Opening of the first women’s bank in Chicago with the aim of closing the gender credit gap

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Chicago is now home to First Women’s Bank, a bank that its founders believe is the first and only women-run and women-focused bank in the country.

A ceremony that severed the ribbon on Wednesday marked the bank in Chicago women’s history and served as the grand opening for the bank’s headquarters in West Town.

“Never before has there been a greater need and opportunity to address what we believe to be fundamental problem of women-owned and run businesses, and that is access to capital,” said Melissa Widen, co-founder of the bank.

Widen and others at Wednesday’s event cited studies showing that women-owned companies received far fewer business loans than men-owned companies.

“Promoting gender equality at this bank is not a marketing strategy. It’s in our DNA, ”said Marianne Markowitz, CEO of the bank. “We believe the bank has enormous potential to drive social change and bridge the gender credit gap.”

Helping women start successful businesses is First Women’s Bank’s core mission, said CEO Marianne Markowitz. | Anthony Vazquez / Sun-Times

Mayor Lori Lightfoot severed the bank’s big blue ribbon during the ceremony, saying the bank would “say loud and clear to the world” that Chicago is a place of “business and opportunity for all.”

“Access to capital is vital and needs to be opened up to all,” said Lightfoot. “We cannot be successful and progress as a city, as a nation, unless we are very careful that no one is left behind.”

The bank will also provide advice and network resources to assist women entrepreneurs, said Colleen Ryan, the bank’s chief marketing and communications officer.

The bank will also be particularly focused on helping women of color start businesses. Southside Grinds, a black-owned coffee company serving colored communities, got it started with the help of First Women’s Bank.

“Our mission is to bring love and caffeine to areas with little commerce, too little drink and not enough caffeine,” said Ebony Blue, founder of the company. “This is very important to us because there are many places on the south and west sides of Chicago that have no drinks, let alone any kind of trade.”

The bank is backed by companies like Wendy’s and Comcast, as well as Billie Jean King, the International Tennis Hall of Famer and advocate for women’s stocks, who invests in the bank and acts as one of its advisors.

Billie Jean King speaks of the power to make change during a ribbon cutting ceremony at the First Women's Bank at 1308 N Elston Ave.

Billie Jean King, an investor and advisor to First Women’s Bank, said the institution will help create economic opportunity for all. | Anthony Vazquez / Sun-Times

“I know the challenges women face when it comes to small business financial solutions,” said King. “I’ve lived it. I’ve been to banks – it’s not easy as a woman. “

“If the bank fulfills its mission, it will not only be for women. [With] open up the small business world and the economy, everyone has the chance to win. “

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