Our Work

FEBG is a funding collaborative that brings together philanthropic institutions as a single entity to provide funding to the entire ecosystem supporting entrepreneurs of color in the Chicago region. Acting as a single funding entity, FEBG can:

 

  • Identify opportunities to uncover gaps in the small business ecosystem and focus our funding
  • Create a strategy for grant making to provide needed support
  • Mobilize the combined resources of the funding partners to have a more significant impact than any one funder can have individually

By bringing philanthropic institutions together, we can have a more significant impact.

By bringing philanthropic institutions together, we can have a more significant impact.

    What makes up the ecosystem supporting entrepreneurs of color?

    BSO Programs

    Business Service Organizations (BSOs) offer technical support to entrepreneurs at all phases of their business life cycles. Support often comes in the form of classroom sessions, one-on-one counseling, and mentoring. That can include basic financial skills and financial statement creation, bookkeeping, marketing, IT training, scaling a business, and others.

    Innovative Capital Providers

    Innovative Capital Providers, which includes BSOs that offer capital products, venture capital, and private equity, provide non-traditional forms of funding to help entrepreneurs access needed capital to run and grow their businesses. That includes revenue-based financing.

    Worker Co-Ops

    Worker cooperatives are a business ownership alternative. They offer collaborative ownership and allow workers to participate in a business’s profits, oversight, and often management using democratic practices.

    Data Collection Platforms

    To continue improving their services, BSOs need to gather new data continuously. That is where data collection platforms come in. They collect business-level information to help BSOs provide more tailored support to entrepreneurs and ecosystem-wide data and analysis to help FEBG and its Funders to make strategic decisions.

    Ecosystem Designers

    Ecosystem Designers are entities that provide the research necessary to recognize gaps in the small business ecosystem and identify efficient systems to fill those gaps. They create structures that allow for the easy and efficient flow of information and resources.

    How does our funding make its way to entrepreneurs?

    Collaboration leads to a more inclusive economy

    FEBG grants to organizations that support entrepreneurs of color in Chicago will result in:

     

    • Increased business profits and business owner wealth
    • Neighborhood economic development and local employment
    • Healthier and safer neighborhoods
    • An economy where all entrepreneurs have equitable access to business opportunities and resources
    • More effectively assisting an expanding number of aspiring, emerging, and established business owners to operate their businesses successfully

    We have a comprehensive strategy focused on the long-term success of entrepreneurs of color.

    We have a comprehensive strategy focused on the long-term success of entrepreneurs of color.

      Our Funding Strategy

      The FEBG’s Fund Advisory Group adopted a comprehensive strategy to achieve its goals. That included creating six strategic priorities focused on understanding the needs of entrepreneurs of color and getting them the money and resources they need to support their long-term success.

      BSO Collective Impact Initiative

      BSOs partnering with one another to enhance coordinated and relevant service delivery

      Innovative Capital Products

      Identify opportunities and explore ways to connect BSOs to capital providers offering non-traditional forms of funding for entrepreneurs

      Inclusive Business Practices

      Implementing and structuring cooperative models that allow for the growth of small businesses and creation of inclusive, living wage jobs

      Data Capacity

      A set of tools and resources to increase the capacity of BSOs to integrate data insights into their service delivery models

      Ecosystem Building

      The coordination of all business stakeholders in the ecosystem for the advancement of entrepreneurship strategy in the Chicago market

      BSO Collective Impact Initiative

      BSOs partnering with one another to enhance coordinated and relevant service delivery

      Innovative Capital Products

      A pool to pilot new equity and debt-based capital

      Inclusive Business Practices

      Implementing and structuring cooperative models that allow for the growth of small businesses and creation of inclusive, living wage jobs

      Data Capacity

      A set of tools and resources to increase the capacity of BSOs to integrate data insights into their service delivery models

      Ecosystem Building

      The coordination of all business stakeholders in the ecosystem for the advancement of entrepreneurship strategy in the Chicago market