Corporate Profile

The Latin American Chamber of Commerce (LACC) was founded in 1976 by 18 small businesses. To date, the LACC has over 1,300 members, making it the largest Hispanic Trade Association in the Midwest.

The LACC is also one of the largest Minority Business Consulting Groups in Illinois.
The areas of expertise include:

• Business Financing: Writing loan packages and obtaining financing for its business clients.
• Contract Procurement: Preparing MBE/WBE certification packages and assisting companies in obtaining contracts with government agencies and prime contractors.
• General Business Consulting: Assisting clients in all aspects of business development from writing business plans to formulating marketing strategies.
• Management Development: Providing specialized training to upgrade the expertise of business management.

The major projects and programs undertaken by the LACC since 1976 include:

In 1986, LACC established the Hispanic Entrepreneurial Training and Support Institute (HETSI) in cooperation with the City of Chicago, Mayor’s Office of Workforce Development, to provide management education and training to Hispanics and other minority entrepreneurs.

In 1989, LACC signed a Cooperative Agreement with the City of Chicago, Department of Planning and Development to provide management consulting services and technical assistance to small businesses located throughout the City of Chicago.

In 1989, LACC established the Latin American Chamber of Commerce Small Business Development Center (LACC-SBDC) through a Cooperative Agreement with the Illinois Department of Commerce and Community Affairs (DCCA) and the U.S. Small Business Administration (SBA) to provide financial and management consulting services to small businesses.

In 1990, LACC established The Chicago Procurement Assistance Center (CPAC) through a Cooperative Agreement with the U.S. Department of Defense (DOD), to provide contract procurement assistance to MBE’s, WBE’s and small businesses interested in contracting with the government.

In 1990, LACC signed a Cooperative Agreement with the Illinois Department of Transportation (IDOT), to provide management and technical assistance to both minorities and women owned businesses interested in highway construction, and in participating in the reconstruction of the Kennedy Expressway.

In 1994, LACC became a “Certified Loan Packaging Agency” under the National Association of Government Guaranteed Lenders (NAGGL).

In 1995, the State of Illinois, Capital Development Board, designated LACC as one of its “Participating Plan Rooms”. Under this designation the Blue Prints and Contract Specifications for all the State Construction Projects are housed at the LACC’s Planning Room for review and utilization by small minority contractors

In 1995, LACC was appointed to the Small Business Advisory Board of the Federal Reserve Bank of Chicago.

In 1997, LACC established The Chicago Minority Business Development Center (The Chicago MBDC) through a Cooperative Agreement with the United States Department of Commerce, Minority Business Development Agency (MBDA), to provide financial consulting, and management and technical assistance to minority business enterprises.

In 1998, LACC signed an Agreement of Cooperation with the U.S. Small Business Administration designed to increase participation of Hispanic Owned Companies in the SBA’s Capital Access, Procurement, International Trade, Women Owned Business, Welfare to Work and Advocacy Programs.

In 1999, LACC received the SBA’s Office of Advocacy’s Models of Excellence Vision 2000 Award. This award was given to LACC in recognition to its outstanding record in providing procurement technical assistance to small businesses.

In 1999, LACC signed an agreement with the U.S. Small Business Administration (SBA) to participate as a partner in the marketing and implementation of the SBA’s Pre-Qualification Loan Program. Under this program, LACC prepares loan packages for minority business borrowers and submit the packages to the SBA who renders a decision to guarantee the loan within 3 days. LACC then finds a bank offering the most attractive rate and terms to the borrowers.

In 2000, LACC became a Census Information Center (CIC) for the United States Department of Commerce Bureau of the Census. This project, allows the LACC to disseminate census information to the business community. The LACC-CIC is part of a network of 1,800 State and Local Agencies participating in the State Data Center Program, 1,300 Federal Depository Libraries, 1,230 local public libraries designated as Census Depository Libraries, and the Information Services Specialists in the 12 Permanent Regional Census Offices where the public can find Census data locally.

In 2002, LACC received the U.S. Department of Commerce, Minority Business Development Agency (MBDA) Top Performance Award as recognition for being the highest producer of contract awards for minority businesses in the nation during the year 2001.

In 2002, LACC signed an agreement with La Salle Bank to provide management and technical assistance to bank borrowers under the Community Express Loan Program.

In 2002, LACC signed an agreement to provide management consulting services to contractors participating in the Lakefront Redevelopment Project (Soldier Field).

In 2003, LACC signed an Interagency Cooperative Agreement with the U.S. Department of Commerce, Minority Business Development Agency (MBDA), The Chicago Minority Business Development Council (CMBDC), and Chicago Community Ventures (CCV) to establish the Chicago Minority Business Opportunity Committee (The Chicago MBOC), a vital resource center formed to facilitate opportunity for minority businesses through the utilization of Federal, state and local governmental institutions, and private sector organizations that provide minority business owners with enhanced access to the market place, promote relationship building and sharing of business information, assist in identifying sources of equity capital, conduct outreach to disseminate economic data and  create inventories of resources.

In 2003, the LACC received the U.S. Department of Commerce, Minority Business Development Agency (MBDA) Overall Performance Award as recognition for having the highest total performance for being the highest producer of loans and contract awards for minority businesses in the nation during the year 2002. Also, LACC received the U.S. Department of Commerce, Minority Business Development Agency (MBDA) Top Performance Award as recognition for being the highest producer of contract awards for minority businesses in the nation during the year 2002.

In 2007, the LACC and the World Trade Center Illinois joined to recognize that their objectives and business activities are mutually beneficial to members of both organizations. Their partnership is to promote trade and the internationalization of companies throughout the Illinois, including to all the LACC members, and will increase the mutual cooperation between the two organizations; and to provide reciprocal assistance and support to activities of the LACC and the WTCI in the Chicago land area.

In 2007, the LACC received the Premio Empresarial La Raza in recognition for the Chamber with the Best Business Agenda.

In 2008, the LACC received funding from BP America, Inc. to implement a Youth Entrepreneurship Program at the Chamber with students from local high schools. Students learned the basics of business through lectures and guest speakers.

In 2008, the LACC received a grant from the IL Department of Commerce and Economic Development (DCEO) to implement a new program to provide access to venture capital for entrepreneurs and small businesses. The Chamber also provided a business plan competition, Business Venture Challenge, which allowed small business and students to compete for the grand prize money totaling $20,000.