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4 | CITIZEN | South End | Week of May 15, 2019

BUSINESS Chicago Booth Professor Anil Kashyap reappointed to BoE’s Financial Policy Committee

Governor Pritzker Announces New Funding for Capital and Infrastructure Program to Support Growth of Minority-Owned Businesses

University of Chicago Booth School of Business Professor Anil Kashyap has been reappointed by UK Chancellor of the Exchequer Philip Hammond as an external member of the Financial Policy Committee (FPC) at the Bank of England. This is Kashyap’s second term. The three-year term will begin on Oct. 1, 2019. His first term ends Sept. 30, 2019. The FPC was created in the wake of the banking crises by the Financial Services Act of 2012 to protect and enhance the stability of the UK’s financial system by identifying, monitoring and addressing systemic risks. Mark Carney, Governor of the Bank of England, said, “I look forward to the FPC benefiting further from Anil’s insights from academia, creative thinking and willingness to challenge and to sharpen our communications.” Kashyap is the Edward Eagle Brown Professor of Economics and Finance at Chicago Booth, where he teaches classes on central banking and financial crises. His research focuses on monetary policy, financial intermediation and regulation, and business cycles. Prior to joining the Chicago Booth faculty in 1991, Kashyap spent three years as an economist for the

The Department of Commerce and Economic Opportunity’s Office of Minority Economic Empowerment is posting two Notification of Funding Opportunities for a total of $15 million to provide minority-owned businesses with resources to help create jobs, build capacity, increase revenues, and expand regionally. The announcement marks the first time the program has been funded. “My administration is committed to expanding opportunities for minority-owned businesses, especially as an important way to help underserved communities grow,” said Governor Pritzker. “This funding will help businesses overcome one of their key obstacles – access to capital – and will help businesses across the state grow.” “A key component of our mission at DCEO is to ensure minority enterprises have an equal opportunity to grow their businesses and succeed,” said DCEO Acting Director Erin Guthrie. “We are excited about the opportunity to provide the assistance these businesses need to bolster their economic impact in communities most in need.” $10 million in funding is open to minority-owned businesses located in underserved populations.

Anil Kashyap

Board of Governors for the Federal Reserve System. He currently works as a consultant for the Federal Reserve Bank of Chicago and as a research associate for the National Bureau of Economic Research (NBER). He is also a research fellow for the Centre for Economic Policy Research (CEPR). Kashyap graduated from the University of California at Davis in 1982 with a bachelor’s degree in economics and statistics, and he earned a PhD from the Massachusetts Institute of Technology in 1989. Learn more about the University of Chicago Booth School of Business at www.chicagobooth.edu

Eligible applicants include minority- owned businesses using the federal definition of minority owned firms (at least 51% of the firm is directly and unconditionally owned by one or more members of a minority group), startups or established businesses requiring public infrastructure improvements. $5 million in funding is available for incubators who serve or would like to serve minority-owned businesses. The Department of Commerce and Economic Opportunity will offer informational workshops across the state for businesses and incubators seeking additional details about the grants. Sessions will be held in various neighborhoods including Pilsen, Little Village, Metro East, Southland, Decatur, Westside, West Suburbs, and Rockford. Interested applicants can also stop by one of the small business development centers located across Illinois. The application process is competitive and not all businesses or incubators will receive funding. Interested parties can go to https://www2. illinois.gov/dceo/AboutDCEO/ Pages/2019_OMEE_NOFO.aspx to learn more about the application process and upcoming workshops.

Speakers Announced for First Annual Vault Conference Vault, the new learning hub for future leaders, entrepreneurs and corporate visionaries presented by Emmy® Award-winning entertainer, radio personality, speaker, New York Times best-selling author, businessman and philanthropist Steve Harvey, will launch its first conference in Los Angeles at Sheraton Universal Hotel; 333 Universal Hollywood Drive; Universal City, CA 91608. The conference will take place from Friday, May 17-Sunday, May 19. This three day event brings leading creative visionaries together across multiple industries, including Steve Harvey technology and finance, to address the needs of young professionals in five core areas of development: career, entrepreneurship, wealth building, relationships and personal empowerment. www.thechicagocitizen.com

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South End Citizen 5-15-2019  

South End Citizen 5-15-2019