Two years ago, Bobby Price began his business, Principal Barbers, in the North Lawndale neighborhood of Chicago, where he was born and raised.
To build his business, Price needed money. When his commercial bank turned him down for a business loan, he turned to his community for support
Last October, he got a micro-loan to buy new equipment from a Community Development Financial Institution, or a CDFI, called Accion in Chicago. Accion is one of 1,000 CDFI’s serving low-wealth neighborhoods across the country, and aims to fill the gap where mainstream lenders aren’t present. Brad McConnell is the CEO at Accion in Chicago.
Brad McConnell, CEO of Accion Serving Illinois and Indiana was interviewed on PBS NewsHour.