Business Risk-Taking In Low Income Areas 101

Seek out municipal resources; hire locally; work with community leaders to avoid opposition--and other tips featured in a 'how to' guide for risk-taking business entreprenuers in Chicago.
August 29, 2003, 6am PDT | Connie Chung
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"Neighborhoods struggling with reputations for crime and urban blight are attracting a new breed of risk-taking entrepreneurs. They are drawn by low overheads, underserved markets and the prospect of hitting a neighborhood right before it takes off....Other entrepreneurs may not be as lucky. The process of establishing a business in a changing neighborhood is risky....Banks can be equally leery of depressed neighborhoods and may be reluctant to lend to a business interested in locating there." Economic development programs in Chicago, including the green city initiative, tax increment financing districts, empowerment zones and industrial corridor programs, are suggested as resources for business entreprenuers seeking ways to reduce risk.

Thanks to Connie Chung

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Published on Tuesday, August 26, 2003 in The Chicago Tribune
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