Based upon our analysis, we know that it will take at least 63,000 residents employed in skilled jobs making $36,000/year to move the West Side from poverty to low income. This reflects the work that must be done to reduce poverty at the individual and family level. Over ten years, this work is projected to generate about $1.2 billion in new annual wage income for the West Side.
Utilizing projections about job turn-over and retention, we believe that 116,000 job opportunities will need to be filled by trained and qualified West Side residents in the next decade to produce a steady state increase of 63,000 people employed in skilled jobs. Of these, 27,000 jobs will be for those who are currently unemployed — or newly employed jobs — and 36,000 will be for incumbent workers who upgrade their skills to move from a low wage job to a skilled job making at least $17.32/hour.
West Side residents must be prepared for jobs in the industry areas that are accessible, promise both job growth over the next decade and that pay a median wage that allows them to move out of poverty. Based upon our analysis, these industry areas include:
• Bookkeeping & Accounting Clerks
• Health Technologists & Technicians
• Entrepreneurial Business Start-Ups
• Construction Trade Workers
• Computer specialists
Advanced Manufacturing Training Program
With its rich manufacturing history, West Side Chicago neighborhoods already have the prime infrastructure to take advantage of recent advances in American manufacturing. There are an estimated 200 manufacturers near Bethel’s service area that produce annual sales of around $1.5 billion and employ a workforce of nearly 9,000.
Across the Chicago region as well as on the West Side there is a growing demand from manufacturers for applicants with computerized numerical control credentials. American manufacturing has become much more advanced and computerized. Persons with skills to operate high-tech machines are in demand. Careers in Advanced Manufacturing can be financially rewarding for the employee that the communities where these businesses exist and where employees live. If more West Side residents acquired Advanced Manufacturing jobs, they could generate a tremendous positive economic impact on the entire area. Learn more about Bethel’s Advanced Manufacturing Training Program.
Illinois Small Business Development Center
New Life Community Investments
Do you need low-interest funds to start or expand a business or non-profit?
Through New Life Community Investments, Bethel provides low-interest loans and makes program-related investments (PRIs) to businesses and non-profits that are located in, and provide products or services to, a low-income community in Cook County, primarily on the West Side of Chicago.
Funds can be used for:
• Start-up capital
• Operations and expansion capital
• Purchasing furniture or equipment
• Increasing inventory
• Renovating space
• Constructing an addition to a building
• And more
For years, Bethel has helped local businesses grow and create new jobs, even in a recession, thanks toNew Life Community Investments. Through leveraging its investments, New Life Community Investments has made $9.9 million of investments on the West Side of Chicago since 2005.
New Business Incubation
In our efforts to generate new and sustainable businesses for Chicago’s West Side, Bethel provides direct support to up to five new businesses each six-month period. These businesses receive office/operating space at well below market-value rates, support from Bethel’s business counselors within our Small Business Development Center, and access to NBI-only seminars and activities. The goal of the program is to provide the greatest likelihood of success for the launch and sustainability of these businesses.
If you have any questions on New Business Incubation, please contact email@example.com or 773-473-7870 x136.
Business incubators are organizations geared toward speeding up the growth and success of startup and early stage companies. Incubators vary in their strategies. Some are located in an actual physical space meant to foster networking among entrepreneurs and their coaches. Others operate on a virtual basis. Bethel combines the best aspects of both models to service early stage businesses on the West Side.
Through this New Business Incubation program, Bethel provides direct support to up to five new businesses each six month period. These businesses receive office/operating space at well below market-value rates, support from Bethel’s business counselors within our Small Business Development Center, and access to specialized seminars and activities. The goal of the program is to provide the greatest likelihood of success for the launch and sustainability of these businesses.
Click on the links below to read profiles on some of our incubator participants:
Miki Riley – Accessories Me
Marshawn Feltus – ACT Yoga