One of International Bank of Chicago's primary goals is to promote
small business development. To achieve this goal, the bank has
created a comprehensive lending process. This strategy combines
affordable small business loans with the technical expertise
needed to establish and maintain viable businesses. Because
the IBC customer base consists of individuals who speak a variety
of languages, IBC lenders speak with applicants and borrowers
in their native languages, whenever possible. IBC has originated
nearly 200 business and 115 residential loans over the past
three years. The bank is especially proud of the fact that many
of these loans were made to low and moderate-income minority
entrepreneurs and other individuals who required small personal
loans because of unanticipated circumstances.
 For
example: A Vietnamese immigrant who wanted to open a small local
grocery store was given a loan of $300,000. This individual
was a boat person from Vietnam. He lacked a credit history,
had a low income and had difficulty obtaining a loan. International
Bank of Chicago was able to loan the man funds as part of its
community development mission of preventing immigrants from
becoming prey to predatory lenders. As a result, the man currently
owns a successful supermarket, which employs 15 residents of
the Uptown neighborhood.
 A
recent Asian immigrant, who specializes on the hydroponic
production of healthy bean sprouts, was granted a small business
loan of $125,000. This individual has expanded production,
and now sells the produce to the small Asian markets in the
southern portion of IBC's investment area.
A new immigrant from Mexico was given a loan of $2,500 in
order to obtain the materials needed to finish a contract
with the first client of his new rehab business. He was subsequently
referred to other local developers, and now successfully rehabilitates
affordable housing units in impoverished Chicago communities.
A Chinese immigrant, who had difficulty obtaining capital
due to his income level and lack of credit history, was granted
a loan of $67,000. He rehabbed a property in a distressed
neighborhood on the south side of Chicago, and has also rehabbed
approximately 17 additional affordable housing units in impoverished
communities throughout Chicago.
International Bank of Chicago is pleased to have had the
opportunity to work with all current customers, and looks
forward to working with other individuals to help them achieve
their personal and financial goals. In keeping with IBC's
mission of providing safe and affordable financial products
to an ethnically and economically diverse client base, IBC
in 2001, launched a subsidiary organization called the IBC
community Development Corporation. Created in order to provide
IBC community development services as well as small, short-term
consumer loans, the program assists residents from falling
prey to predatory lenders and provides loans that cannot be
made through the bank due to regulatory constraints.
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