not limited to, thought leadership insights delivered by:
- Former 2024 Deputy Administrator Dilawar Syed, U.S. Small Business Administration
- Geri (Sanchez) Aglipay, former 2024 Region V Administrator, U.S. Small Business Administration
- Kristi Dula, Director, Illinois Department of Commerce & Economic Opportunity
- Dedrick Asante-Muhammad, President, Joint Center for Political and Economic Studies who was present to sign the MOU with President and CEO of the AEO, Natalie Madeira Cofield
- Veronica Maturino, Chief Executive Officer, ONABEN
- Mambu Sherman, Vice Presidentfor Global Philanthropy at JPMorgan Chase & Co
- 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
- Steven Anthony, Chairman of Anthony Global Holdings Inc., now also Senior Director for Economic Development for the City of Miami Beach
- Lenwood Long Sr., Chief Executive Officer of the African American Alliance of CDFI CEOs
- Aarti Kotak, 2024 Managing Director, Head of ESG and Social Impact at Ariel Alternatives
- Leslie McGranahan, Senior Vice President and Director of Regional Research and Engagement at the Federal Reserve Bank of Chicago and
- The Wisconsin Women’s Business Initiative Corporation (WWBIC) 2024 President/CVO (Chief Visionary Officer) Wendy Baumann
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The panel agreed that creating equitable capital, together with attracting major job creators to the state was essential as it is clear that work fosters innovation. The panel noted the introduction of innovation vouchers earmarked to grow, start and drive economic development within the region.
The APEX Accelerators initiative was also highlighted as a pivotal resource referred to improve and understand government contracts and procurement for small businesses. APEX Accelerators (formerly known as PTAC- Procurement Technical Assistance Centers) provide technical assistance to businesses interested in selling products or services to federal, state, and local governments.
ILLINOIS DEPARTMENT OF COMMERCE & ECONOMIC OPPORTUNITY: THOUGHT LEADERSHIP KEYNOTE OVERVIEW
Kristi Dula, Director, Illinois Department of Commerce & Economic Opportunity emphasized the traction generated from the “EDGE for START UP” program, that supported the state’s five-year economic plan across six sectors including life sciences, AI, quantum, Adtech, food processing and collaboration.
The “EDGE for START UP” program refers to Illinois’s Economic Development for a Growing Economy initiative (EDGE) that implements a tax credit program for startups, designed to encourage job creation and capital investment in the state. Companies that are newly formed, (10 years old or less), have no prior Illinois income tax liability, and plan to hire full-time employees are eligible to apply.
In summary, the EDGE for Startups (Illinois) program incorporates: A state-level tax credit initiative to assist with the acceleration of new businesses growth within that state of Illinois.
- Benefits to businesses incorporated for 10 years or less:
- Delivery of annual corporate income tax credits for new hires (full-time W2 employees) of up to a 50% tax credit and 25% for retained jobs).
- Within underserved regions, an additional 25% in savings can be delivered.
- EDGE also assigns enterprises incorporated for 10 years or less with a 10% credit allowance on new employee training costs.
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JPMorgan CHASE & Co: THOUGHT LEADERSHIP KEYNOTE OVERVIEW
Mambu Sherman, Vice President for Global Philanthropy at JPMorgan Chase & Co specified the significance of scaling businesses and implementing impact driven initiatives that attract more female business owners.
Sherman called for the “Power of collaboration,” indicating that mobilizing resources was paramount, especially in order to reach 50% of the African American population served by Southern regions who typically only receive 3% of philanthropic capital, leaving inadequate alternative funding options available such as, pay day loans, or high interest loans. Sherman concluded that more structure and emphasis needed to be assigned as follows:
CAPITAL
TALENT
TECHNOLOGY
ANTHONY GLOBAL HOLDINGS INC. KEYNOTE OVERVIEW
Steven Anthony Chairman of Anthony Global Holdings Inc., a self-confessed recovering banker takes wealth management, investment banking and access to capital to new levels. He ascribes to investing in minority women whose investment pipeline to date has been lacking and stresses the importance of:
VC FINANCIAL CAPITAL
KNOWLEDGE CAPITAL
SOCIAL CAPITAL
Networks for Black and Brown women are known to assist in impactful outcomes as is the need to develop Accelerator programs that scale up companies in emerging communities such as those within Kansas City, where VC capital is limited.
JOINT CENTER FOR POLITICAL AND ECONOMIC STUDIES (JOINT CENTER) KEYNOTE OVERVIEW
Dedrick Asante-Muhammad, President for Joint Center for Political and Economic Studies (Joint Center), pushed for more economic security for minorities whilst he signed the Memorandum Of Understanding (MOU) with AEO President and CEO, Natalie Madeira Cofield. Asset building, he declared was essential for small business empowerment and he emphasized the significant impact of:
STATE LEVEL REGULATION
INNOVATION
SUPPLIER DIVERSITY
BUILDING RESILIENCE
GROWTH OPPORTUNITIES WITH COLLABORATION ACROSS SECTORS
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