We've all heard about the programs coming out of Washington which are designed to jumpstart the nation's ailing economy. However, separate and apart from these efforts, the 2016 Olympic and Paralympic Games are a potential multi-billion dollar stimulus aimed directly at the Chicago area.

The Games represent a once-in-a-lifetime economic opportunity for Chicago companies-including firms owned by women and minorities-and for people seeking jobs. Chicago 2016, the privately-funded organization that is seeking the Games for the city, commissioned a study to gauge the financial impact, and the study concluded that the Games would generate an estimated $22.5 billion in new economic activity over an 11-year period.

As we look at the potential impact on small minority and women owned businesses, we are greatly excited! Chicago 2016 has reached agreements with community groups to ensure that the economic benefits would be widely disbursed. Under one goal, companies owned by minorities and people with disabilities would get 30% of Games-related contracts, and companies owned by women, which typically get 5% of contracts awarded by government, would get 10% of Games-related business. No local or state agency, non-profit or any entity has ever made such a written commitment here in Illinois.

The Women's Business Development Center is also joining a number of organizations in providing training for women owned small businesses to prepare them to share in Olympics-related opportunities.

Join us at the WBDC as we say, "We back the bid!"

Hedy Ratner & Carol Dougal
WBDC Co-Presidents