Policy Corner

ILCEO Testifies at Chicago City Council Hearing

The Illinois Center For Employee Ownership (ILCEO) – along with business owners, employee-owners, and community leaders – participated in a hearing at the Chicago City Council’s Committee on Economic, Capital & Technology Development on September 4 to promote the benefits of employee ownership. 

ILCEO and its partners are seeking r a “Resolution Recognizing and Promoting Employee Ownership as a Strategy to Maximize Economic Sustainability and Equity in the City of Chicago.” The resolution to expand employee ownership and prevent the loss of as many as 240,000 jobs in Chicago alone also includes a commitment to address some of the biggest barriers to expanding employee ownership, which include providing technical assistance to business owners, access to capital, policy and legislative support, and enhancing the MWBE certification process. 

Currently, 41 privately held companies are owned by an ESOP and are headquartered in Chicago. According to the Department of Labor via the National ESOP Database, these companies employ over 11,400 employee-owners and have distributed over $6.6 billion in wealth to their employees through their ESOP plans. By passing this resolution, the City of Chicago will take a meaningful step towards expanding employee ownership by committing to address the barriers of business transition and strengthening the employee ownership ecosystem throughout the city. 

Thank you to everyone who came out and supported the cause and/or testified and to Alderman Gilbert Villegas for his leadership.