City Treasurer Neely upgrades her office

By Stacie Johnson 

After 20 years of working in the private sector, Chicago City Treasurer Stephanie Neely said her new career has been an honor, yet humbling. 

            She went from working on public and corporate pension funds as a vice president at Northern Trust Global Investments to managing the City’s cash and investments. Ever since, Neely has been working to educate Chicagoans about her office and how it can help them.

            “I think it’s important to increase the profile of this office so citizens of Chicago can become more informed in their choices,” Neely said.

            Among the Treasurer’s programs is the Linked Deposit Program (LDP), a lending program that helps small businesses and spurs economic growth in Chicago’s neighborhoods. Under LDP, the City deposits funds in banks that then agree to make loans to qualifying businesses.

            Although LDP was created by a previous Treasurer, "I have grown the program,” Neely said. “It has gone from $40 million to $75 million in matched funds.”  

            Qualifying businesses range from small retail stores to contracting firms.

            Neely has seen the benefits of the program and offered an example of a small lighting company that was struggling after being in business for decades. Since receiving a loan through LDP, the company is back on its feet. 

            “I have seen examples of this all over the city,” she said. 

The City Treasurer’s Office also holds an annual Small Business Expo. The most recent was held in August; it attracted 150 vendors and featured a business plan competition that provides winners with monetary awards and mentorships.

            Even firms that did not win benefited, Neely said, because the competition helped them hone their skills before going to a lender, which she believes is important to business development.

            Neely also has expanded the Predatory Lending Awareness Program, which alerts homeowners about lending predators, fraudulent home repair contractors, and the real impact of mortgage foreclosure on individuals and neighborhoods. In tandem with this program, Neely's office is working to partner with Mayor Richard M. Daley’s office on a series of seminars related to foreclosure. 

            Her office also helps improve financial literacy through Our Money Matters: The ABC's of Personal Finance, a program in partnership with the City Colleges of Chicago, and Financial Fitness for Kids, a financial literacy program teaching finance basics to Chicago Public School students in kindergarten through fifth grade.

Neely's office has begun working closely with churches by providing information and programs to help city residents become better consumers.

As the chief investment officer for the City, however, her first priority is protecting the City’s $7 billion in on-hand funds and to earn interest on those funds.

            “I have earned the city $100 to $200 million in interest this year alone,” Neely said, “and it was all done in house" without outsourcing investment planning. "This was a cost saving to Chicago.” 

            Daley appointed Neely City Treasurer in November 2006 to complete the term of Judith Rice, who stepped down to care for her ailing father.  

            A native South Sider, Neely holds a B.A. from Smith College and an M.B.A. from the University of Chicago. She lives in North Kenwood with her son.

            For more information on programs available through the Chicago City Treasurer’s Office, visit www.chicagocitytreasurer.com or call at (312) 744-3365.