The Together Fund for Local Businesses

The Chicago Community Trust (CCT) has issued a Request for Proposals (RFP) titled "Together Fund (Local Business) – We Rise Together." This funding opportunity aims to support strategic approaches that strengthen local enterprises, particularly in historically underserved, low-income neighborhoods across the Chicago area. The initiative focuses on fostering a resilient economic foundation and aiding in the recovery from the economic challenges posed by the COVID-19 pandemic. This grant is designed to bolster mid-stage businesses and worker-owned cooperatives (co-ops), with the ultimate goal of promoting equitable economic recovery in communities hardest hit by the pandemic.

The RFP is part of the broader "We Rise Together: For an Equitable & Just Recovery" coalition, which consists of both public and private funders working alongside communities to accelerate equity in the region’s economic recovery. The coalition’s focus is on communities that are predominantly Black and Latine, which have been disproportionately affected by the COVID-19 recession. The overall aim is to catalyze economic growth and provide support to those most in need.

The grant will support nonprofits working with businesses to improve their capacity to scale, increase revenue, and invest in key initiatives such as acquiring commercial spaces, upgrading facilities, or adopting advanced tools. This funding is intended to provide not only financial support but also technical assistance to businesses facing challenges in growth, access to capital, and infrastructure. Worker-owned cooperatives are also a key focus, as these organizations offer a model of shared ownership and wealth-building for employees, particularly in traditionally underfunded industries like retail, manufacturing, and trucking.

The goals of the program are to create stable job opportunities, increase local spending, and enhance economic resilience in low-income neighborhoods. Projects should aim to build long-term economic stability through the growth of businesses, promote shared wealth-building, and empower communities. The funding will also support initiatives that improve financial literacy, increase access to capital, and strengthen business management practices. Key outcomes to be measured include the creation or maintenance of full-time jobs with family-sustaining wages, improved operational resilience, and the ability of businesses to effectively scale and increase their community impact.

Priority strategies include providing technical assistance and capital to mid-stage businesses poised for growth and offering targeted support for worker-owned co-ops. Successful proposals will be those that not only meet the immediate needs of these businesses but also contribute to the region’s long-term economic resilience. Activities could range from leadership development, financial planning, and marketing strategies to infrastructure support and education campaigns on cooperative business models.

Applications are due by March 13, 2025, with a decision on funding expected by August 21, 2025. Applicants are encouraged to demonstrate how their proposals contribute to the mission of equitable recovery, with a strong preference for innovative and community-centered approaches. An information session will be held on February 5, 2025, for those seeking further clarification.