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.
"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
Read the full story: Seeking high payback in low-income areas
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City of Thousand Oaks
City of Wisconsin Rapids
Harvard University Graduate School of Design
The Architects Foundation
University of Cincinnati Online
Northern Illinois Transit Authority (NITA)
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello