Three stories making news across the Midwest today:
1. Chicago unveils microlending program. Chicago Mayor Rahm Emanuel unveiled a plan Tuesday to create a new organization that helps the city’s small businesses. The Chicago Microlending Institute would train potential lenders on advising and giving loans to people starting small businesses, and would be funded by a $1 million loan pool funded by the city. Our partner station WBEZ says the proposed institute would be run by ACCION Chicago, an area small business lender. Emanuel said small businesses sometimes struggle to get loans from traditional institutions. “That’s the hardest first step,” Emanuel tells WBEZ. “That’s the hardest loan. You don’t have a proven model. You don’t have a proven record.”
2. Auto dealerships undergo facelifts. Three auto dealerships in the Milwaukee area are joining a growing national trend of expanding or renovating their facilities. Jim Tolkan, president of the Automobile Dealers Association of Mega Milwaukee, tells the Milwaukee Journal Sentinel that auto manufacturers are requiring dealerships to remodel in order to meet “a look that is easily recognizable regardless of where you are in the country.” Others are unconvinced that dealers will recoup expensive outlays. “That is the unknown question,” Tolkan tells the newspaper. The National Automobile Dealers Association is expected to issue a report on the subject later this year.
3. Whoops! Indiana finds leftover $320 million. Indiana officials discovered Tuesday the state had $320 million more than anticipated in its main account. Gov. Mitch Daniels said the windfall came as a result of a multi-year programming error that was only recently caught by a stunned employee. Democrats aren’t necessarily buying the explanation after watching Republicans cut public education funding by $300 million at the end of 2009, according to the Indianapolis Star. “This wasn’t just an accounting error,” Senate Minority Leader Vi Simpson told the newspaper. “Children got hurt by this, families have suffered.”