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- Financial Literacy Month: Chicago's First Black-Owned Bank Was in Bronzeville
Financial Literacy Month: Chicago's First Black-Owned Bank Was in Bronzeville
Get ready to buy property in Chicago!
Happy Financial Literacy Month!
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First Black-Owned Bank on the South Side of Chicago
Do your parents, grandparents, or great grandparents remember the first Black-owned bank in Chicago? It was located in Bronzeville!
Jesse Binga arrived in Chicago in the 1890s with $10 in his pocket and ended up creating the first Black-owned bank in Chicago!
Prepare to Buy Property and Vacant Lots in Chicago
Last year, the city launched a new comprehensive portal called ChiBlockBuilder, which consolidates Chicago’s land sale programs. ChiBlockBuilder will help buyers find available properties, identify prices, and complete the application process.
In November 2022, Mayor Lightfoot announced that 2,000 vacant City lots were available for purchase and redevelopment by private buyers. The application deadline closed on February 3, 2023 but we will keep you posted on the next round of vacant lot sales. Read more about the program so you can plan ahead.
If you're thinking about buying property or a vacant lot in Chicago, here's how you can prepare:
Start saving money. The earlier you get started, the more money you could accumulate. Let's say you start saving $100 every week. At the end of 6 months, you would have $2,400 saved. Save as much as you can towards the future you want.
Pay down debt. If you have credit card debt, start paying it down. Ask your credit card company if they can give you a lower interest rate so you can save some money on credit card payments. Tell them you would like them to review your credit profile to determine if you qualify for a lower rate.
Build your credit score. If you want to make room for more assets in your life, take care of what you already have. Prove that you are ready for the next level by paying your bills on time and being responsible with your credit. By law, you can get a free copy of your credit report every 12 months from Equifax, Experian, and TransUnion. Through December 2023, you can get a free credit report each week from each of the credit bureaus. Go to AnnualCreditReport.com for more information. Go to AnnualCreditReport.com.
LIKE our Facebook page to explore hidden gems on Chicago's South Side with us. Guess what? Lorraine Hansberry's childhood home is also on the South Side of Chicago.
Image Credit: Chicago Southsider
Going Behind the Scenes of A Raisin in the Sun
A Raisin in the Sun was inspired by Lorraine Hansberry's experience in Chicago. Do you know her family's Woodlawn story? Her father, Carl Hansberry, used real estate to transform Chicago's South Side. If you haven't read the story, you need to check it out now.
News You Can Use
Chicago Tool Library: You can borrow tools instead of buying them.
Closed school on Chicago's South Side turns into shelter for migrants
A Chicago mural project becomes a nationwide movement
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Did You Know...
Emmett Till's childhood home is in Woodlawn. It's a Chicago landmark.
Lorraine Hansberry's childhood home is in Woodlawn. It's a private residence.
Pageant Season!
Miss Illinois USA pageant. The 2023 Miss Illinois and Miss Illinois Teen USA pageant will take place from May 26-28, 2023 at the Braden Auditorium of Illinois State University in Normal, Illinois.
Miss Illinois State Competion. The 2023 Miss Illinois competition will take place at the Marion Civic Center from June 6-10, 2023.
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