Friday, May 9, 2014
Attention, Entrepreneurs! FLATS & Chicago Collaborate On Small Business Incubator In Uptown
The inaugural community chosen is Uptown, in partnership with FLATS Chicago and Cedar Street, FLATS' parent company.
Storefronts will be provided for up to four small businesses at the Norman Hotel (1325 West Wilson) and Lawrence House (1020 West Lawrence). Businesses are projected to occupy the storefronts by autumn.
According to the press release, "By matching developers with local small businesses, the Up the Block program will spur economic development in the Uptown and Edgewater communities while putting vacant spaces to better use. Through the partnership, small business owners will receive an initial reduction in rent as well as technical support to get started while the property developer or landlord gets a new long-term tenant to fill vacant space. The neighborhoods will benefit from new commercial options and fewer vacancies, improving the overall look and feel of the neighborhood."
You can read more about the benefits for selected small businesses at www.flatsproject.com. They include free rent for a year with the signing of a five-year lease; business plan assistance from MBA students at Kellogg; assistance finding and applying for funding; minimal red tape while going through the permits and applications process; a kick-off party; mentorship by existing successful businesses; paid legal fees; up to $50K in tenant improvement funds; and marketing assistance, including social media and a website. It's valued at more than $100,000.
Now that you're interested, passionate entrepreneurs, start filling out your application at the FLATS Project website. Pour your heart and soul into the application the same way you have into your business. The deadline is June 30th.
You can read more about it at the City's website, at the FLATS Project website, and in the Sun-Times.