Treasurer Summers Announces Next Steps in Catalyst Fund Launch

Office of the City Treasurer
Kurt A. Summers

For Immediate Release
July 26, 2017

Contact:
Alexandra Trumbull
Director of Public Affairs and Communications
alexandra.trumbull@cityofchicago.org
312-744-3363

Treasurer Summers Announces Next Steps in Catalyst Fund Launch

Realizing the City’s $100 Million Commitment to Investing in Our Chicago

 

CHICAGO – City Treasurer and Catalyst Fund Board Chair Kurt Summers today announced the City is one step closer to fulfilling its $100 million commitment to a major investment vehicle designed to spur economic development in each of Chicago’s 77 communities with City Council’s introduction of the final Chicago Community Catalyst Fund ordinance.

The Catalyst Fund will combine $100 million in City of Chicago investment funds with private investments to create economic opportunity and jobs in Chicago communities most in need. The Fund’s targeted investments in Chicago’s communities will drive substantial resources in portions of the City that have been devoid of investment for decades.

Since his first day in office, Treasurer Summers has been focused on finding a way to invest in Chicago’s best asset—its neighborhoods. During the Treasurer’s first 77 days in office he visited all 77 neighborhoods and the number one challenge he heard from residents was a lack of access to capital.

“The Catalyst Fund’s mission is to drive economic development in the neighborhoods, specifically by providing access to capital in underserved communities, which is important for the future of Chicago and all its residents,” Treasurer Summers said. “Today marks another important step by securing the initial funding of $50 million towards solving a multi-generational economic problem by investing in sustainable economic growth. I look forward to September’s City Council meeting when we can finalize the creation of the Catalyst Fund.”

 

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