James Bort, LeAnne Wagner and Aaron Olson are leading a new research collaboration in the SPARK Center.(Lavanya Chetal/DePaul University)
CHICAGO — DePaul University's SPARK Center has launched a new research collaboration with leading global professional services firm Aon plc (NYSE: AON) and NFP, an Aon company. The initiative, Beyond the Loan: Community Banks, Small Business Owners and Human Resilience examines how community banks can better support entrepreneurs, particularly those leading underserved and women-owned businesses. The project will study innovative ways banks can assess and strengthen the long-term resilience of these businesses.
Leading the project on DePaul's side are researcher James Bort, assistant professor in DePaul's Driehaus College of Business, and LeAnne Wagner, director of the SPARK Center and a faculty member in DePaul's School of Design. The Coleman Center of Entrepreneurship will also support the project, which combines academic rigor with real-world application.
The multi-phase study will engage a panel of 250 small business owners through qualitative interviews and longitudinal data collection. Findings will inform predictive models and interactive dashboards designed to help community banks better understand borrower resilience.
“The data collected from this study will allow us to potentially develop novel insights that will lead to interventions that close equity gaps," said Bort. “These interventions will also help banks better recognize borrower needs, expand access to credit and strengthen resilience among small businesses."
The goal is to give community banks better metrics and support so that they will have confidence in lending to and supporting under-served entrepreneurs.
“The SPARK Center is thrilled to work with Aon and NFP on this important research," said Wagner. “Our goal is to generate insights that empower community banks and uplift small business owners across the country."
Aon will contribute elements of its Human Sustainability Index (HSI), a proprietary framework that measures wellbeing, resilience and sustainability at the individual, team and organizational levels, offering data-driven insights to help employers make meaningful workforce decisions. By integrating HSI data into the research, the project will be able to identify patterns and predictors of resilience among small business owners, highlighting actionable insights for community banks. This approach enables banks to make more informed lending decisions by understanding not just financial metrics, but also the human factors that contribute to a business's ability to thrive, adapt and recover from setbacks.
“Aon values this opportunity to bring new insight into the role resilience plays in the success of small businesses," said Aaron Olson, head of university partnerships at Aon. “Academic endeavors like this are a vital part of how we help clients make better decisions."
NFP will support the project through its Insights program, a data-driven platform that captures voice-of-the-customer research to deepen understanding of client needs. NFP will also consult with community lenders on applying the research findings to better serve small business owners, especially women-owned enterprises.
“Community banks play an integral role in the economy," said Justin Corey, SVP, Head of Business Development at NFP. “This collaboration will empower lenders, uplift entrepreneurs, and equip our clients with tools to lend more confidently and effectively."
The project will run for three years and will also include a bank advisory board with banking leaders to help inform and guide data collection and research.
Among those banking leaders is Marianne Markowtiz, President & CEO of First Women's Bank and a DePaul alumna. “With women-owned businesses representing 40% of U.S. enterprises but receiving only 4–6 percent of conventional loan dollars, this research aims to close this gap and unlock significant economic potential," said Markowitz.
About DePaul's SPARK Center
The SPARK Center (Strategic Partnerships for the Advancement of Research and Knowledge) is DePaul's hub for data visualization and community engagement. This project marks its first major corporate initiative and exemplifies its mission to generate insights that lead to solutions benefiting local, national and global communities. Located on the 8th floor of the DePaul Center, the center is poised to foster collaboration across disciplines by leveraging data science, design and AI.
https://spark.depaul.edu/
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
About NFP
NFP, an Aon company, helps companies and individuals address today's most significant Risk Capital and Human Capital challenges.
With colleagues across the U.S., Canada, UK and Ireland, and global capabilities enhanced by the Aon advantage, NFP serves a diversity of clients, industries and communities. Our collaborative team provides specialized expertise and customized solutions, including property and casualty insurance, employee benefits, life insurance, executive benefits, wealth management and retirement plan advisory.
For more information, visit www.nfp.com.
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