Click to learn more and enter the contest!

A kickoff event to announce the partnership is scheduled for April 17^th 

City Treasurer Stephanie Neely is announcing a new partnership with Illinois Service Federal (ISF) to offer an alternative to payday loans that gives borrowers more time to pay back the loan at a lower cost.

Nearly 1 in 4 Illinois residents have no savings or other assets to help them survive a financial crisis. These are the people most likely to take out a payday loan, and pay the extraordinarily high interest rates, sometimes as much as 400% APR.

Payday loans are 2-week loans between $100 and $1000 and cost in upwards of $15.50 per $100 borrowed.  More than 100,000 people in Illinois use these loans each year.   Often people use these loans for emergency situation and do not have time think about their ability to afford the loan’s high cost.  For example, a $200 loan will require you to pay back $230 in 2 weeks.  If you are unable to pay, the lender will generally extend the term for 2 additional weeks and add an additional $30 fee.  The cycle continues and often many borrowers find themselves in vicious cycle of mounting debt.

“The people who can least afford these exorbitant charges are the ones most likely to be caught in a crunch,” says Treasurer Stephanie Neely. “It makes financial sense to help them keep more of their hard earned money.”

The Treasurer’s Office – ISF partnership has two main goals:  1) To demonstrate that mainstream financial institutions can successfully offer a better and safer alternative to payday loans – one that provides borrowers more time repay at a lower cost; 2) A secondary goal is to show consumers the benefits of developing and maintaining a good relationship with a bank.

A kickoff event to announce the partnership will occur on April 17, 2013 at Illinois Service Federal’s main branch. The details of the event:

Date:        Wednesday April 17, 2013 at 4pm

Location: Illinois Service Federal Main Branch

                  4619 South Dr. Martin Luther King, Jr. Dr

                  Chicago, IL 60653

• Banking
• Credit and Debt Management
• Housing and Foreclosure Issues
• Saving for College
• Planning for Retirement
• and much much more!

Click Here to find an event near you…

1. Organize all your tax related documents (W-2, 1099, Mortgage Interest, Property Tax, Gambling Winnings, Education Expenses, etc..)  Here is a full list

2. If you are preparing your own return the IRS provides a simple online tool for free

3. If you make less the $51,000 a year and you need help, there are several free income tax prep sites.  Click here to find a tax prep site near you

4. Make sure to check if you are eligible for any credits and deductions including the Earned Income Tax Credit (EITC), Child Tax Credit (CTC), and Savers Tax Credit

“Three years after launching the first Chicago Small Business Online Marketing Contest, we’re still seeing great response from the local small businesses and nonprofit community,” said Chicago City Treasurer Stephanie D. Neely. “The level of interest and participation reflects the importance of online marketing to small business and nonprofit success, and the power of showcasing successful campaigns to help others understand how they, too, can be successful marketers.”

Winners: Best Business Email Marketing

1st Place: Elements Contemporary Ballet (Joseph Caruana)

2nd Place: The Honeycomb Project (Kristina Lowenstein)

Rookie Award: Shawn Sargent Studio (Shawn Sargent)

Winners: Best Overall Users of Social Media

1st Place: Hensler Integrated Marketing (Matt Hensler)

2nd Place: Kinzie Chophouse (Tionna Van Gundy)

Rookie Award: My Daily Escape (Elizabeth Diaz)

Thursday, April 4 – Workshop
Sponsored by Quad Communities Development Corporation SSA #47
Held at Parkway Ballroom, 4455 S. King Dr., Chicago, IL 60653
Register here

Thursday, May 2 – Workshop
Chatham Business Association, 806 E. 78th Street, Chicago, IL 60619
Register here

Thursday, June 6 – Workshop
Chicagoland Chamber, 200 E. Randolph Street, Chicago, IL 60601
Register here

Thursday, June 27 – Workshop
IL SBDC/Duman Center at JVS Chicago, 216 W. Jackson, 2nd Flr Training Room, Chicago, IL 60606
Register here