Overview
What is Allies For Community Business Inc?
Allies For Community Business Inc, based in Chicago, Illinois, is a dedicated nonprofit organization that supports the growth of small businesses within their communities. With a focus on entrepreneurs from underrepresented communities such as Black, Hispanic/Latino, women, and low-income individuals, Allies For Community Business offers financial assistance through affordable loans ranging from $500 to $100,000. They also provide free business coaching for anyone interested in starting or expanding their business. In addition, they connect entrepreneurs with trusted partners to help further their ventures. As a mission-driven organization, Allies For Community Business aims to foster job creation and wealth in local communities, boasting a workforce of 40 employees.
Official website here: www.a4cb.org
What are the reviews and ratings of this charity?
**Charity Navigator Rating: 88% (Three-Star out of Four Star Rating)**
Allies For Community Business Inc received a three-star rating from Charity Navigator, reflecting solid accountability and financial practices. The score is derived entirely from the organization's robust performance in financial oversight, encompassing aspects such as an independent board, proper conflict of interest policies, and no material diversion of assets. The high program expense ratio indicates a significant commitment to its services, although the low fundraising efficiency score signifies potential areas for improvement in generating funds.
While the charity demonstrates strong governance and financial integrity, it faces challenges in its fundraising efforts, as indicated by the low fundraising efficiency ratio. Notably, the organization has not been evaluated for impact and measurement, culture and community, or leadership adaptations, which suggests limited insights into its broader operational effectiveness or community engagement.
User reviews from GreatNonprofits could not be accessed, leaving a gap in personal feedback from beneficiaries or community members. Overall, while Allies For Community Business Inc exhibits commendable financial accountability, enhancing its fundraising strategies and expanding assessments beyond finance would strengthen its overall impact.
This AI summary has been generated from information found on Charity Navigator.
Is Allies For Community Business Inc legitimate?
Allies For Community Business Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Allies For Community Business Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $235,930
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,910,706
For more financial information, click here
Official website here: www.a4cb.org
What is the mission statement of Allies For Community Business Inc?
Allies For Community Business Inc is a nonprofit organization that serves as a resource for small businesses lacking traditional financing options. Its mission is to aid entrepreneurs in growing successful businesses that contribute to wealth and job creation within their communities. Allies for Community Business provides capital, coaching, and connections to help entrepreneurs succeed. The organization prioritizes supporting underrepresented groups such as Black, Hispanic/Latino, women, and low-income entrepreneurs in the Chicago area and beyond. Allies for Community Business offers loans between $500 and $100,000 at fair prices to early, emerging, and established businesses. Additionally, they provide free coaching to anyone interested in starting or growing a business and connect entrepreneurs to trusted partners for further assistance.
Official website here: www.a4cb.org
Who is the CEO of Allies For Community Business Inc?
Brad Mcconnell is the CEO of Allies For Community Business Inc The CEO's salary of Allies For Community Business Inc is $217,337 and their total compensation is $224,376.
Official website here: www.a4cb.org
What is the revenue of Allies For Community Business Inc?
Allies For Community Business Inc's revenue in 2023 was $9,139,197.
Official website here: www.a4cb.org
Who are the executives of Allies For Community Business Inc and what are their salaries?
The average compensation at Allies For Community Business Inc during 2023 was $80,683. There are 39 employees and 65 volunteers at Allies For Community Business Inc.
Here are 19 key members and their salaries (Allies For Community Business Inc's CEO's salary is $217,337 and their total compensation is $224,376):
- Compensation: $217,337
- Related: $0
- Other: $7,039
- Compensation: $168,842
- Related: $0
- Other: $17,688
- Compensation: $178,478
- Related: $0
- Other: $5,352
- Compensation: $140,481
- Related: $0
- Other: $21,589
- Compensation: $142,208
- Related: $0
- Other: $10,385
- Compensation: $146,399
- Related: $0
- Other: $4,658
- Compensation: $0
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- Other: $0
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Official website here: www.a4cb.org
Where can I find the form 990 for Allies For Community Business Inc?
Allies For Community Business Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.a4cb.org
Learn more at the official website: www.a4cb.org
Mission Statement of Allies For Community Business Inc
Allies For Community Business, as a nonprofit organization, is committed to providing capital, coaching, and connections to entrepreneurs who may lack access to traditional financing sources. Their mission is to support small businesses that strengthen their communities, specifically focusing on entrepreneurs from underrepresented groups such as Black, Hispanic/Latino, women, and low-income individuals in the Chicagoland area and beyond. Allies For Community Business offers loans ranging from $500 to $100,000 at fair prices to early, emerging, and established businesses. In addition to financial aid, they provide free coaching to anyone interested in starting or growing a business. By connecting entrepreneurs to trusted partners, Allies For Community Business aims to help these businesses thrive, creating jobs and wealth in their communities.
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Impact
October, 2024
Allies For Community Business Inc has a transformative impact on small businesses, particularly those that may not have access to traditional financing. By prioritizing support for Black, Hispanic/Latinx, women, and low-income entrepreneurs, they empower underrepresented groups within the community. Their approach includes offering loans ranging from $500 to $100,000 at fair prices, making capital accessible to a wide range of businesses—from early-stage to established entrepreneurs.
In addition to providing financial resources, Allies For Community Business Inc delivers crucial coaching services at no cost, enabling individuals to develop the skills and knowledge necessary for business growth. They also connect entrepreneurs to trusted partners, fostering a network that enriches the entrepreneurial ecosystem. This multifaceted support enables small businesses to thrive, leading to job creation and wealth generation within the communities they serve. The overall impact is a stronger local economy and enhanced community well-being.
This information is meant to be a general summary of Allies For Community Business Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $79,460
- Program Service Revenue: $1,938,034
- Gross Receipts: $9,347,693
Assets and Liabilities:
- Total Assets: $47,279,806
- Total Liabilities: $27,426,274
- Net Assets: $19,853,532
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$1,270,119
LOAN FEES
Revenue
$663,175
PARTICIPATION INCOME
Revenue
$4,740
Organization Details
Founding Year
1994
Principal Officer
Brad Mcconnell
Website
www.a4cb.orgNTEE Category
Code: S43Z - Community improvement
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